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:
- Determine project costs
- Monitor and control project costs
- 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
