Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to work with others to produce a project budget, to monitor project expenditure and to contribute to cost finalisation processes. No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement. |
Application of the Unit
Application of the unit |
This unit applies to a project team member working under the direction of a project manager with other project team members. The individual may be operating within an organisation or as a consultant. The skills should be applied in the context of multiple complex projects, with the individual operating as part of a specialist project management team. In the context of this unit a complex project is defined as a project which involves:
The functions performed by a worker managing a straightforward project or a section of a larger project where project management is not the main focus of the job role are covered by BSBPMG510A Manage projects. |
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
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Assist with the development of the project budget |
1.1. Determine estimated costs for tasks and activities and communicate these costs to others for inclusion in project budget 1.2. Map costs against duration/effort and resources allocated, and communicate to project manager for inclusion in the project plan, budget and expenditure flow 1.3. Contribute to the development of cost management strategies and processes , and financial authorisation within delegated authority |
2. Monitor project costs |
2.1. Monitor income and expenditure against the agreed project plan and budgets to facilitate cost management throughout the project life cycle 2.2. Use established cost management methods, techniques and tools to identify and report variations in the budget to higher project authority for action 2.3. Implement and monitor agreed actions and report progress to others to ensure cost objectives are achieved throughout the project life cycle |
3. Contribute to cost finalisation process |
3.1. Provide assistance in the finalisation and transfer of financial assets, liabilities and records to the client or relevant operational support agency 3.2. Provide assistance in the review of project outcomes by use of project records , to determine the effectiveness of initial and subsequent cost management strategies and processes 3.3. Report cost management issues and responses to project/program manager for application in future projects |
Required Skills and Knowledge
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 |
Evidence of the following is essential:
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Context of and specific resources for assessment |
Assessment must ensure:
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Method of assessment |
A range of assessment methods should be used to assess practical skill and knowledge. The following assessment methods are appropriate for this unit:
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Guidance information for assessment |
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:
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Range Statement
RANGE STATEMENT |
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The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. |
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Estimated costs may refer to: |
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Others may include: |
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Cost management strategies and processes may include: |
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Delegated authority means: |
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Project records may include: |
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Unit Sector(s)
Unit sector |
Competency field
Competency field |
Management and Leadership - Project Management |
Co-requisite units
Co-requisite units |
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