Unit of competency details
BSBPMG533 - Manage project cost (Release 1)
Summary
Usage recommendation:
Current
Releases:
| 1 1 (this release) |
19/Oct/2020 |
Companion volumes:
Unit of competency
Assessment requirements
Training packages that include this unit
Qualifications that include this unit
Accredited courses that have this unit in the completion mapping
Classifications
Classification history
| ASCED Module/Unit of Competency Field of Education Identifier | 080315 | Project Management | 17/Dec/2020 | |
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Unit of competency
Modification History
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Release
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Comments
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Release 1
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This version first released with BSB Business Services Training Package Version 7.0.
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Application
This unit describes the skills and knowledge required to identify, analyse and refine project costs to produce a budget, and to use this budget as the principal mechanism to control project cost.
The unit applies to individuals responsible for managing and leading a project in an organisation, business, or as a consultant.
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.
Unit Sector
Business Competence – Project Management
Elements and Performance Criteria
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ELEMENT
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PERFORMANCE CRITERIA
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Elements describe the essential outcomes.
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Performance criteria describe the performance needed to demonstrate achievement of the element.
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1. Determine project costs
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1.1 Identify resource requirements for individual tasks identified in the work breakdown structure in consultation with relevant stakeholders
1.2 Estimate project costs for project budget to be prepared within agreed tolerances
1.3 Develop a project budget
1.4 Develop a cost-management plan for project finances according to scope of responsibility
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2. Monitor and control project costs
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2.1 Implement agreed financial-management processes and procedures for monitoring actual expenditure against budget
2.2 Identify cost variations and evaluate alternative actions
2.3 Implement and monitor agreed actions for maintaining financial objectives
2.4 Provide accurate and timely financial reports
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3. Complete cost-management processes
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3.1 Conduct activities to signify financial completion according to task and organisational requirements
3.2 Review project outcomes using available records
3.3 Review cost-management issues and document improvements
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Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
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SKILL
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DESCRIPTION
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Reading
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- Interprets and analyses textual information from a range of sources
- Reviews and interprets information related to budget
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Writing
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- Drafts and develops documents using appropriate format and language for context
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Oral Communication
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- Participates in verbal exchanges using clear language and appropriate tone and syntax to provide relevant information
- Uses active listening and questioning to elicit views and opinions of others
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Numeracy
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- Uses mathematical formulae to calculate resources against predetermined budgets, solve variances and finalise project costs
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Initiative and enterprise
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- Adheres to organisational policies and procedures and understands responsibilities of own role
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Teamwork
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- Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders to confirm requirements, seek guidance or share information
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Planning and organising
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- Plans and schedules complex activities, monitors implementation and manages relevant communication
- Monitors actions against goals, adjusting plans and resources where necessary
- Uses analytical skills to review and evaluate process and decide on future improvements
- Uses digital applications to access, organise, integrate and share relevant information in effective ways
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Unit Mapping Information
Supersedes and is equivalent to BSBPMG514 Manage project cost.
Supersedes but is not equivalent to BSBPMG604 Direct cost management of a project program.
Links
Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10
Assessment requirements
Modification History
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Release
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Comments
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Release 1
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This version first released with BSB Business Services Training Package Version 7.0.
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Performance Evidence
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
- manage project cost on at least two occasions.
In the course of the above, the candidate must:
- monitor costs across a project’s life cycle including solving cost variations and analysing possible alternatives
- record expenditure, create accurate financial reports and review cost-management processes.
Knowledge Evidence
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
- appropriate budgeting processes, tools and techniques
- methods and tools for costing and cost analysis
- strategies for managing costs and their application in different situations
- processes for reviewing costs against outcomes
- cost-analysis methods and tools for identifying and evaluating cost variations
- key organisational policies and procedures applicable to this role.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
- workplace documentation and resources, including budgets and other financial documents
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 Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10
