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Submission details
The Assessment Task is due on the date specified by your trainer. Any variations to this
arrangement must be approved in writing by your trainer.
Submit this document with any required evidence attached. See specifications below for
details.
You must submit both soft copies and printed copies of your answers.
Soft copies-
Upload on the eLearning to the specific submission folder with a cover page clearly indicating
your name, student id, assessment no and the unit name or put those information in the
header and footer of your documents.
Printed copies-
Submit to your Trainer with the "Assessment Cover Sheet" (Filled out and signed
appropriately) attached on top of your documents.
Assessment description
Using the workplace scenario (Max Lionel Realty) information provided separately and also in
appendix 1, you will do/answer the tasks/questions regarding the project cost management
specified below. You will also need to discuss with your Operations General Manager (the
assessor) throughout the process for approval.
If you have workplace documents you wish to submit instead of using the all or part of the
tasks/questions:
You must be the author of these documents
You need to map the workplace documents to the Assessment criteria. This mapping
demonstrates your understanding of the assessment criteria.
Your facilitator can provide you will details on the documentation you need to provide to
do this.
All tasks/questions in this assessment must be applied to your project (unless otherwise
stated) and specific answers (not just theory) are required to show you can apply what you
have learnt to your project – even if you do not currently undertake all aspects in your
workplace.
Your answers must be satisfactory for all tasks/questions.
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Criteria for competency
To achieve competency in this Unit, you must demonstrate knowledge, skills and experience
to:
determine resource requirements for individual tasks identified in the work breakdown
structure, with input from stakeholders and guidance from others
estimate project costs to enable project budget to be prepared within agreed tolerances
develop a project budget
develop a cost-management plan, within delegated authority, to ensure clarity of
understanding and ongoing management of project finances
implement agreed financial-management processes and processes and procedures to
monitor actual expenditure against budget
select and use cost-analysis methods and tools to identify cost variations and evaluate
alternative actions
implement and monitor agreed actions to maintain financial objectives
provide accurate and timely financial reports
conduct appropriate activities to signify financial completion
review project outcomes using available records to determine the effectiveness of project
cost information
review cost-management issues and document improvements
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Appendix 1 – Scenario
You are an external consultant (from Ace Consultants) contracted to project manage activities
to achieve the objectives above.
Quality standards for deliverables:
● clearly communicate legal obligations and REIV obligations
● contain as content or support company strategic directions
● no grammar or spelling errors
● professional but friendly language
● fair and flexible delivery for intended audience
● meet audience requirements and sensitive to information needs, cultural diversity.
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Previous needs analysis for the project has uncovered characteristics and requirements of
Residential and Commercial Agents and Clients:
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Project conditions are as follows:
● Six to eight team members who must be utilised and budgeted for. Operations General
Manager (the assessor) may be consulted with to determine composition of project
team.
● The structure of the work should include roles for project sponsor, technical experts,
quality assurance of deliverables, project manager (yourself) and roles and
responsibilities for each team member to achieve the deliverables according to
standards, etc.
● All resources must be costed and included in your budget.
● Budget: $15,000.
● You may determine your own specific deliverables so long as they are agreed with
stakeholders (the assessor at this stage), meet project objectives, and adhere to
budgetary constraints.
● Project timeframe to be determined by Operations General Manager (the assessor).
● Project should include design, development, implementation and evaluation stages
(with periodic quality review).
● Project status reports are due at 25%, 50% and 75% of allotted timeframe.
Assessment Tasks
1.2. Provide a cost management plan for your project, which includes:
Units of measure
Level of precision
Level of accuracy
Organisation cost management procedures to be followed including roles and
responsibilities
Control thresholds
Rules of performance measurement
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Reporting formats
Process descriptions (these could include any two of the following and must be step by
step including who is involved and when as well as a description of how this will help you
monitor actual vs. budgeted expenditure).
o Approval processes
o Financial authorisations and delegated authority
o Communication and reporting processes
o Invoice procedures
Organisational chart of account links (if applicable)
2.3. Provide evidence of replanning to bring project back to original budget including the reason
replanning is needed and the options available to bring the project back on budget as well as the
option selected.
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