- BSBPMG604A - Direct cost management of a project program
Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners
BSBPMG604A Mapping and Delivery Guide
Direct cost management of a project program
Version 1.0
Issue Date: April 2024
| Qualification | - |
Unit of Competency | BSBPMG604A - Direct cost management of a project program |
|---|---|---|---|
| Description | This unit describes the performance outcomes, skills and knowledge required to analyse, coordinate, and refine the budgets of multiple projects that contribute to an overall program budget. It covers directing project budget development, managing program costs and directing the financial completion of projects.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement. | ||
| Employability Skills | This unit contains employability skills. | ||
| Learning Outcomes and Application | A program is defined as a set of interrelated projects, each of which has a project manager. Multiple projects (sometimes called a portfolio of projects) refers to a number of projects related in some way and managed by the same person as a program to achieve a common organisational objective/s.For the purposes of this unit someone who manages a suite of projects (a program) will be referred to as a program manager.The functions performed by a project manager to manage costs within individual projects are addressed in BSBPMG504A Manage project costs. | ||
| Duration and Setting | X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting. |
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| Prerequisites/co-requisites | |||
| Competency Field | Management and Leadership - Project Management | ||
| 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 | |
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| Elements of Competency | Performance Criteria | |||||||
| Element: Direct project budget development |
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| Element: Manage program costs |
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| Element: Direct financial completion |
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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.
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 experience in directing cost management approaches across a range of concurrent projects knowledge of regulatory and legislative financial reporting requirements. |
Context of and specific resources for assessment | Assessment must ensure: access to financial documentation and files consideration of feedback from project team and other stakeholders as to how program 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 on-the-job performance of scope management techniques by the candidate analysis of responses addressing different project cost management case studies and scenarios oral or written questioning to assess knowledge of strategies for managing project costs and their application to different situations review of written reports on financial outcomes of projects review of how cost management systems were developed and maintained. |
Guidance information for assessment | Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example: other units in the Advanced Diploma of Project Management. |
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.
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Required skills |
technology skills to oversee project financial performance numeracy skills to develop and interpret project budgets and to provide financial information literacy skills to communicate decisions and to write quality reports leadership skills to inspire trust and confidence in teams, managers and stakeholders communication and interpersonal skills to convey expectations, resolve conflict and motivate performance planning skills to review project resource requirements and to cost estimates problem-solving skills to resolve costing issues. |
Required knowledge |
regulatory and legislative financial reporting requirements methods for costing and estimating project resources methods for monitoring and controlling project expenditure. |
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. | |
Cost estimation may take account of: | availability of information at the time contingencies to allow for identified risks and uncertainty government regulations, industry codes of practice and organisational influences overhead and profit margin stage in each project's life cycle |
Cost management plans and activities throughout program management may: | be conducted non-routinely to meet complex and changing circumstances be done independently or by taking the lead in a team environment involve consultation with, and selective involvement of, appropriate project stakeholders involve the selection, modification and supervision of the use of appropriate cost management methods, processes, procedures, tools and techniques take into account the impact of organisational and environmental change on the project/program and vice versa |
Management of project finances may include: | approval processes audit and review communication, reports and briefs financial authorisations/delegations invoice procedures |
Development of cost management systems may involve: | application of personal judgement authorising and revising financial delegations cost modelling and estimating financial analysis, for example benefit-cost analysis, cash flow analysis, earned value analysis modification of program methodologies and procedures program obligation, expenditure forecasting and long-term planning progress and financial change management |
Finalisation activities may include: | comparison of one project's cost management outcomes with success rates of other projects and with overall (organisation) budgetary expectations direction of project team managers in their: final audit/reconciliation close-out of account codes and other financial documentation settling of financial liabilities transfer of assets to the client or originating owner transition of responsibility/ownership of project deliverables/products warranty requirements resolution |
Records may take the form of: | budgets, commitment and expenditure cost management lessons learned cost management plans financial charts and graphs financial summaries program and/or organisation files and records records of potential and actual costs reports to higher authority |
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 |
|---|---|---|---|
| Direct project managers to determine resource requirements for individual tasks, in consultation with appropriate stakeholders, to develop a project budget which contributes to the program budget | |||
| Direct project cost estimation to enable budgets and cost management processes to be developed for the project life cycles | |||
| Direct and authorise cost strategies and cost management plans to ensure clarity of understanding and ongoing management of project finances and the program budget overall | |||
| Develop and maintain cost management systems to direct monitoring of actual expenditure and to control costs throughout multiple project life cycles and for the program overall | |||
| Conduct analysis, evaluate options and implement responses to project cost variations to maintain control over changing financial and overall program objectives | |||
| Monitor internal and external influences on program costs and, where necessary, seek approval from business management for changes to the approved program budget | |||
| Provide direction for project finalisation activities to achieve integrated financial and physical project completion within program and therefore client and organisational expectations | |||
| Review project outcomes from available records at the finalisation of each project, and analyse information to determine the effectiveness of cost management systems | |||
| File program lessons learned as a resource for future reference and, where necessary, refer to higher project authority for application in planning strategic direction changes and business outcomes for future projects |
Forms
Assessment Cover Sheet
BSBPMG604A - Direct cost management of a project program
Assessment task 1: [title]
Student name:
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I declare that the assessment tasks submitted for this unit are my own work.
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Result: Competent Not yet competent
Feedback to student
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Assessment Record Sheet
BSBPMG604A - Direct cost management of a project program
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
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Date:
Student signature:
Date: