Assessor Resource

BSBPMG412
Apply project cost management techniques

Assessment tool

Version 1.0
Issue Date: May 2024


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.

It 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.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Assist in developing 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

2. Monitor project costs

2.1 Monitor income and expenditure against project budget baseline at predetermined intervals

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

2.3 Implement action and report progress to ensure cost objectives remain achievable throughout project life cycle

3. Contribute to cost-finalisation process

3.1 Assist in finalisation and transfer of financial assets, liabilities and records to relevant parties

3.2 Assist in review of project outcomes through use of project cost records to determine effectiveness of cost-management processes

3.3 Document cost-management lessons learned for application in future projects

Evidence of the ability to:

produce a project budget

closely monitor project expenditure

finalise project costs and make recommendations for possible improvements to future projects.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

explain budgeting processes and their relationship to project life cycle

explain how to apply cost management tools and techniques.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the management and leadership – project management field of work and include access to:

project management budgets and related documentation

case studies or, where possible, real situations.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Assist in developing 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

2. Monitor project costs

2.1 Monitor income and expenditure against project budget baseline at predetermined intervals

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

2.3 Implement action and report progress to ensure cost objectives remain achievable throughout project life cycle

3. Contribute to cost-finalisation process

3.1 Assist in finalisation and transfer of financial assets, liabilities and records to relevant parties

3.2 Assist in review of project outcomes through use of project cost records to determine effectiveness of cost-management processes

3.3 Document cost-management lessons learned for application in future projects

Evidence of the ability to:

produce a project budget

closely monitor project expenditure

finalise project costs and make recommendations for possible improvements to future projects.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

explain budgeting processes and their relationship to project life cycle

explain how to apply cost management tools and techniques.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the management and leadership – project management field of work and include access to:

project management budgets and related documentation

case studies or, where possible, real situations.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Implement cost-estimating methods against duration/effort and resource requirements 
Determine estimated costs for tasks and activities and confirm degree of accuracy with relevant stakeholders 
Communicate cost estimates, where required, to others to contribute to project budget and cash flow management 
Contribute to developing cost management strategies and processes, and providing financial authorisation within delegated authority 
Monitor income and expenditure against project budget baseline at predetermined intervals 
Identify and report variations in budget using established project cost methods, techniques and tools 
Implement action and report progress to ensure cost objectives remain achievable throughout project life cycle 
Assist in finalisation and transfer of financial assets, liabilities and records to relevant parties 
Assist in review of project outcomes through use of project cost records to determine effectiveness of cost management processes 
Document cost management lessons learned for application in future projects 

Forms

Assessment Cover Sheet

BSBPMG412 - Apply project cost management techniques
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

BSBPMG412 - Apply project cost management techniques

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: