Elements and Performance Criteria
- Assist in developing project budget
- 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 project costs
- 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
- Contribute to cost-finalisation process
- 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