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Training ServicesBeyond the Basics®

Building and Managing Project Budgets

Building and Managing Project Budgets delivers practical, hands-on training in the development and management of project budgets. Budgeting is viewed both from the portfolio level, where effective project selection is critical, to the project level where detailed planning is a must. Attendees are shown how to establish a solid foundation for project budgeting; use Work Breakdown Structure, Risk Analysis and other techniques to drive budget accuracy; engage in accurate forecasting; and more. Topics include:
  • Why we do projects: Business Value
  • Every project is an investment
  • The Budget lifecycle
  • Four functions of the budget
  • Preventing cost overruns
  • Creating useful preliminary estimates of project cost
  • Taking an accurate measure of scope
  • Investing in Risk Management to reduce project cost
  • Creating a detailed project budget
  • The project performance baseline
  • Monitoring project cost
  • Reporting and Forecasting with Earned Value
  • Managing budget risks
  • Project cost control
  • Optimizing long-term project value
Who should attend
This course will be of immediate value to Business Owners, Project Managers, Portfolio Managers, Budget Analysts, Project Estimators, Functional Managers, PMO/COE Directors, Product Development Director, Senior Managers, Acquisition/Procurement Officials, and Business Managers with project responsibility.


This course assumes some experience with project work and budgeting, but no specific prior training is required. Effective Project Management or the equivalent is suggested to ensure a firm grounding in Project Management concepts.

Course Outline

Section 1: Introduction
  • Three project budgets
  • Budget functions
  • Problems with budgets
  • Promise of effective budgeting
Section 2: Project Budgets in Context
  • Why we do projects: Business Value
  • Choosing the right projects
  • Importance of estimates
  • Budgeting at the portfolio level
  • Project budget lifecycle
  • Contributors to the project budget
  • Primary budget attributes
Section 3: Project Initiation
  • Budget objectives of Initiation
  • The Project Charter
  • Project versus business objectives
  • Preliminary scope boundaries
  • The cost of risk
  • Preliminary cost estimates
  • Developing effective estimates
  • Managing to the Triple Constraint
Section 4: Project Planning: Scope and Schedule
  • Budget objectives of Project Planning
  • Project Scope
  • Work Breakdown Structure (WBS)
  • Requirements management
  • How to develop a schedule
  • The Critical Path
  • Resource planning
  • Impact of scope and schedule on budget
Section 5: Project Planning: Procurement
  • Planning for procurement
  • Solicitation
  • Vendor search and selection
  • Contracts
  • Procurement timing
  • Impact of procurement on budget
Section 6: Project Planning: Risk
  • Work of risk management
  • Sources of risk
  • Tools for risk identification
  • Risk reserves
  • The risk budget
  • Impact of risk management on the project budget
Section 7: Project Planning: Budget
  • Budgeting steps
  • Sources of project cost
  • Time Phased Budget
  • Project Funding Curve
  • Tracking cost
  • Phase Gate Reviews
  • Total Cost of Ownership
  • Funding limit reconciliation
Section 8: Project Monitoring and Control
  • Budget objectives of Monitoring & Control
  • Sources of change
  • Foundation for change control
  • The work of change control
  • Change control tools
  • Managing baselines
  • Benefits of change control
Section 9: Execution: Status Reporting and EVM
  • Budget objectives of Execution
  • Status reporting
  • Project metrics
  • Earned Value Management (EVM)
  • Tracking project cost performance
  • Cost forecasting
  • Impact of EVM on the budget
Section 10: Project Execution: Transition
  • Budget objectives of Transition
  • Importance of Transition
  • Delivering Business Value
  • Steps to successful Transition
  • Transition benefits
  • Impact of Transition on the Budget
Section 11: Project Close
  • Budget objectives of Project Close
  • Validate project scope
  • Contract closure
  • Administrative closure
  • End of Project Report
  • Lessons learned
  • Impact of Project Close on budget

This course includes exercises and discussions that reinforce comprehension and retention.

Why should I take this course?
  • If you are experiencing difficulties defining and managing project budgets, the material in this course will give you an understanding of steps you can take to gain control.
  • Experienced project managers will obtain a vocabulary and framework that lends new perspectives on budgeting to the wealth of experience they already have.
  • All participants take home a set of tools and techniques to help them deal with the many aspects of project budgeting.
  • Take this course and learn how to avoid the budgeting problems that business managers most often encounter in their projects.
Learning Approach
  • A highly experienced instructor will use interactive lecture format, numerous hands-on exercises, group discussions, and other techniques to drive home the essential points of this material.
  • You have the option of using your own, ongoing project as the focus of class exercises. As a result, not only do you gain experience with the tools, but you also learn more about your project.
  • If you have modest project budgeting knowledge, you will find that the clarity of the material and direct presentation style of the instructor will make the subject matter easy to understand.
  • You will receive a Participant Guide which will help you follow the material, take notes and retain what you learned so that you can apply it on your job.
Use this courseware to teach your students! This course is available under license to qualified Training Providers. Courseware materials include:
  • Instructor slides
  • Instructor manual with timing guide
  • Printed participant guide
  • Train the Trainer instruction
  • Written for classroom or virtual delivery
For more information, see   Courseware-On-Demand or Contact Us

Every course and workshop in our Project Training program is fully customizable. We offer virtual delivery of the training program you need. Call us: +1.919.495.7371.

All of our courses are fully compliant with the latest release of each relevant standards document such as the PMBOK® Guide, Standard for Portfolio Management, BABOK® Guide, and others.
Course Information
Course ID: 2060
Duration: 2 days
Class size: 6 - 15
Delivery Virtual
· PMP® certified instructor
· Participant Guide
· Participation Certificate
· PM templates
· 14 PDUs
  Tech:11 Lead:2 Strat:1

Ready to enroll?
Call +1 919-495-7371

or contact our training partner: Protech Training

Questions?  Please feel free to Contact Us

Training Providers:
License this courseware!

For more information, call:
  +1 919-495-7371
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