BSBPMG604
Direct cost management of a project program


Application

This unit describes the skills and knowledge required to analyse, coordinate, and refine budgets of multiple projects contributing to an overall program budget. It covers directing project budget development, managing program costs and directing financial completion of projects.

It applies to individuals who are program managers, managing a suite of projects (a program).

No licensing, legislative 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. Direct project budget development

1.1 Direct project managers to determine resource requirements for individual tasks, in consultation with appropriate stakeholders, to develop project budgets which contribute to the program budget

1.2 Direct project cost estimations to enable budgets and cost management processes to be developed for project life cycles

1.3 Direct and authorise cost strategies and cost management plans to ensure clarity of understanding and ongoing management of project finances and the program budget

2. Manage program costs

2.1 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

2.2 Conduct analysis, evaluate options and implement responses to project cost variations to maintain control over changing financial and program objectives

2.3 Monitor internal and external influences on program costs and, where necessary, seek approval from business management for changes to the approved program budget

3. Direct financial completion

3.1 Provide direction for project finalisation activities to achieve integrated financial and physical project completion within program expectations

3.2 Review project outcomes from available records at the finalisation of each project, and analyse information to determine effectiveness of cost management systems

3.3 File program lessons learnt 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

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

1.3, 2.2, 3.1, 3.2

Organises, evaluates and critiques ideas and information from a range of complex texts

Writing

1.3, 2.1-2.3, 3.2, 3.3

Develops a range of project related documents using appropriate format, vocabulary and structure

Oral Communication

1.1, 1.2, 1.3, 3.1

Participates in discussions and presents information using language and features appropriate to the audience

Numeracy

1.1-1.3, 2.1-2.3, 3.1, 3.2

Analyses and synthesises highly embedded mathematical information

Selects from, and flexibly applies, a wide range of highly developed mathematical and problem-solving strategies and techniques

Interact with others

1.1-1.3, 3.1

Collaborates with others to achieve joint outcomes, playing a lead role in facilitating successful outcomes and influencing direction

Get the work done

1.1-1.3, 2.1-2.3, 3.2, 3.3

Develops and implements plans for complex activities that contribute to overall project goals

Reviews priorities and performance during implementation, identifying and addressing issues and reallocating resources

Monitors outcomes of decisions, considering results from a range of perspectives, and identifying key concepts and principles that may be adaptable to future situations

Uses digital tools to access and organise complex data and analyse multiple sources of information for strategic purposes


Sectors

Management and Leadership – Project Management