BSBPMG514

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.

Topics:

  1. Determine project costs
  2. Monitor and control project costs
  3. Complete cost-management processes

Upon successful completion of this unit, you will:

  • work closely with others to determine resources against budgetary frameworks
  • prepare a budget and cost-management plan for a project
  • monitor costs across a project’s life cycle including solving cost variations and analysing possible alternatives
  • record expenditure, create accurate financial reports and review cost-management processes

Demonstrate knowledge of:

  • appropriate budgeting processes, tools and techniques
  • methods and tools for costing and cost analysis
  • strategies for managing costs and their application in different situations
  • processes for reviewing costs against outcomes
  • key organisational policies and procedures applicable to this role

Nominal Hours: 40