Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

BSBPMG514 Mapping and Delivery Guide
Manage project cost

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency BSBPMG514 - Manage project cost
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to identify, analyse and refine project costs to produce a budget, and to use this budget as the principal mechanism to control project cost.It applies to individuals responsible for managing and leading a project in an organisation, business, or as a consultant.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Determine project costs
  • Determine resource requirements for individual tasks identified in the work breakdown structure, with input from stakeholders and guidance from others
  • Estimate project costs to enable project budget to be prepared within agreed tolerances
  • Develop a project budget
  • Develop a cost-management plan, within delegated authority, to ensure clarity of understanding and ongoing management of project finances
       
Element: Monitor and control project costs
  • Implement agreed financial-management processes and procedures to monitor actual expenditure against budget
  • Select and use cost-analysis methods and tools to identify cost variations and evaluate alternative actions
  • Implement and monitor agreed actions to maintain financial objectives
  • Provide accurate and timely financial reports
       
Element: Complete cost-management processes
  • Conduct appropriate activities to signify financial completion
  • Review project outcomes using available records to determine effectiveness of project cost management
  • Review cost-management issues and document improvements
       


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. Determine project costs

1.1 Determine resource requirements for individual tasks identified in the work breakdown structure, with input from stakeholders and guidance from others

1.2 Estimate project costs to enable project budget to be prepared within agreed tolerances

1.3 Develop a project budget

1.4 Develop a cost-management plan, within delegated authority, to ensure clarity of understanding and ongoing management of project finances

2. Monitor and control project costs

2.1 Implement agreed financial-management processes and procedures to monitor actual expenditure against budget

2.2 Select and use cost-analysis methods and tools to identify cost variations and evaluate alternative actions

2.3 Implement and monitor agreed actions to maintain financial objectives

2.4 Provide accurate and timely financial reports

3. Complete cost-management processes

3.1 Conduct appropriate activities to signify financial completion

3.2 Review project outcomes using available records to determine effectiveness of project cost management

3.3 Review cost-management issues and document improvements

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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. Determine project costs

1.1 Determine resource requirements for individual tasks identified in the work breakdown structure, with input from stakeholders and guidance from others

1.2 Estimate project costs to enable project budget to be prepared within agreed tolerances

1.3 Develop a project budget

1.4 Develop a cost-management plan, within delegated authority, to ensure clarity of understanding and ongoing management of project finances

2. Monitor and control project costs

2.1 Implement agreed financial-management processes and procedures to monitor actual expenditure against budget

2.2 Select and use cost-analysis methods and tools to identify cost variations and evaluate alternative actions

2.3 Implement and monitor agreed actions to maintain financial objectives

2.4 Provide accurate and timely financial reports

3. Complete cost-management processes

3.1 Conduct appropriate activities to signify financial completion

3.2 Review project outcomes using available records to determine effectiveness of project cost management

3.3 Review cost-management issues and document improvements

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
Determine resource requirements for individual tasks identified in the work breakdown structure, with input from stakeholders and guidance from others 
Estimate project costs to enable project budget to be prepared within agreed tolerances 
Develop a project budget 
Develop a cost-management plan, within delegated authority, to ensure clarity of understanding and ongoing management of project finances 
Implement agreed financial-management processes and procedures to monitor actual expenditure against budget 
Select and use cost-analysis methods and tools to identify cost variations and evaluate alternative actions 
Implement and monitor agreed actions to maintain financial objectives 
Provide accurate and timely financial reports 
Conduct appropriate activities to signify financial completion 
Review project outcomes using available records to determine effectiveness of project cost management 
Review cost-management issues and document improvements 

Forms

Assessment Cover Sheet

BSBPMG514 - Manage project cost
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

BSBPMG514 - Manage project cost

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: