This unit applies to a project practitioner working in a project support role.
The individual may be operating in a large or small organisation and applying skills in the context of enterprise projects.
The project practitioner may be part of a project team under the direction of a project manager, or may work as part of a smaller scale self-directed team.
This unit has generic application to a range of industries and organisations and a range of projects, from simple to complex.
In the context of this unit a project is defined as involving:
a practical and comprehensive project plan
a documented communications strategy
a detailed project budget
strategic engagement with stakeholders
a risk, issues and change-management methodology
a quality plan with assurance and control processes
a supportive team-based environment.
The functions performed in project work, where formal project management methodology is not the main focus, are covered by BSBPMG522A Undertake project work.
Not applicable.
1. Assist in developing the 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 the project budget baseline at predetermined intervals 2.2 Identify and report variations in the budget using established project cost methods, techniques and tools 2.3 Implement action and report progress to ensure cost objectives remain achievable throughout the project life cycle |
3. Contribute to cost-finalisation process | 3.1 Assist in the finalisation and transfer of financial assets, liabilities and records to relevant parties 3.2 Assist in the review of project outcomes through the use of project cost records to determine the effectiveness of cost-management processes 3.3 Document cost-management lessons learned for application to future projects |
Required skills
financial management skills to develop project budgets, monitor costs and report on cost management
literacy skills to:
communicate cost information to project stakeholders
report on project costs and financial records
numeracy skills to check and interpret project budgets
technology skills to use financial-management software to develop and monitor project budgets.
Required knowledge
budgeting processes and their relationship to the project life cycle
cost-management tools and techniques.
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: applying cost-management techniques in relation to project budgets reviewing project cost-management outcomes communicating project cost budget to others effectively knowledge of cost-management tools and techniques. |
Context of and specific resources for assessment | Assessment must ensure access to: examples of project-management budgets and related financial documentation evidence or project records of involvement in cost-management processes. |
Method of assessment | A range of assessment methods should be used to assess practical skill and knowledge. The following assessment methods are appropriate for this unit: direct questioning combined with review of portfolios of evidence and third-party workplace reports of on-the-job performance by the candidate analysis of responses addressing different project cost-management scenarios oral or written questioning to assess knowledge of strategies for managing project costs analysis of budgets and costing prepared by the candidate review of communication to others of estimated costs for tasks and activities for inclusion in project budget evaluation of reporting on cost-management issues and responses to project or program manager. |
Guidance information for assessment | Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended. |
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-estimating methods may include: | allowance for contingency and risk cost of quality (COQ) expert opinion organisational budget and cost-control policy organisational chart of accounts parametric estimating prior project history reserve analysis review of organisational records top-down or bottom-up estimating. |
Cost estimates may include: | application and registration fees for intellectual property (IP) and patents contingencies identified in risk assessment facilities fixed costs labour material project-management overheads services travel and accommodation variable costs. |
Others may include: | higher project authority organisation finance controller project manager project specialists and other personnel relevant accounting support personnel team members. |
Project cost methods, techniques and tools may include: | communication with stakeholders dispute-resolution and modification procedures implementation of financial control mechanisms industry standard cost-management software integration with organisational finance systems organisational procurement policy measurement of actual progress against planned milestones preferred and pre-qualified supplier costs project accounting methods recording and reporting of variations. |
Implement action may include: | revised budget forecasts under limited guidance and supervision variance management within agreed authorisation and limits within established organisational framework, procedures and routines. |
Project cost records may include: | cost-management lessons learned cost verification and validation documentation input to cost-management plans invoice and payment records lists of potential costs project and/or organisation files and records reports to relevant stakeholders. |
Management and Leadership – Project Management
This unit contains employability skills.
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.