NTISthis.com

Evidence Guide: DEFFIN029 - Provide validation and assurance of costs

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

DEFFIN029 - Provide validation and assurance of costs

What evidence can you provide to prove your understanding of each of the following citeria?

Determine that the estimate is well documented

  1. Check that cost estimation documentation identifies data sources and justifies any assumptions
  2. Review the documented method used to develop cost estimate and determine whether estimate can be replicated or updated
  3. Check that schedule milestones and deliverables are documented and consistent with the cost estimation
Check that cost estimation documentation identifies data sources and justifies any assumptions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review the documented method used to develop cost estimate and determine whether estimate can be replicated or updated

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check that schedule milestones and deliverables are documented and consistent with the cost estimation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine that the estimate is comprehensive

  1. Confirm that the cost estimate is complete and accounts for all possible costs, including indirect costs
  2. Review estimate to determine that no cost elements have been omitted or repeated
Confirm that the cost estimate is complete and accounts for all possible costs, including indirect costs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review estimate to determine that no cost elements have been omitted or repeated

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine that the estimate is accurate

  1. Confirm that estimates are based on the most likely costs
  2. Review estimates for errors
  3. Check that appropriate escalations factors have been used
  4. Review and validate the estimating technique used for each cost element
Confirm that estimates are based on the most likely costs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review estimates for errors

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check that appropriate escalations factors have been used

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review and validate the estimating technique used for each cost element

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine that the estimate is credible

  1. Test key cost estimations for sensitivity
  2. Perform a risk and uncertainty analysis to determine the level of risk associated with the estimate
  3. Cross check the estimate against an independent estimate to determine whether other estimation methods produce similar results
Test key cost estimations for sensitivity

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Perform a risk and uncertainty analysis to determine the level of risk associated with the estimate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Cross check the estimate against an independent estimate to determine whether other estimation methods produce similar results

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1

Determine that the estimate is well documented

1.1

Check that cost estimation documentation identifies data sources and justifies any assumptions

1.2

Review the documented method used to develop cost estimate and determine whether estimate can be replicated or updated

1.3

Check that schedule milestones and deliverables are documented and consistent with the cost estimation

2

Determine that the estimate is comprehensive

2.1

Confirm that the cost estimate is complete and accounts for all possible costs, including indirect costs

2.2

Review estimate to determine that no cost elements have been omitted or repeated

3

Determine that the estimate is accurate

3.1

Confirm that estimates are based on the most likely costs

3.2

Review estimates for errors

3.3

Check that appropriate escalations factors have been used

3.4

Review and validate the estimating technique used for each cost element

4

Determine that the estimate is credible

4.1

Test key cost estimations for sensitivity

4.2

Perform a risk and uncertainty analysis to determine the level of risk associated with the estimate

4.3

Cross check the estimate against an independent estimate to determine whether other estimation methods produce similar results

Required Skills and Knowledge

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1

Determine that the estimate is well documented

1.1

Check that cost estimation documentation identifies data sources and justifies any assumptions

1.2

Review the documented method used to develop cost estimate and determine whether estimate can be replicated or updated

1.3

Check that schedule milestones and deliverables are documented and consistent with the cost estimation

2

Determine that the estimate is comprehensive

2.1

Confirm that the cost estimate is complete and accounts for all possible costs, including indirect costs

2.2

Review estimate to determine that no cost elements have been omitted or repeated

3

Determine that the estimate is accurate

3.1

Confirm that estimates are based on the most likely costs

3.2

Review estimates for errors

3.3

Check that appropriate escalations factors have been used

3.4

Review and validate the estimating technique used for each cost element

4

Determine that the estimate is credible

4.1

Test key cost estimations for sensitivity

4.2

Perform a risk and uncertainty analysis to determine the level of risk associated with the estimate

4.3

Cross check the estimate against an independent estimate to determine whether other estimation methods produce similar results

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria on at least one occasion and include:

applying data analysis tools and techniques

identifying cause and consequence of potential costing errors

identifying errors in calculations

identifying risks and risk appropriate control measures

reviewing documentation for completeness and accuracy

undertaking research and critical analysis

using deductive reasoning and evaluation techniques related to information analysis and corroboration.

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria and include knowledge of:

costing techniques and procedures

estimate test procedures and practices

key accounting principles relevant to costing

organisation evaluation procedures.

relevant legislation and organisational policy and procedures.

Range Statement

Range is restricted to essential operating conditions and any other variables essential to the work environment.

Non-essential conditions may be found in the Companion Volume Implementation Guide.