Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with BSB Business Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to identify, analyse and refine project costs to produce a budget, and to use this budget as the principal mechanism to control project cost.
It applies to individuals responsible for managing and leading a project in an organisation, business, or as a consultant.
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.
Unit Sector
Management and Leadership – Project Management
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Determine project costs |
1.1 Determine resource requirements for individual tasks identified in the work breakdown structure, with input from stakeholders and guidance from others 1.2 Estimate project costs to enable project budget to be prepared within agreed tolerances 1.3 Develop a project budget 1.4 Develop a cost-management plan, within delegated authority, to ensure clarity of understanding and ongoing management of project finances |
2. Monitor and control project costs |
2.1 Implement agreed financial-management processes and procedures to monitor actual expenditure against budget 2.2 Select and use cost-analysis methods and tools to identify cost variations and evaluate alternative actions 2.3 Implement and monitor agreed actions to maintain financial objectives 2.4 Provide accurate and timely financial reports |
3. Complete cost-management processes |
3.1 Conduct appropriate activities to signify financial completion 3.2 Review project outcomes using available records to determine effectiveness of project cost management 3.3 Review cost-management issues and document improvements |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.1, 1.2, 2.2, 3.2, 3.3 |
|
Writing |
1.3, 1.4, 2.4, 3.3 |
|
Oral Communication |
1.1 |
|
Numeracy |
1.1-1.4, 2.1, 2.2, 2.4, 3.1, 3.2 |
|
Navigate the world of work |
1.4, 2.1 |
|
Interact with others |
1.1 |
|
Get the work done |
1.1, 1.3, 1.4, 2.2, 2.3, 2.4, 3.2, 3.3 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
BSBPMG514 Manage project cost |
BSBPMG514A Manage project cost |
Updated to meet Standards for Training Packages |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10