Unit of competency details

BSBPMG412 - Apply project cost management techniques (Release 2)

Summary

Releases:
ReleaseStatusRelease date
2 (this release)Current 14/Jan/2016
(View details for release 1) Replaced25/Mar/2015

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to BSBPMG412A - Apply project cost-management techniquesUpdated to meet Standards for Training Packages 24/Mar/2015


Training packages that include this unit

Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080315 Project Management  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080315 Project Management  30/Jul/2015 
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Unit Of competency

Modification History

Release 

Comments 

Release 2

This version released with BSB Business Services Training Package Version 2.0.

Version created to correct typographical error.

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 assist in producing a project budget, to monitor project expenditure and contribute to cost finalisation processes.

It applies to individuals who are project practitioners working in a project support role.

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. Assist in developing project budget

1.1 Implement cost-estimating methods against duration/effort and resource requirements

1.2 Determine estimated costs for tasks and activities and confirm degree of accuracy with relevant stakeholders

1.3 Communicate cost estimates, where required, to others to contribute to project budget and cash flow management

1.4 Contribute to developing cost management strategies and processes, and providing financial authorisation within delegated authority

2. Monitor project costs

2.1 Monitor income and expenditure against project budget baseline at predetermined intervals

2.2 Identify and report variations in budget using established project cost methods, techniques and tools

2.3 Implement action and report progress to ensure cost objectives remain achievable throughout project life cycle

3. Contribute to cost-finalisation process

3.1 Assist in finalisation and transfer of financial assets, liabilities and records to relevant parties

3.2 Assist in review of project outcomes through use of project cost records to determine effectiveness of cost-management processes

3.3 Document cost-management lessons learned for application in future projects

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

1.2, 2.4, 3.2

  • Applies appropriate strategies to construct meaning from complex texts

Writing

2.2, 2.3, 3.1, 3.2, 3.3

  • Prepares reports and reviews matching writing style to purpose and audience

Oral Communication

1.2, 1.3, 3.1, 3.2

  • Uses clear language and appropriate features to convey and discuss cost-management issues
  • Uses active listening and questioning to check understanding

Numeracy

1.1, 1.2, 1.4, 2.1-2.3, 3.1, 3.2

  • Extracts and evaluates mathematical information embedded in a range of tasks and texts
  • Uses a range of informal and formal oral and written mathematical language and symbols to communicate mathematically

Navigate the world of work

1.4, 2.3

  • Recognises and follows protocols that must be respected and maintained

Interact with others

1.2, 1.3, 3.1, 3.2

  • Uses appropriate communication practices in a range of work contexts
  • Collaborates and cooperates with others to achieve shared goals

Get the work done

1.2, 2.1, 2.2, 3.1, 3.2

  • Plans, organises and implements tasks required to achieve required outcomes
  • Reflects on outcomes to identify future improvement opportunities
  • Utilises features of digital systems to complete routine tasks

Unit Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBPMG412 Apply project cost management techniques

Release 2

BSBPMG412 Apply project cost management techniques

Release 1

Updated to correct typographical error

Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.education.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

 

Assessment requirements

Modification History

Release 

Comments 

Release 2

This version released with BSB Business Services Training Package Version 2.0.

Version created to correct typographical error.

Release 1

This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

  • produce a project budget
  • closely monitor project expenditure
  • finalise project costs and make recommendations for possible improvements to future projects.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • explain budgeting processes and their relationship to project life cycle
  • explain how to apply cost management tools and techniques.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the management and leadership – project management field of work and include access to:

  • project management budgets and related documentation
  • case studies or, where possible, real situations.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.education.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

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