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Elements and Performance Criteria

  1. Determine project costs
  2. Monitor and control project costs
  3. Conduct financial completion activities

Evidence Required

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria required skills and knowledge range statement and the Assessment Guidelines for the Training Package

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the following is essential

demonstrated evidence of monitoring project costs across the project life cycle for multiple complex projects

knowledge of budgeting processes tools and techniques

Context of and specific resources for assessment

Assessment must ensure

access to workplace documentation including budgets financial documents

consideration of feedback from project stakeholders on how costs were managed

Method of assessment

A range of assessment methods should be used to assess practical skill and knowledge The following examples are appropriate for this unit

direct questioning combined with review of portfolios of evidence and third party workplace reports of onthejob performance by the candidate

oral or written questioning to assess knowledge of strategies for managing project costs and their application to different situations

analysis of responses addressing case studies and scenarios which present project cost management issues and problems

review of developed and implemented cost management plan

review of documentation about project outcomes cost management issues and identified improvements

Guidance information for assessment

Holistic assessment with other units relevant to the industry sector workplace and job role is recommended for example

other units from the Diploma of Project Management

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Others may include:

relevant project authority

program manager

project specialists or other personnel

team members

Project costs are estimated to a level of accuracy available considering:

availability of information at the time

contingencies to allow for identified risks and uncertainty

organisational requirements, for example overhead and profit margin

stage of the project life cycle

Delegated authority means that activities will:

be conducted routinely or as changing circumstances dictate

be done independently within broad guidance or by taking the lead of a team

involve consultation with other project members, teams and internal stakeholders

involve the selection, use and supervision of appropriate time management methods, tools and techniques

take into account internal organisational change and external environmental change

Financial management processes and procedures may include:

approval processes

communication and reporting processes

financial authorisations/delegations

invoice procedures

Reviewing may include evaluations of:

agreed major milestones, for example phases and sub-contracts

change of key personnel

delivery of major deliverables

finalisation of project and other agreed milestones

Records may include:

budgets, commitment and expenditure

cost management lessons learned

cost management plans

invoice and payment summaries

lists of potential costs

project and/or organisation files and records

recommended and approved courses of action

reports to relevant stakeholders