BSBPMG514 - Manage Project Cost.pdf - Business Accounting...

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Chapter 8 / Exercise 1
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Business, Accounting and Finance BSBPMG514 Manage project cost Learner Materials and Assessment Tasks
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Chapter 8 / Exercise 1
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1 | P a g e
2 | P a g e Table of Contents About BSBPMG514 Manage project cost .............................................................................................. 3 Determine resource requirements for individual tasks identified in the work breakdown structure, with input from stakeholders and guidance from others ..................................................................... 6 Activity 1 ............................................................................................................................................... 13 Activity 2 ............................................................................................................................................... 22 Estimate project costs to enable project budget to be prepared within agreed tolerances ............. 23 Activity 3 ............................................................................................................................................... 31 Develop a project budget ..................................................................................................................... 36 Activity 4 ............................................................................................................................................... 42 Develop a cost-management plan, within delegated authority, to ensure clarity of understanding and ongoing management of project finances ................................................................................... 44 Activity 5 ............................................................................................................................................... 51 Implement agreed financial-management processes and procedures to monitor actual expenditure against budget ...................................................................................................................................... 52 Select and use cost-analysis methods and tools to identify cost variations and evaluate alternative actions ................................................................................................................................................... 55 Activity 6 ............................................................................................................................................... 58 Implement and monitor agreed actions to maintain financial objectives ......................................... 63 Activity 7 ............................................................................................................................................... 68 Activity 8 ............................................................................................................................................... 70 Provide accurate and timely financial reports .................................................................................... 72 Activity 9 ............................................................................................................................................... 75 Conduct appropriate activities to signify financial completion .......................................................... 76 Activity 10 ............................................................................................................................................. 77 Review project outcomes using available records to determine effectiveness of project cost management ........................................................................................................................................ 78 Review cost-management issues and document improvements ....................................................... 80 Activity 11 ............................................................................................................................................. 84
3 | P a g e About BSBPMG514 Manage project cost Application This unit describes the skills and knowledge required to identify, analyse and refine project costs to produce a budget, and to use this budget as the principal mechanism to control project cost. It applies to individuals responsible for managing and leading a project in an organisation, business, or as a consultant. No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication. Unit Sector Management and Leadership Project Management 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. Determine project costs 1.1 Determine resource requirements for individual tasks identified in the work breakdown structure, with input from stakeholders and guidance from others 1.2 Estimate project costs to enable project budget to be prepared within agreed tolerances 1.3 Develop a project budget 1.4 Develop a cost-management plan, within delegated authority, to ensure clarity of understanding and ongoing management of project finances 2. Monitor and control project costs 2.1 Implement agreed financial-management processes and procedures to monitor actual expenditure against budget 2.2 Select and use cost-analysis methods and tools to identify cost variations and evaluate alternative actions 2.3 Implement and monitor agreed actions to maintain financial objectives 2.4 Provide accurate and timely financial reports
4 | P a g e 3. Complete cost- management processes 3.1 Conduct appropriate activities to signify financial completion 3.2 Review project outcomes using available records to determine

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