RedVector RV-10430

The Ultimate Project Manager, Chapter 06: The Project Budget

The Ultimate Project Manager, Chapter 06: The Project Budget

1 hr. Online Course

Level: Intermediate

Item#: RV-10430

SME: Michael D'Alessandro

Average Rating

4 20
​Price, cost, budgets, estimates, fees, revenues, etc.—there always seems to be confusion about these terms. Are they the same thing or different? If they are different, what is the difference? These are some of the questions that we will answer in this course. This course will not attempt to make the project manager into an accountant; however, a basic understanding of these terms is vital to establishing the project budget. Assuming that the PM has completed the planning and scheduling phase, it is now time to align the project budget to the tasks in the project management plan.
Course Objectives
At the conclusion of this course, you should be able to:
  • Recognize facts regarding project pricing.
  • Compare and contrast five common project budgeting methods.
  • Recognize the pitfalls that should be avoided in common budgeting methods.
  • Identify the components of a typical project budget.
  • Recognize common mistakes made when budgeting a project.
SUBJECT MATTER EXPERT: Michael D'Alessandro
Michael D'Alessandro Photo
Mr. D'Alessandro has been involved with the A/E Design and Construction Industry for more than 20 years. Prior to joining PSMJ Resources, Inc., he was with Parsons Infrastructure and Technology Group as a Principal Project Manager. His responsibilities included project management, proposal preparation, department management, and human resources management.

His extensive project management experience includes engineering, procurement, ranging in capital value from $1 million to $55 million. He has also been responsible for management of fast-track multi-discipline projects involving equity placement for both domestic and international facilities.

During his tenure as a Project/Client Manager, he successfully completed capital projects in 18 different countries. He has worked with some of the largest global companies by consistently demonstrating the ability to accomplish project budget and schedule objectives with a high degree of client satisfaction.

As a consultant, he has provided project management training since 1990 and has been involved in strategic planning for design/build initiatives and work process improvements for small project environments. He has also served as a Quality Council member, leading efforts to measure client satisfaction and improve design productivity.

Michael has a Bachelor of Science degree in Civil Engineering and a Masters Degree in Environmental Engineering. He is also certified by the Project Management Institute as a Project Management Professional (PMP) and is a member of the American Society of Civil Engineers. Michael is also a registered professional engineer in a number of states and is a Diplomate of the American Academy of Environmental Engineers.
State Licenses
AK - Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
AK - Engineer (Health, Safety & Welfare - ,)
AL - Engineer (General - ,)
AL - Landscape Architect (General - Approved LA CES-2022)
AR - Engineer (General - ,)
DC - Engineer (General - CE21800018)
DE - Engineer (Business Practice (maximum of 9 hours) - ,)
FL - Contractor, Certified (Business Practice - 0610734)
Accreditation: FL DBPR Approved Provider 0001771
FL - Contractor, Pinellas County (Business Practice - 0610734)
Accreditation: FL DBPR Approved Provider 0001771
FL - Contractor, Registered (Business Practice - 0610734)
Accreditation: FL DBPR Approved Provider 0001771
FL - Interior Designer (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
GA - Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
GA - Contractor, Residential and General (General)
GA - Engineer (General - ,)
GA - Landscape Architect (General - Approved LA CES-2022)
IA - Engineer (General - ,)
ID - Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
ID - Engineer (General - ,)
IL - Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
IL - Engineer, Professional (General - ,)
IL - Engineer, Structural (General - ,)
IN - Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
IN - Engineer (General - Board Approved - CE21800018)
IN - Landscape Architect (General - Approved LA CES-2022)
KS - Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
KS - Engineer (Health, Safety & Welfare - ,)
KS - Landscape Architect (General - Approved LA CES-2022)
KY - Engineer (General - ,)
LA - Engineer (General - ,)
LA - Landscape Architect (General - Approved LA CES-2022)
MA - Construction Supervisor (Business Practice - CS-9520)
Accreditation: Coordinator Ellen Sakamoto ID # CSL-CD-000095 If you have any comments about this course offering, please mail them to the Board of Building Regulations and Standards ATTN: Education/ 1000 Washington St. suite 710 / Boston, MA 02137
MD - Engineer (General - ,)
MD - Landscape Architect (Category B - Approved LA CES-2022)
ME - Engineer (General - ,)
MI - Engineer (General - ,)
MN - Engineer (General - ,)
MO - Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
MO - Engineer (General - ,)
MO - Landscape Architect (General - Approved LA CES-2022)
MS - Engineer (General - ,)
MT - Engineer (General - ,)
NC - Engineer (General - ,)
ND - Engineer (General, Health, Safety & Welfare)
NE - Landscape Architect (General - Approved LA CES-2022)
NH - Engineer (General - ,)
NJ - Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
NJ - Engineer (General - 24GP000006300)
NM - Engineer (General - ,)
NM - Landscape Architect (General - Approved LA CES-2022)
NV - Engineer (General - ,)
NY - Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
NY - Landscape Architect (General - Approved LA CES-2022)
OH - Engineer (General - ,)
OH - Landscape Architect (General - Approved LA CES-2022)
OK - Engineer (General - ,)
OR - Engineer (General - ,)
OR - Landscape Architect (General - Approved LA CES-2022)
PA - Code Official,Certified (UCC) (General)
PA - Landscape Architect (General - Approved LA CES-2022)
PR - Engineer (General - ,)
RI - Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
SC - Engineer (General - ,)
SD - Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
SD - Engineer (General - ,)
SD - Landscape Architect (General - Approved LA CES-2022)
TN - Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
TN - Engineer (Health, Safety & Welfare - ,)
TN - Landscape Architect (General - Approved LA CES-2022)
TX - Engineer (General - ,)
UT - Engineer (General - ,)
VA - Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
VA - Engineer (General - ,)
VA - Landscape Architect (General - Approved LA CES-2022)
VT - Engineer (General - ,)
WA - Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
WA - Landscape Architect (General - Approved LA CES-2022)
WI - Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
WI - Engineer (General - ,)
WV - Engineer (General - ,)
WV - Landscape Architect (General (max 6 hrs online) - Approved LA CES-2022)
WY - Engineer (General - ,)
Professional Organizations
American Academy of Environmental Engineers - AAEES - Member (General - ,)
American Hospital Association - AHA - Certified Healthcare Constructor (CHC) (General)
American Hospital Association - AHA - Certified Healthcare Facility Manager (CHFM) (General)
American Institute of Architects - AIA - Architects (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
American Institute of Constructors - AIC - Professional Constructor (General)
American Society of Landscape Architects (LA CES) - ASLA - Member (General - Approved LA CES-2022)
American Society of Professional Estimators - ASPE - Certified Professional Estimator (CPE)/Associate Estimator Professional (AEP) (General)
BOMI International - RPA, FMA and/or SMA (General)
Canada - Alberta Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
Canada - Alberta Engineer (General - ,)
Canada - British Columbia Architect (AIBC) (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
Canada - British Columbia Engineer (General - ,)
Canada - Manitoba Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
Canada - Manitoba Engineer (General - ,)
Canada - New Brunswick Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
Canada - New Brunswick Engineer (General - ,)
Canada - Newfoundland and Labrador Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
Canada - Newfoundland and Labrador Engineer (General - ,)
Canada - Northwest Territories and Nunavut Engineer (General - ,)
Canada - Northwest Territory Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
Canada - Nova Scotia Engineer (General - ,)
Canada - Ontario Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
Canada - Ontario Engineer (General - ,)
Canada - Quebec Architect (General - AIA Reg RV1260-2022)
Accreditation: AIA Registered Provider J315
Canada - Quebec Engineer (General - ,)
Canada - Saskatchewan Engineer (General - ,)
Canada - Yukon Engineer (General - ,)
Construction Management Association of America - CCM - Certified Construction Manager (General)
Design-Build Institute of America - DBIA - Design-Build Professional (General)
Federal Building Personnel Training Act (FBPTA) (General)
International Facility Management Association - IFMA - Certified Facility Manager (CFM) (General)
International Society of Automation - ISA - Certifications (General)
National Institute for Certification in Engineering Technologies - NICET (General - ,)
Ontario Association of Certified Engineering Technicians and Technologists - OACETT - Certified Member (Management/Leadership Training)
Project Management Institute (PMI) - Project Management Professional (CAPM, ACP, RMP, SP) (Technical - RV-10430)
Accreditation: R.E.P. Provider 1510
Project Management Institute (PMI) - Project Management Professional (PMP, PgMP, PfMP, PBA) (Technical - RV-10430)
Accreditation: R.E.P. Provider 1510
Course Reviews (20)
Good summary questionaire
By on Feb, 16, 2021
Good summary questionaire
Projects Budgeting is very important
By on Jul, 20, 2021
Projects Budgeting is very important. It is a knowledge needed that is very well explained in this chapter.
The training looks good and understanding
By on Jan, 28, 2021
The training looks good and understanding
It helps to understand about the project budgeting and their methods
By on Mar, 05, 2021
It helps to understand about the project budgeting and their methods
Enjoyed budgeting and the complexities of that
By on Dec, 08, 2020
Enjoyed budgeting and the complexities of that
Good overview of budgeting
By on Dec, 09, 2020
Good overview of budgeting
Hard to take notes
By on Dec, 09, 2020
Hard to take notes
good overview
By (Engineer, Professional Organization) on Dec, 09, 2020
good overview
Good understanding on how to budget a project, if you dont already know from experience
By on Jul, 21, 2021
Good understanding on how to budget a project, if you dont already know from experience
I thought that this was a very good course
By on Dec, 23, 2020
I thought that this was a very good course.
Useful information for any project manager to learn
By on Apr, 19, 2021
Useful information for any project manager to learn.
Great Content
By on Feb, 17, 2021
Great Content. Hope it will be presented on a more lively manner to avoid a boring discussion. Somehow still exceed my expectation.
Comprehensive material
By on Feb, 18, 2021
Comprehensive material.
Good information, applicable to current job position, easily accessible and delivered training
By on Feb, 19, 2021
Good information, applicable to current job position, easily accessible and delivered training
Good to understand the budgeting
By on Mar, 18, 2021
Good to understand the budgeting.
Good information
By on Dec, 04, 2020
Good information. Somewhat redundant.
There were some great concepts about budgeting that I was previously unaware of
By on Dec, 21, 2020
There were some great concepts about budgeting that I was previously unaware of.
voice is too animatronic
By on Aug, 02, 2021
voice is too animatronic
Very bland with computer voice just reading text
By on Sep, 16, 2021
Very bland with computer voice just reading text. Some helpful tidbits, but mostly describing obvious or obscure activities/strategies.
At the beginning of this course -- The Ultimate Project Manager, Chapter 6: The Project Budget -- the narrator attempts to put the listener at ease by stating that the intent of the course is not to create accountants
By (Contractor / Trades) on Dec, 12, 2020
At the beginning of this course -- The Ultimate Project Manager, Chapter 6: The Project Budget -- the narrator attempts to put the listener at ease by stating that the intent of the course is not to create accountants. Well, that's absolutely untrue! In order to gain a decent understanding of the jargon included in the course materials, one must have a background in accounting. The checkpoints (quizzes) included in this course are confusing and very poorly-worded. Although not quite as confusing, the course final exam clearly expects a background in project budgeting and accounting from the student. I was anticipating an introductory level course in project budgeting and, instead, was put through and intermediate-level course in project budgeting. This is in no way an introductory level course!