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Evidence Guide: BSBPMG423 - Apply project cost management techniques

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

BSBPMG423 - Apply project cost management techniques

What evidence can you provide to prove your understanding of each of the following citeria?

Assist in developing project budget

  1. Identify project objectives, duration, deliverables and resource requirements
  2. Apply cost-estimating methods and calculate costs of project resource requirements
  3. Identify estimated costs for tasks and activities
  4. Communicate cost estimates to relevant staff and confirm accuracy and obtain input for project budget and cash flow management
  5. Contribute to finalisation of project budget and costs
  6. Contribute to developing cost management strategies and processes
  7. Monitor income and expenditure against project budget and established cost estimates at predetermined intervals
  8. Identify and report variations in budget using established project cost methods, techniques and tools
  9. Assist in managing budget and costs using established cost management strategies and processes
  10. Confirm cost objectives remain achievable throughout project life cycle
  11. Update cost estimates and budget according to income and expenditure
Identify project objectives, duration, deliverables and resource requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Apply cost-estimating methods and calculate costs of project resource requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify estimated costs for tasks and activities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate cost estimates to relevant staff and confirm accuracy and obtain input for project budget and cash flow management

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Contribute to finalisation of project budget and costs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Contribute to developing cost management strategies and processes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor income and expenditure against project budget and established cost estimates at predetermined intervals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and report variations in budget using established project cost methods, techniques and tools

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assist in managing budget and costs using established cost management strategies and processes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm cost objectives remain achievable throughout project life cycle

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update cost estimates and budget according to income and expenditure

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Contribute to cost-finalisation process

  1. Assist relevant personnel to review final project outcomes, budget and costs
  2. Seek feedback and identify cost-management improvements
  3. Document cost-management improvements based on feedback received
Assist relevant personnel to review final project outcomes, budget and costs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek feedback and identify cost-management improvements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document cost-management improvements based on feedback received

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Required Skills and Knowledge

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.

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.