Unit of competency Outline

Date retreived
23/07/2026 7:09 AM AWST

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Manage project cost

Manage project cost

Unit of competency
National Code
BSBPMG514
State Code
AUI15
TGA Status
Replaced
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
15/09/2015
Field of Education
080315 - Project Management
Original Release Date
15/09/2015
Nominal Hours
40
Description
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.
Notes
Elements and Performance Criteria
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
3. Complete cost-management processes
  • 3.1 Conduct appropriate activities to signify financial completion
  • 3.2 Review project outcomes using available records to determine effectiveness of project cost management
  • 3.3 Review cost-management issues and document improvements
No information
No information
Replaces
State Code National Code Title Type
WG101 BSBPMG514A Manage project cost Unit of competency
Replaced By
State Code National Code Title Type
OCE79 BSBPMG533 Manage project cost Unit of competency