Release 

Comments 

Release 1

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

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

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 and y to complete routine tasks

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBPMG412 Apply project cost management techniques

BSBPMG412A Apply project cost-management techniques

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

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