PMP Knowledge Areas: Cost Management mapped to Agile Practice Guide
- Rohit Gupta
- Oct 25, 2021
- 2 min read
Updated: Jul 30
In this video from the Agile Practice Guide, we talk about the PMP knowledge area of cost management and how it is managed in an agile environment. As per the Agile practice guide, each PMP knowledge area is carried out in agile project management. The Agile Practice Guide is one of the primary reference books for the PMP certification exam in 2021.
According to the Agile Practice Guide 'Projects with high degrees of uncertainty or those where the scope is not yet fully defined may not benefit from detailed cost calculations due to frequent changes. Instead, lightweight estimation methods can be used to generate a fast, high-level forecast of project labor costs, which can then be easily adjusted as changes arise. Detailed estimates are reserved for short-term planning horizons in a just-in-time fashion. In cases where high-variability projects are also subject to strict budgets, the scope and schedule are more often adjusted to stay within cost constraints.'
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About the Author
Rohit Gupta is a PMP and PRINCE2 certified project management trainer with 15+ years of experience training a global audience of more than 50,000 candidates.
He has helped over 500 professionals get their PMP applications approved and mentored 300+ candidates to earn their PMP certifications. As a lead coach at CareerSprints, Rohit continues to guide project managers with personalized, real-world preparation strategies.
Rohit is recommended by many PMP exam candidates for his ability to guide them through the PMP application process and for his personalized, structured coaching style that helps them achieve certification success.
He also holds other prestigious and in-demand certifications such as ITIL expert, Scrum Master Certification, FCAS certification and DevOps Foundation Certification.
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