Preparing for the Exam with PMBOK Guide—Fifth Edition (Part 6): Cost Management

Following 20 years at a large Canadian telecommunications firm, Bruce established the project management consulting firm Solutions Management Inc (SMI). Since 1999, he has provided contract project/program management services, been a source for project management support personnel and created/delivered courses to over 7,000 participants in Canada, the United States and England.

As I started this article earlier in 2014, I was looking out my office window and noting how quiet the streets were--as well as how white they were with snow. It’s not a coincidence. In this part of the country, many people seem to want to act like bears and enter hibernation until it warms up. Some of them make promises to themselves that this is going to be the winter they get out and accept the colder weather. Then the “too” excuses start: It’s too cold; I’m too busy; I have too much work to do. Fortunately, in three months it warms up and they make their way outside. Unfortunately, they don’t emerge like a hibernating bear who lost significant body mass.

As attendees introduce themselves at my PMP prep bootcamps, they often express concern regarding cost management. In fact, many are so worried about it, they haven’t even tried to do some preliminary studying. They have good intentions but feel it’s going to be too tough and simply put it off. Are you like that? Allow me to show you why it really is not so bad.

There are only four processes in Project Cost Management in A Guide to the Project Management Body of Knowledge (PMBOK Guide)—Fifth Edition. Three of them fall in the planning process group (be sure to refer to table 3-1 if knowledge areas, processes and process groups are foreign to you). The four …

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I was going to have cosmetic surgery until I noticed that the doctor's office was full of portraits by Picasso.

- Rita Rudner