Modification History
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Comments |
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Release 1 |
This version first released with BSB07 Business Services Training Package Version 8.0. Replaces BSBPMG403A Apply cost management techniques. |
Unit Descriptor
This unit describes the performance outcomes, skills and knowledge required to assist in producing a project budget, to monitor project expenditure and to contribute to cost finalisation processes.
Application of the Unit
This unit applies to a project practitioner working in a project support role.
The individual may be operating in a large or small organisation and applying skills in the context of enterprise projects.
The project practitioner may be part of a project team under the direction of a project manager, or may work as part of a smaller scale self-directed team.
This unit has generic application to a range of industries and organisations and a range of projects, from simple to complex.
In the context of this unit a project is defined as involving:
- a practical and comprehensive project plan
- a documented communications strategy
- a detailed project budget
- strategic engagement with stakeholders
- a risk, issues and change-management methodology
- a quality plan with assurance and control processes
- a supportive team-based environment.
The functions performed in project work, where formal project management methodology is not the main focus, are covered by BSBPMG522A Undertake project work.
Licensing/Regulatory Information
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Pre-Requisites
Not applicable.
Employability Skills Information
This unit contains employability skills.
Elements and Performance Criteria Pre-Content
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Element |
Performance Criteria |
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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
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1. Assist in developing the 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 |
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2. Monitor project costs |
2.1 Monitor income and expenditure against the project budget baseline at predetermined intervals 2.2 Identify and report variations in the budget using established project cost methods, techniques and tools 2.3 Implement action and report progress to ensure cost objectives remain achievable throughout the project life cycle |
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3. Contribute to cost-finalisation process |
3.1 Assist in the finalisation and transfer of financial assets, liabilities and records to relevant parties 3.2 Assist in the review of project outcomes through the use of project cost records to determine the effectiveness of cost-management processes 3.3 Document cost-management lessons learned for application to future projects |
Required Skills and Knowledge
This section describes the skills and knowledge required for this unit.
Required skills
- financial management skills to develop project budgets, monitor costs and report on cost management
- literacy skills to:
- communicate cost information to project stakeholders
- report on project costs and financial records
- numeracy skills to check and interpret project budgets
- technology skills to use financial-management software to develop and monitor project budgets.
Required knowledge
- budgeting processes and their relationship to the project life cycle
- cost-management tools and techniques.
Evidence Guide
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 access to:
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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. |
Range Statement
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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Cost-estimating methods may include: |
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Cost estimates may include: |
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Others may include: |
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Project cost methods, techniques and tools may include: |
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Implement action may include: |
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Project cost records may include: |
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Unit Sector(s)
Management and Leadership – Project Management
