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.
The unit 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.
Elements and Performance Criteria
1. Assist in developing project budget | 1.1 Identify project objectives, duration, deliverables and resource requirements 1.2 Apply cost-estimating methods and calculate costs of project resource requirements 1.3 Identify estimated costs for tasks and activities 1.4 Communicate cost estimates to relevant staff and confirm accuracy and obtain input for project budget and cash flow management 1.5 Contribute to finalisation of project budget and costs 1.6 Contribute to developing cost management strategies and processes |
2. Monitor project costs | 2.1 Monitor income and expenditure against project budget and established cost estimates at predetermined intervals 2.2 Identify and report variations in budget using established project cost methods, techniques and tools 2.3 Assist in managing budget and costs using established cost management strategies and processes 2.4 Confirm cost objectives remain achievable throughout project life cycle 2.5 Update cost estimates and budget according to income and expenditure |
3. Contribute to cost-finalisation process | 3.1 Assist relevant personnel to review final project outcomes, budget and costs 3.2 Seek feedback and identify cost-management improvements 3.3 Document cost-management improvements based on feedback received |
Evidence of Performance
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.
Evidence of Knowledge
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.
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:
project management budgets and related documentation
organisational policies and procedures relating to financial assets, liabilities and records.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Foundation Skills
Reading | Applies appropriate strategies to construct meaning from complex texts |
Writing | Prepares reports and reviews matching writing style to purpose and audience |
Oral Communication | Uses clear language and appropriate features to convey and discuss cost-management issues |
Numeracy | 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 |
Self-management | Identifies and follows protocols |
Teamwork | Collaborates and cooperates with others to achieve shared goals |
Planning and organising | Reflects on outcomes to identify future improvement opportunities |
Sectors
Business Competence – Project Management