Cost and Value Management

Catalog description

A problem-based course that emphasizes project cost control and teaches students to apply techniques to control projects in business. MANGT 515 Cost and Value Management (3) Project management has been labeled by Fortune magazine as the number one career choice for the coming decade. Increasingly, organizations are adopting project management techniques and structures within their business framework. Project management offers the twin advantages of allowing organizations to create products and processes efficiently, through optimal use of resources, and rapidly, in order to respond to rapid time-to-market demands. At the same time, however, substantial interest has been generated in the methods for effective cost control in the project environment. How can an organization implement projects while maintaining control of its costs and value? The role of the instructor in this course is to promote student learning of a wide variety of knowledge and skills required for successful project management. These include the ability to understand "cost" and "value" as these terms apply to project management, to understand the nature of budgeting and financial analysis for project selection and control, and the ability to interpret control information as it allows for change (configuration) management of mid-stream projects.