Modification History
Not Applicable
Unit Descriptor
Unit descriptor |
This unit covers costing a project and defines the standard required to: identify resources for a project; investigate options for material supplies, services, contractors and consultants; research prices for required resources; calculate costs for the project; document a summary of project costs. |
Application of the Unit
Application of the unit |
This unit applies to supervisors and managers who establish and oversee projects to the best financial advantage of the enterprise. |
Licensing/Regulatory Information
Not Applicable
Pre-Requisites
Prerequisite units |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Not Applicable
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Obtain current prices for project resources |
1.1. Project objectives, required work activities and available finance are identified and interpreted according to the project plan and enterprise guidelines. 1.2. Resources required for project works are identified according to the project plan. 1.3. Factors affecting resource costs are identified using available information. 1.4. Add-on costs are taken into consideration according to enterprise guidelines. 1.5. Appropriate tools and equipment are selected and used for the calculation and documentation of project costs. |
2. Calculate individual itemised costs of the project |
2.1. Unit and total cost for each resource item is calculated according to enterprise guidelines. 2.2. Total itemised resource costs are evaluated against the financial schedule for the project. 2.3. Adjustments are made where required to reconcile resource costs with project schedules in strict adherence to enterprise guidelines for costing a project. |
3. Prepare a summary of the cost of the project |
3.1. Resource costs are collated and scheduled according to the project plan and enterprise guidelines. 3.2. Total project costs are accurately calculated and recorded according to enterprise guidelines. 3.3. Financial summary is collated, organised and submitted to management for approval. |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Competence in costing a project requires evidence that a person is able to obtain current prices for required resources, calculate costs and present a summary of project costs that provides for cost effective project outcomes. The evidence required to demonstrate competency in this unit must be relevant to workplace operations and satisfy holistically all of the requirements of the performance criteria and required skills and knowledge and include achievement of the following:
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Context of and specific resources for assessment |
Competency requires the application of work practices under work conditions. Selection and use of resources for some worksites may differ due to the regional or enterprise circumstances. |
Range Statement
RANGE STATEMENT |
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The range statement relates to the unit of competency as a whole. |
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Projects may include: |
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Unit Sector(s)
Unit sector |
Business |
Co-requisite units
Co-requisite units |
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Competency field
Competency field |