PMP203 - Project Cost, Value and Procurement Management

Outline info
Last revision date 2018-09-24 00:56:14.379
Last review date 2018-11-07 14:27:46.169

Subject Title
Project Cost, Value and Procurement Management

Subject Description
This subject familiarizes participants with the structured process, dimensions and factors involved in cost, value and procurement management in projects. The focus is on best practices that would result in achieving cost efficiency and optimizing the project's value for its stakeholders. The subject addresses the complete cycle of project cost management stages such as cost estimation, budgeting, cash flow management and control.

Credit Status
One Full Credit

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Identify and analyze project stakeholders' needs and requirements to create a complete definition of the project scope and the breakdown structure of works involved.
2. Effectively plan the project work by breaking it into manageable work packages essential to estimating costs, maximizing cost efficiency, developing and controlling the project budget.
3. Apply Earned Value Management to monitor and control actual expenditure to implement project work in comparison to the planned budget.
4. Identify and evaluate opportunities to enhance the value of the project while keeping control of costs, by analyzing the benefit/cost ratios of identified opportunities, and selecting the most beneficial alternative.
5. Make use of structured competitive tendering and contracting processes for the procurement of all material and services required to ensure the lowest cost commensurate with project quality and value targets, while avoiding committing to costs that exceed estimates and budgets.
6. Apply specific tools, techniques and metrics necessary to successfully implement projects.

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on for further information regarding cheating and plagiarism policies and procedures.

All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.


Topic Outline

  • Introduction to Project Cost and Value Management
  • Project Requirements, Assessment and Planning
  • Estimating Project Costs
  • Project Budgeting
  • Project Cost Control
  • Project Cash Flow Management
  • Managing Project Finances
  • Managing Project Value
  • Procurement in Projects
  • Competitive Tendering Process
  • Procurement Contracts
  • Change, Control and Configuration Management
  • Integrating Cost and Value in Projects

Mode of Instruction
A combination of teaching methods will be utilized which may include lectures, case studies, discussions, group and individual work. 

Prescribed Texts
Title:        Cost & Value Management in Projects
Edition:    February 2008
Author:    Ray Venkataraman, Jeffrey Pinto
Publisher: Wiley
ISBN:      978-0-470-06913-4
(as of Fall 2015)

Reference Material
Title:           A Guide to the Project Management Body of Knowledge, (PMBOK® Guide)
Publisher:   Project Management Institute, Inc.
Edition:  6th Edition
ISBN:  9781628253825

Practice Standard for Work Breakdown Structure, published by PMI®, 2009
Practice Standard for Configuration Management, published by PMI®, 2009
Practice Standard for Earned Value Management, published by PMI®, 2009

Required Supplies

Promotion Policy

Grading Policy
A+ 90%  to  100%
A 80%  to  89%
B+ 75%  to  79%
B 70%  to  74%
C+ 65%  to  69%
C 60%  to  64%
D+ 55%  to  59%
D 50%  to  54%
F 0%    to  49% (Not a Pass)
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online ( or at Seneca's Registrar's Offices.

Modes of Evaluation
Assignments are due on the dates specified. Should extenuating circumstances arise, please contact your instructor prior to the assignment due date so that an appropriate course of action can be established. Late assignments may be subject to a penalty of up to 10% per week and will not generally be accepted beyond two weeks from the due date.

In cases of cheating or plagiarism, the College Academic Policy will prevail. Please ensure that all assignments and reports are properly documented.

Students are referred to the following website for Seneca College Library style guides, Academic Honesty Policy and Copyright guidelines:  http:/

Dates for evaluations are specified in the weekly schedule addendum to this outline. The evaluation process may include, but is not limited to, tests, exams, assignments or presentations. Any absences or missed submissions due to medical or other reasons must be supported by medical or other appropriate documentation within one (1) week of the due date. The faculty and program area must be notified immediately in the event of a missed evaluation. Upon acceptance of the documentation, the weighting of the missed deliverable will normally be applied to the final exam.

English Competency
The ability to communicate effectively is essential for success in business. Therefore, you must demonstrate English competency in this course in both oral and written work. Ensure your written work includes correct sentence structure, spelling and punctuation. Always spell check, edit and proofread your work.

Grading is based on the following marking scheme:

Case Study Reports 20%
Quizzes / Exercises 20%
Mid-Term Test 20%
Final Exam 40%

Please retain this course outline document for future educational and/or employment use.

Program Manager:
Emiliano Introcaso

Approved by: Academic Program Manager Emiliano Introcaso