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Elements and Performance Criteria

1. Assist in developing project budget
   • Identify project objectives, duration, deliverables and resource requirements
   • Apply cost-estimating methods and calculate costs of project resource requirements
   • Identify estimated costs for tasks and activities
   • Communicate cost estimates to relevant staff and confirm accuracy and obtain input for project budget and cash flow management
   • Contribute to finalisation of project budget and costs
   • Contribute to developing cost management strategies and processes
   • Monitor income and expenditure against project budget and established cost estimates at predetermined intervals
   • Identify and report variations in budget using established project cost methods, techniques and tools
   • Assist in managing budget and costs using established cost management strategies and processes
   • Confirm cost objectives remain achievable throughout project life cycle
   • Update cost estimates and budget according to income and expenditure
2. Contribute to cost-finalisation process
   • Assist relevant personnel to review final project outcomes, budget and costs
   • Seek feedback and identify cost-management improvements
   • Document cost-management improvements based on feedback received

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:

support project managers and other team members to apply project cost management techniques during at least two different projects.

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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:

budgeting processes

cost estimation methods, techniques and tools

project life cycle

cost management strategies and processes

financial assets, liabilities and records

cost management tools and techniques.

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