Project Cost Management – ACCT90

Course Outline and Teaching and Learning Plan

Course Title Project Cost Management Term Fall

Course Code ACCT90 Academic Year 2022
Pre-requisite None Credits 3
Co-requisite None Course hours 45
Instructor Name Ade Bakare Mode of delivery On-campus
Instructor Email Adesina.bakare1@flemingcollegetoronto.ca Approved by

Course Description
Understanding and managing the budget implications of resource allocation, schedule changes and
procurement.

Learning Outcomes
Course Learning Objective - CLO
1. Correctly explain the Project Cost Management
knowledge area and processes as defined in the
Project Management Institute (PMI) PMBOK
Guide 6th Edition at a Project Management
Professional level (PMP) level
2. Correctly explain project cost terms and
demonstrate how each is used estimating project
costs in accordance with contemporary project
management practices
Specific Learning goals/milestones
Describe the four Project Cost Management
processes as per the PMBOK® including the
project financial decisions and their relationships
to Organizational Strategy.
Interpret the relationship between traditional
accounting and project cost estimation concepts:
• Basic accounting principles and terminology
• Activity based costing
• Financial Statement Analysis: Balance Sheet and
Income Statement key ratios

3. Compare and contrast analogous, parametric Determine the project predictive and adaptive
bottom-up methods of estimating project costs, estimation techniques:
and demonstrate how each is used in preparing a • Types of estimates
project budget for an assigned project in • Accuracy of estimates
accordance with contemporary project • Structure of an estimate
management practices • The estimating process
• Quality of estimates
4. Correctly explain issues that typically arise in Identify and interpretate issues in Project
preparing project budgets, including how to solve Budgeting:
each, in accordance with contemporary project • Project budgeting process
management practices • The integration of cost attributes
• Project budget as a business budget
• Project Contingency funds

5. Using project management software, create a Apply concepts within an Integrated Case Study:

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 time-phased, bottom-up budget for an assigned
project, in accordance with contemporary project
management practices
6. Correctly determine and interpret the meaning
of Earned Value Management (EVM) metrics,
including Planned Value (PV), Actual Cost (AC),
Budget at Completion (BAC), Earned Value (EV),
Cost Variance (CV), Variance at Completion (VAC),
Schedule Variance (SV), Cost Performance Index
(CPI), Schedule Performance Index (SPI), Estimate
to Complete (ETC), Estimate at Completion (EAC);
and To Complete Performance Index (TCPI)
7. Correctly determine the impact on projects
costs of Project Crashing and Fast Tracking, as per
contemporary project management standards.
• Real-life application & Project alternative
selection in-class discussion
Define the Project Performance concepts:
• PMI Standards for Earned Value Management
(EVM)
• Establishing the EVM baseline for the project
tracking and updating the EVM data sheet
• EVM and forecasting
• EVM performance analysis
• Real-world applications
Demonstrate resource cost management
knowledge on:
• Resource cost loading vs. levelling
• Project crashing additional costs vs regular
costs
• Project fast tracking and cost overrun

Learning Required Resources

Type Title Author Publisher ISBN Edition URL/Other
Textbook A Guide to Project Project 9781628256659 7th, Perlego
the Project Management Management 2021
Management Institute (PMI) Institute
Body of (PMI)
Knowledge
(PMBOK
Guide)
Textbook Cost and Ray R. Wiley 9781118174180 1st Perlego
Value Venkataraman,
Management Jeffrey K. Pinto
in Projects

Assessment Summary
Assessment Description CLO assessed Date/week Percentage (%)

In-Class Activities Quizzes (7) 1,2,3,4,5,6,7 Week 2, 3, 4, 5, 6, 7, 30%

9
Assignments Individual 1,2,3,4,5 Week 7, 10 30%
Assignments#1
and #2

2
 Applied Learning Group Project- 1,2,3,4,5,6,7 Week 12, 13 20%
Case Study
Term Test Final Exam 1,2,3,4,5,6,7 Week 14 20%

Teaching and Learning Plan

Week Topic/Content Course Learning Activity Task Resources

Outcomes - CLO
Week 1 Course Introduction, 1 A Guide to the
Overview, Expectations Project
& Protocol Context. Management
The Environment of Body of
Knowledge
Project Cost
(PMBOK). 2.4.2.2
Management
Estimating Guide)
Learning activities: Cost and Value
Discussions, Management in
Videos/Visuals Projects,
Venkataraman
Chapter 1

Week 2 Project Cost 1,2 Cost and Value

Management processes Management in
as per the PMBOK®, Projects,
including the project Venkataraman
Chapter 1
financial decisions and
A Guide to the
their relationships to
Project
Organizational Strategy. Management
Body of
Knowledge.
2.4.2.2 Estimating
Week 3 Project cost estimation 1,2,3 Quiz#1 Cost and Value
concepts and processes Management in
– Part 1: Projects,
• Basic accounting Venkataraman.
Chapter 4: Project
principles and
Budgeting. 4.4.
terminology
Activity-based
• Activity based costing Costing
Week 4 Project cost estimation 1,2,3 Quiz #2 A Guide to the
concepts and processes Project
- Part 2: Management
• Financial analysis: Body of
Knowledge
Business justification
(PMBOK
analysis ratios
Guide).4.4. Data

3
 Learning activities: Gathering and
Discussions, Templates, Analysis
Videos/Visuals
Week 5 Project predictive and 1,2,3 Quiz #3 Cost and Value
adaptive estimation Management in
techniques: Projects,
• Types of estimates Venkataraman.
Chapter 3: Cost
• Accuracy of estimates
Estimation
• Structure of an
A Guide to the
estimate Project
• The estimating Management
process Body of
• Quality of estimates Knowledge
Learning activities: (PMBOK Guide).
Discussions, Templates, 4.1.1. Estimating
Deliverables, Checklists,
Videos/Visuals
Week 6 Project Budgeting 1,2,3,4 Quiz #4 A Guide to the
issues: Project
Management
• Project budgeting
Body of
process
Knowledge
• The integration of (PMBOK Guide).
cost attributes 2.4.2.4 Budget
• Project budget as a Cost and Value
business budget Management in
Projects,
• Project Contingency Venkataraman.
funds 4.1 Issues in
Learning activities: Project Budgeting
Discussions, Templates,
Checklists,
Videos/Visuals

Week 7 Applied concepts within 1,2,3,4,5 Quiz #5 A Guide to the

an Integrated Case Individual Project
Assignment #1 Management
Study:
due Body of
• Real-life application & Knowledge
Project alternative In-Class Study
(PMBOK Guide).
selection in-class Case
2.4.2.4 Budget
discussion Cost and Value
• Individual Assignment Management in
#1 - Revision Projects,
Venkataraman.
Learning activities:
4.1 Issues in

4
 Discussions, Project Project Budgeting
Plans, Presentations,
Templates, Checklists,
Deliverables,
Videos/Visuals

Week 8 Independent Study

Week – NO CLASS

Week 9 Control Costs Process - 1,2,3,4,5 Quiz #6 Cost and Value

Part 1: Management in
• PMI Standards for Projects,
Earned Value Venkataraman. 5.
Project Cost
Management (EVM)
Control
• EVM baseline and
A Guide to the
performance analysis Project
Learning activities: Management
Discussions, Project Body of
Plans, Videos/Visuals, Knowledge
Presentations, (PMBOK Guide).
Templates, Checklists 2.7.2.3 Baseline
Performance
Week 10 Control Costs Process - 1,2,3,4,5,6,7 Individual Cost and Value
Part 2: Assignment #2 Management in
• Tracking and updating due Projects,
the EVM data sheet Venkataraman. 5.
Project Cost
• EVM and forecasting
Control
• Real-world
A Guide to the
applications Project
• Individual Assignment Management
#2 - Revision Body of
Learning activities: Knowledge
Discussions, Project (PMBOK Guide).
Plans, Presentations, 2.7.2.3 Baseline
Templates, Checklists Performance

Week 11 Project Crashing and 1,2,3,4,5,6,7 Quiz#7 A Guide to the

Fast-Tracking impact, as Project
per contemporary Management
project management Body of
Knowledge
standards:
(PMBOK
• Resource cost loading
Guide)2.4
vs. levelling

5
 • Project crashing PLANNING
additional costs vs PERFORMANCE
regular costs DOMAIN
• Project fast tracking Cost and Value
Management in
and cost overrun
Projects,
Learning activities:
Venkataraman.
Discussions, Project 4.8 Crashing the
Plans, Videos/Visuals, Project: Budget
Presentations, Effect
Templates, Checklists.
Week 12 Group Project – Case 1,2,3,4,5,6,7 Group Project – A Guide to the
Study Revision Case Study due Project
Management
Body of
Knowledge
(PMBOK Guide)

Week 13 Group Project – Case 1,2,3,4,5,6,7 Group Project – A Guide to the

Study Presentation Case Study Project
Presentation Management
Body of
Knowledge
(PMBOK Guide)

Week 14 Term Test Review 1,2,3,4,5,6,7 Final Exam A Guide to the

Review Project
Management
Body of
Knowledge
(PMBOK Guide)

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 Week 15 Term Test 1,2,3,4,5,6,7 Final Exam A Guide to the
Project
Management
Body of
Knowledge
(PMBOK Guide)

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Please click on the link for information about:

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