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Project Cost ManagementTX PLS Board Approved Course 762 / 112

William J. Scott, P.E.

In today's shrinking world with increasing competition and the financial markets' increasing pressure on corporate earnings, project managers are being required to meet customer satisfaction, profitability, cash flow and company strategic goals all at the same time. Although the push for better, faster, cheaper has always been around, we as project managers have generally been able to live within the world that has been our projects with little regard for the goings on outside our projects. But organizations are constantly being challenged and changed - flatten, downsized, merged, etc. - in the ultimate game to increase shareholder value. As many organizations are becoming more project-based, it is imperative that the project manager understand not only the best ways to execute within his projects but also how these projects fit in to the financial and strategic objectives of the company as a whole. Just like projects, businesses are executed according to plans. As a matter of fact, starting a business in the first place is undoubtedly a project. Managing a business toward specific objectives during a given period of time can even be considered a project. The analogies abound.

Also, like nearly all projects, the primary objective in business is financial gain. We have all heard from management that we are in business to make money. We may develop and market software, build the world's tallest skyscrapers, or manufacture toilet paper; but our common objective is to make a profit.

But, how is this accomplished? And, how do our projects fit within the financial structure of our companies? All good questions.

This course will give you a brief introduction to the basic business accounting principles used in companies. It will also provide an in-depth discussion and analysis of project financial and cost management processes. Finally, it will address the internal project financial reporting required to integrate your project results into the company's financial results.

This course includes a multiple-choice quiz at the end.

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NY PE & PLS: You must choose courses that are technical in nature or related to matters of laws and ethics contributing to the health and welfare of the public. NY Board does not accept courses related to office management, risk management, leadership, marketing, accounting, financial planning, real estate, and basic CAD. Specific course topics that are on the borderline and are not acceptable by the NY Board have been noted under the course description on our website.