Course Code: PM-05
Goal: Monitor project performance against budgeted costs, ensuring visibility into financial health at every stage of project execution.

Session Overview

Duration: 1 Hour
Format: Instructor-led (via Microsoft Teams or in-person)
Level: Intermediate to Advanced (Ideal for project managers, finance coordinators, and operations leads)

Resources Provided:

• Financial Summary Dashboard Guide
• Cost Category Breakdown Sheet
• Estimate vs. Actual Reporting Templates
• Cost Recording Process Map

Learning Objectives

By the end of this session, participants will be able to:

• Understand the differences between financial summaries and detailed views.
• Classify project costs by Labor, Material, Subcontractor, and Other Expenses.
• Monitor Estimate vs. Actual cost tracking for project control.
• Recognize how and when costs are recorded in the project lifecycle.

Session Agenda

PM5.1 Financial Summary vs. Detailed Views

• Overview of Project Financial Dashboard.
• Summary screen: high-level tracking of margins, revenue, costs.
• Detail screen: line-item breakdown by category and phase.

PM5.2 Cost Types: Labor, Material, Subcontractor, Expenses

• Define cost categories:
• Direct Labor (in-house or subcontracted)
• Materials and Equipment Purchases
• Subcontractor invoices
• Other Direct Costs (ODCs)
• Importance of proper cost classification for profitability analysis.

PM5.3 Estimate vs. Actual Tracking

• Compare original project estimates vs. real-time actuals.
• Variance reporting:
• Under-budget trends
• Overruns and alerts
• Early identification of financial risks.

PM5.4 Understanding How and When Cost is Recorded

• Timing of cost capture:
• Timesheet entry for labor
• Purchase orders and receipt logs for materials
• Subcontractor billing events
• Best practices for timely and accurate cost logging.

Hands-On Preview (Optional if time allows)

• Open a sample project.
• Review Financial Summary and drill into Detail view.
• Compare Estimate vs. Actuals for labor and material.

Post-Session Action Items

• Audit 2-3 active projects for cost entry timeliness.
• Create internal standard for cost classification.
• Setup weekly cost-to-complete reviews for PM teams.

 Note: When scheduling, make sure to include this session code: PM-05.

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