Application
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.
Elements and Performance Criteria
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 Performance
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.
Evidence of Knowledge
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 Conditions
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.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.2, 2.4, 3.2 | Applies appropriate strategies to construct meaning from complex texts |
Writing | 2.2, 2.3, 3.1, 3.2, 3.3 | Prepares reports and reviews matching writing style to purpose and audience |
Oral Communication | 1.2, 1.3, 3.1, 3.2 | Uses clear language and appropriate features to convey and discuss cost-management issues Uses active listening and questioning to check understanding |
Numeracy | 1.1, 1.2, 1.4, 2.1-2.3, 3.1, 3.2 | Extracts and evaluates mathematical information embedded in a range of tasks and texts Uses a range of informal and formal oral and written mathematical language and symbols to communicate mathematically |
Navigate the world of work | 1.4, 2.3 | Recognises and follows protocols that must be respected and maintained |
Interact with others | 1.2, 1.3, 3.1, 3.2 | Uses appropriate communication practices in a range of work contexts Collaborates and cooperates with others to achieve shared goals |
Get the work done | 1.2, 2.1, 2.2, 3.1, 3.2 | Plans, organises and implements tasks required to achieve required outcomes Reflects on outcomes to identify future improvement opportunities Utilises features of digital systems to complete routine tasks |
Sectors
Management and Leadership – Project Management