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Free PMP Prep Podcasts PMBok Chapter 7 Project Cost Management

Estimating the cost of a project is one of the most important parts of a successful project. Using the PMI Guide the the Project Management Body of Knowledge this PMP Prep podcast can help you understand the different estimating stages and techniques.   This includes estimating the costs of the individual work packages, determining the overall budget and controlling costs using earned value techniques.

There many factor that leads to poor estimate, lack of proper planning of the project. A good estimate should estimate based on sound historic data, define assumptions of the project, what the project is going to accomplish, how long the estimate is going to last and the cost of the project. The aim must be to establish solid baselines to scope, time and cost before the project is mobilised.

With out a good estimate then the it can be very challenging for a project to deliver, it can lead to de-motivation within the team and poor quality work. For this reason it is essential to capture the costs early on.

When students are preparing for the PMP exam they usually go through a lot of books and online courses so that they can absorb everything that they are going to watch and read. What they are not aware of when they do this is that, if they read so many books they are going to confuse themselves. In order to understand the guide of PMBOK, it is vital to read one exam prep book and one course to avoid confusion. It is a must for PMP students to read PMBOK guide. The guide is essential because students will know terminology that is required in doing the exam. There are some topics that have not been mentioned in PMBOK guide but they keep on appearing in the exam. There are so many prep books which are covering these topics. If students want to know more about this, it is good for them to learn from others PMP Prep Podcasts students and also read PMP online forums. At these forums PMP students share their experience of how they did the exam and they talk about topics which appear in the exam. This is vital especially for students who are preparing themselves for PMP exams. But, they should not be carried away; students should spend a few minutes daily reading PMBOK guide. Therefore, instead of students reading too many books, it is good for them to choose a method that they are comfortable with so that they can do their studies well and pass the exams.

About Paul Naybour

Chief Editor
Paul is a project management consultant and account manager with particular expertise in the analysis, process development, and implementation of change program management, risk management, earned value management, and bespoke project management training development and delivery. Paul is the Business Development Director of the company Parallel Project Training

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