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 |
|
Writing |
2.2, 2.3, 3.1, 3.2, 3.3 |
|
Oral Communication |
1.2, 1.3, 3.1, 3.2 |
|
Numeracy |
1.1, 1.2, 1.4, 2.1-2.3, 3.1, 3.2 |
|
Navigate the world of work |
1.4, 2.3 |
|
Interact with others |
1.2, 1.3, 3.1, 3.2 |
|
Get the work done |
1.2, 2.1, 2.2, 3.1, 3.2 |
|
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.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10