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 44
​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 - ,)
Canada - Northwest Territories and Nunavut 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-012005)
Accreditation: Coordinator: Cathy Zonis, ID#CSL-CD-000120
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 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 (44)
Learned a lot about the project budget
By (Engineer) on Aug, 06, 2020
Learned a lot about the project budget
It provides crash course information on how budgeting is done in a project
By on Sep, 05, 2020
It provides crash course information on how budgeting is done in a project.
great
By on Oct, 25, 2020
great
The training looks good and understanding
By on Jan, 28, 2021
The training looks good and understanding
Good summary questionaire
By on Feb, 16, 2021
Good summary questionaire
The material moved quickly and a lot of information was presented
By (Professional Organization) on Aug, 04, 2020
The material moved quickly and a lot of information was presented. It would have helped to have more testing.
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
Comprehensive material
By on Feb, 18, 2021
Comprehensive material.
I thought that this was a very good course
By on Dec, 23, 2020
I thought that this was a very good course.
Good to understand the budgeting
By on Mar, 18, 2021
Good to understand the budgeting.
Hard to take notes
By on Dec, 09, 2020
Hard to take notes
Good overview of budgeting
By on Dec, 09, 2020
Good overview of budgeting
Enjoyed budgeting and the complexities of that
By on Dec, 08, 2020
Enjoyed budgeting and the complexities of that
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
Above average
By on Sep, 16, 2020
Above average
good
By on Sep, 04, 2020
good
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.
good overview
By (Engineer, Professional Organization) on Dec, 09, 2020
good overview
Useful information for any project manager to learn
By on Apr, 19, 2021
Useful information for any project manager to learn.
A bit repetitive, but that might be a good thing
By (Engineer) on Jul, 13, 2020
A bit repetitive, but that might be a good thing.
This course provided a good understanding of various type of project budgeting and advantages and disadvantages of each type
By on Jun, 02, 2020
This course provided a good understanding of various type of project budgeting and advantages and disadvantages of each type.
It is well organized
By on Jun, 09, 2020
It is well organized. Yet, there could be more materials on contingency
This is a lot of new information for people who have not done budgeting before
By on Jun, 10, 2020
This is a lot of new information for people who have not done budgeting before. Questions about specific numbers of components are difficult to remember after reviewing once. Questions about components themselves are better to test understanding of what was reviewed.
Helpful review of budgeting techniques
By on Jun, 22, 2020
Helpful review of budgeting techniques
The course was full of good information
By on Jun, 19, 2020
The course was full of good information. It was organized pretty well and effectively used graphics for visual aid.
Information was presented too quickly to allow for digestion and questions did not match detail of information provided
By on Jul, 15, 2020
Information was presented too quickly to allow for digestion and questions did not match detail of information provided.
Very informative
By (Professional Organization) on May, 04, 2020
Very informative
A bit boring
By on May, 13, 2020
A bit boring
The slides transitioned to quickly, it was difficult to digest the information before the next slide showed up
By on May, 28, 2020
The slides transitioned to quickly, it was difficult to digest the information before the next slide showed up.
thanks
By (Professional Organization) on Jun, 10, 2020
thanks
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.
This was not an easy to follow format and the graphics were more distracting than helpful
By on Jul, 14, 2020
This was not an easy to follow format and the graphics were more distracting than helpful.
The final questions were not great
By on Jun, 11, 2020
The final questions were not great. What good does knowing "ostrich, cookie jar, piggy bank, etc." do me?
Taken as part of Task manager training
By on Jun, 25, 2020
Taken as part of Task manager training
The narrator spoke so quickly, it became hard to keep up
By on Jun, 25, 2020
The narrator spoke so quickly, it became hard to keep up.
Super dense and quick allowing no time for notes to study or prepare for the exam
By on Jul, 07, 2020
Super dense and quick allowing no time for notes to study or prepare for the exam
IT is OK
By on Aug, 17, 2020
IT is OK.
The narrator voice was too computer generated sounding
By (Geologist / Geoscientist) on Aug, 07, 2020
The narrator voice was too computer generated sounding. Was difficult to pay attention and would be 100X better if it were a real sounding voice.
High level, but good details where needed
By on Jul, 13, 2020
High level, but good details where needed
Good information
By on Dec, 04, 2020
Good information. Somewhat redundant.
I felt that in some cases the background images were a bit strange or distracting
By on Jun, 23, 2020
I felt that in some cases the background images were a bit strange or distracting. Additionally, this is very focused on certain kinds of work (design) and not really focused on the kinds of work I perform (environmental clearance).
The exam felt as if it was trying to trick the reader rather than truly assess comprehension
By on May, 26, 2020
The exam felt as if it was trying to trick the reader rather than truly assess comprehension.
Very dry
By on May, 04, 2020
Very dry
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!