Foundations of Project Management - Lesson 5 Estimating Project Times and Costs

This comprehensive course is structured around the Textbook of “Project Management The Managerial process” authored by Larson and Gray. This course offers a deep dive into the essential principles of Project Management (PM) and some of its main theories, trends and practical applications. In an era where effective project execution is synonymous with business success, this course is meticulously designed to underscore the critical importance of project management skills in navigating the complexities of today’s business landscape.

Learning Outcome of Lesson 4:
01 Understand estimating project times and costs is the foundation for
project planning and control.
02 Describe guidelines for estimating time, costs, and resources.
03 Describe the methods, uses, and advantages and disadvantages of
top-down and bottom-up estimating methods.
04 Distinguish different kinds of costs associated with a project.
05 Suggest a scheme for developing an estimating database for future projects.
06 Understand the challenge of estimating mega projects and describe steps that lead to better informed decisions.
07 Define a “white elephant” in project management and provide examples.

The lesson content include lesson powerpoint, exercises, reading materials, group work suggestins and a formative assessment.