APM PMQ (2024) Budgeting and Cost Control (LO22)

15. Ethics, Compliance and Professionalism - This podcast discusses the ability to work consistently in a moral, legal and socially responsible manner, and covers: a) The importance of continuing professional development, which should cover both knowledge, skills and behaviours, and the individual’s role in identifying and addressing their own competence gaps. b) Knowledge of the sources of specialist advice and standards that need to be adhered to. c) The impact of the legal and regulatory landscape on projects (such as the impact on working conditions, risk management, governance and sustainability).

14. Diversity and Inclusion - This podcast discusses the ability to build and maintain an inclusive environment that embraces a diverse culture, and covers: a) Knowledge of diversity, including characteristics which may cause a person to be treated less favourably, such as: age, disability, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex, and sexual orientation. b) Why incorporating diversity into all parts of a project, from team members to customers, is a factor in creating a positive working environment and the importance of embracing diverse thinking in teams as a means of generating innovative solutions. c) How conscious and unconscious bias can affect actions and how to treat people fairly, including adapting behaviours to support individuals’ needs and facilitate their contributions. 

3. Sustainability - This podcast discusses balancing the environmental, social, economic and administrative considerations that will impact a project, and covers: a) Why sustainability responsibilities, principles and priorities are considered within a project and the impact they may have. b) How sustainability measures are monitored and reported on. 

24. Change Control - This podcast discusses the ability to manage variations and change requests in a controlled way, and covers: a) The purpose and importance of each stage of a typical change control process (such as request, initial evaluation, detailed evaluation, recommendation, update plans and implement) and where these stages are different for linear and iterative life cycles. b) What should be captured and recorded in change requests. c) Ways in which to assess options related to a proposed change and the high-level impact of the proposed change. d) How to justify recommendations about whether to approve, reject or defer changes. e) The importance of updating plans and schedules to reflect and communicate changes.

11. Conflict Resolution - This podcast discusses the ability to identify and address differences between individuals and/or interest groups, and covers: a) The sources of conflict within a project. b) How conflict can have both positive and negative impacts within a project. c) How conflict can be addressed in different situations (such as Thomas Kilmann Conflict Mode Instrument).

13. Team Management - This podcast discusses the ability to work with team members to create and sustain teams, and covers: a) The different stages in the development of a team, including creation, development, maintenance and leadership, and understanding the factors which influence these stages, including the knowledge of the models that are used to understand team development (such as Belbin, Margerison McCann, Myers-Briggs, Hackman, Tuckman, Katzenbach and Smith). b) The characteristics and benefits of effective teams and teamwork. c) Why different leadership approaches are needed to support virtual and hybrid teams.

18. Quality Management - This podcast discusses the ability to ensure that outputs are delivered in accordance with requirements, and covers: a) What is meant by quality planning, including an understanding of quality indicators and how these relate to the business case. b) How quality control techniques are used to determine whether success criteria are met.

23. Risk and Issue Management - This podcast discusses the ability to identify and monitor risks (threats and opportunities); plan responses to those risks and respond to issues, and covers: a) The benefits of risk and issue management and the role of contingency planning in projects. b) The purpose and importance of each stage in a risk management process (such as identification, analysis, monitoring, escalation, response and closure) and an issue management process (such as logging and analysis, escalation, and assignment of actions), and why these stages are different for linear and iterative life cycles. c) How to proactively and reactively respond to risks (such as avoid, reduce, transfer or accept and exploit, enhance, share or reject). d) Why governance is important in risk and issue management. 

22. Budgeting and Cost Control - This budget discusses the ability to estimate costs, develop and agree budgets and monitor actual costs against forecast costs, and covers: a) How to create a budget (including the use of a cost breakdown structure) and the different costs included in a budget (fixed, variable, direct, indirect etc.) b) How to forecast and refine budgets using cost control techniques e.g. earned value. c) How to monitor and report financial performance (including different types of financial reports). d) How to close down finances at the end of a project. 

21. Resource Management - This podcast discusses the ability to identify and schedule the required internal and external resources, and covers: a) How to determine the resources required and their availability to deliver activities within a project. b) How an organisational breakdown structure is used to create a responsibility assignment matrix (RACI). c) How resources are categorised and allocated to both linear and iterative life cycle schedules. d) The differences between resource smoothing and resource levelling.