Download presentation
Presentation is loading. Please wait.
Published byPercival Hardy Modified over 6 years ago
1
Manage Project Costs Unit Guide Diploma of Project Management Qualification Code BSB51507 Unit Code BSBPMG504A
2
Units of Study – Diploma
Units in the Diploma of Project Management BSBPMG501A Manage Application of Project Integrative Processes BSBPMG502A Manage Project Scope BSBPMG503A Manage Project Time BSBPMG504A Manage Project Costs BSBPMG505A Manage Project Quality BSBPMG506A Manage Project Human Resources BSBPMG507A Manage Project Communication BSBPMG508A Manage Project Risk BSBPMG509A Manage Project Procurement 2
3
Manage Project Costs On completion of this unit you will –
be able to identify, analyse and refine project costs to produce a project budget understand how to use a project budget as the principle mechanism to control project costs This unit is Ungraded which means that you will be found Competent or Not Yet Competent based on the completion of the assessment activities and the evidence of competency provided.
4
Elements of Competency
Each unit of study is composed of elements of competency Manage Project Costs comprises 3 elements of competency – Determine project costs Monitor and control project costs Conduct financial completion activities Elements of competency are further broken down into performance criteria, these can be found on the next slides
5
Determine Project Costs
Resource requirements for individual tasks are determined, with input from stakeholders and guidance of others Project costs are estimated to enable budgets to be developed and agreed cost management processes implemented Within delegated authority, a cost management plan is developed and implemented to ensure clarity of understanding and ongoing management of project finances
6
2. Monitor and Control Project Costs
Agreed financial management processes and procedures are implemented to monitor actual expenditure and to control costs Cost analysis methods and tools are selected and used to identify cost variations, evaluate options and recommend actions to a higher project authority Agreed actions are implemented, monitored and modified to maintain financial and overall project objectives throughout the project life cycle
7
3. Conduct Financial Completion Activities
Appropriate activities are conducted to signify financial completion Review of project outcomes is undertaken using available records and information to determine the effectiveness of cost management processes and procedures Cost management issues and recommended improvements are identified
8
Associated Readings Mandatory – Recommended – PMBOK Chapter 7
Diploma of Project Management Skills Kit – Manage Project Costs Learning Guide 2 – Develop Project Plans, pages 7 and 19 Learning Guide 3 – Administer & Monitor Project, pages 8 to 12 Learning Guide 4 – Finalise Project, page 2, 3 and 6 Learning Guide 5 – Review project, pages 2 to 5
9
Team Assignment Criteria
Components Marks Basic Competency Higher Competency Detailed Project Budget 10 Project budget prepared using direct and indirect resource costs, including labour Project budget includes both capital and operational expenditure Less common indirect costs are also considered Budget assumptions 5 Basic budgetary assumptions are documented and contribute to the finalisation of the project budget eg labour rates Advanced budgetary assumptions are documented eg exchange rates, GST etc Project Cost management procedures Procedures include tolerance and delegated authority Explanation of the tools and techniques used to estimate the project budget Basic understanding of tools and techniques At least two estimating methods used Advanced understanding of tools and techniques More than two methods used and experts consulted Concepts such as’ recharge’ included Total 30 19.5 to 25 25.5 to 30
10
Individual Assignment Criteria
Components Marks Basic Competency Higher Competency Detailed Project Budget 5 Project budget prepared using direct and indirect resource costs, including labour Project budget includes both capital and operational expenditure Less common indirect costs are also considered Budget assumptions Basic budgetary assumptions are documented and contribute to the finalisation of the project budget eg labour rates Advanced budgetary assumptions are documented eg exchange rates, GST etc Project Cost management procedures Procedures include tolerance and delegated authority Explanation of the tools and techniques used to estimate the project budget Basic understanding of tools and techniques At least two estimating methods used Advanced understanding of tools and techniques More than two methods used and experts consulted Concepts such as’ recharge’ included Explanation of the tools and techniques used to track and capture actual costs and check progress against baseline 10 At least two capture and tracking methods used Change Requests – showing impact on cost Multiple change request forms including analysis of the impacts on the overall project objectives Evidence of approval or rejection of the change requests Revised baselined budget provided Evidence of implementation of approved change requests Change Request Log Project Budget Performance Reports Detailed budget performance reports showing variances against baseline budget Advanced budget performance reports including concepts such as earned value and forecast to complete Total 50 32.5 to 42 42.5 to 50
11
Best wishes for your studies
Northern Beaches TAFE and the Business and Commerce Business Line of the Northern Sydney Institute wish you success in your studies! 11
Similar presentations
© 2025 SlidePlayer.com. Inc.
All rights reserved.