Examine – when a question asks you to examine something, this is similar to “analyse”, where you should provide a detailed response with key points and features and provide critical analysis. Generally, you are expected to write a response one or two paragraphs long. Explain – when a question asks you to explain something, you should make clear how or why something happened or the way it is. Generally, you are expected to write a response two or three sentences long. Identify – when a question asks you to identify something, this means that you are asked to briefly describe the required information. Generally, you are expected to write a response two or three sentences long. List – when a question asks you to list something, this means that you are asked to briefly state information in a list format. Outline – when a question asks you to outline something, this means giving only the main points, Generally, you are expected to write a response a few sentences long. Summarise – when a question asks you to summarise something, this means (like “outline”) only giving the main points. Generally, you are expected to write a response a few sentences long.
RTO Provider: 91153 - CRICOS Code: 02672K J&S Learningwork- BSBPMG412 V2-2018 Page 12 of 37 greenwichcollege. edu.au Assessment Task 1 Instructions Provide answers to all of the questions below: 1.Explain the following key steps of the project cost management process. For each, state at which stage of the project life cycle it is used. •Cost Estimation. •Budget Determination. •Spending Control. 2.Discuss the key purpose and objectives of budgeting in project management. 3.Outline the main steps in the budgeting process for a project. 4.Discuss why key performance indicators are used in budgeting and provide three examples of financial key performance indicators that can be used to determine the effectiveness of a budget. 5.Explain the use of milestones in budgeting. 6.Explain how to apply each of the following project cost management tools. For each tool, also describe its cost effectiveness and its accuracy. •Analogous Estimating. •Parametric modelling. •Bottom-up estimating. 7.Explain the key procedures that should be followed in the event of a cost change process during a project.
RTO Provider: 91153 - CRICOS Code: 02672K J&S Learningwork- BSBPMG412 V2-2018 Page 13 of 37 greenwichcollege. edu.au Task 2: Project budget development Task summary In the role of Project Assistant at Manager Networks, you are required to determine project costs by researching and documenting costs included in a Work Breakdown Structure. You will then participate in a meeting with project stakeholders to seek input on costs. You will also be required to contribute to the develop a project cost management plan. This assessment is to be completed in the simulated work environment.
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- Fall '19
- Project Management