BSBPMG514 Manage

Project Cost Online

Delivery

Delivery and
Assessment
Guide
Northern Sydney Institute
School of Business and
Finance
St Leonards Campus
 Delivery and Assessment Guide

Table of Contents
Facilitator and Head Teacher Contact Details......................................................................................3
Unit of Competency: BSBPMG514 Manage Project Cost.....................................................................3
Elements.......................................................................................................................................3
Resources.............................................................................................................................................4
Assessment...........................................................................................................................................4
Assessment Task 1: Individual Assignment..................................................................................4
Assessment Task 2: Knowledge Test............................................................................................7
Assessment Task 3: Forum postings.............................................................................................8
Additional Assessment Information.............................................................................................9
Appendix A – Assessment Task 1 - Workbook for Manage Project Cost...........................................11
Element 1: Determine project costs..........................................................................................11
Element 2: Monitor and control project costs...........................................................................11
Element 3: Complete cost-management processes..................................................................12

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Facilitator and Head Teacher Contact Details

Facilitator Name: Alison Roberts
Email Address: [email protected]
Other contact details: 9942 0234

Facilitator Name: Sue Stubbs

Email Address: [email protected]

Head Teacher Name: Deborah Evans, Business Services

Email Address: [email protected]
Other contact details: 9942 0095

Unit of Competency: BSBPMG514 Manage Project Cost

Elements
Element 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 2.1 Implement agreed financial-management processes and

project costs 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- 3.1 Conduct appropriate activities to signify financial completion

management processes 3.2 Review project outcomes using available records to determine
the effectiveness of project cost management
3.3 Review cost-management issues and document improvements

The complete unit of competency is available on the Training.Gov.Au website.

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Resources
The following resources are required for this unit:

Resource Additional Information

A Guide to the A Guide to the Project Management Body of Knowledge (PMBOK® Guide),
Project Newtown Square PA, Project Management Institute, 2013, 5th edition
Management Body ISBN13: 978-1-935589-67-9
of Knowledge 5th
Edition

Optional: Project Project Management in Practice by Pearson, Larson and Gray, McGraw-Hill,
Management in 2013, ISBN13: 9781743077238
Practice

studEspace Manage Project Cost Site at:

(Learning http://nsfsakai.nthsydney.tafensw.edu.au/library/skin/nsi/home.html
Management
System)

Assessment
Task Overview Due Date Weighting Unit of Competency
Elements

1. Individual Assignment Refer to your Satisfactory/ BSBPMG514 Manage

timetable Not Project Cost
Satisfactory

2. Knowledge Test – 12 Refer to your Satisfactory/ BSBPMG514 Manage

short answer questions timetable Not Project Cost
Satisfactory

3. Forum postings Refer to your Satisfactory/ BSBPMG514 Manage

timetable Not Project Cost
Satisfactory

Assessment Task 1: Individual Assignment

Student Instructions
Project Choice
Your selected project must be agreed between you and your facilitator so that its methodology,
tools and techniques conform to the performance requirements of each Unit of Competency
before you start work on the unit.

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You may use the same project for all units in this Course, unless your selected project changes
during the Course or cannot conform to the performance requirements of any of the Units of
Competency. If either or both of these events occur during your course, you must contact your
facilitator to find out what you need to do to continue to satisfy the Course performance
requirements and achieve competency.

The project must be within an organisation, business or you are operating as a consultant.

Your selected project must have:

 a comprehensive, detailed and integrated project management plan

 a formal communications plan
 a dedicated and project-based budget
 formal and planned engagement with a wide range of stakeholders
 a documented risk, issues and change-management methodology
 a quality plan with assurance and control processes
 a project team-based environment.

Workbook
You have two options to satisfy the performance requirements for Assessment Task 1.
Option 1: Use the Workbook provided in Appendix A to answer the questions.
 All your answers to the questions must be applied to your project, unless otherwise
stated.
 Your answers must demonstrate that you can or have applied what you have learnt to
your project, regardless of whether you have undertaken all the performance
requirements in your workplace.
 Theory answers without reference to your experience will not be assessed as
satisfactory.
 Your answers for all questions must be satisfactory to achieve competency.

Option 2: You can submit workplace documents as evidence instead of using all or parts of the
Workbook. If you use this option:
 You must be the author of documents.
 Your documents must be less than four years old.
 You are required to map your workplace documents to the Assessment criteria on a
mapping document which will be provided on request by your facilitator.
 Submission of both workplace documents to satisfy the assessment criteria and the
completed mapping document are required to achieve a satisfactory result.
 Both your workplace evidence documents and all your answers for the questions you
have answered in the workbook must be satisfactory to achieve competency.

Submission
Note: It is important for project management to show you can meet deadlines.
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Assignments will be submitted by uploading documents to the Assignments area in studEspace –
electronic copies are required for audit purposes. More than three attachments for a submission
will not be accepted. Accepted file types are: MS Word, MS Excel, MS PowerPoint, MS Project, MS
Publisher and PDF. Versions accepted are 2003 onwards.

Feedback and Resubmission

You will receive your feedback within two weeks - you will be notified by email by your facilitator
when results are available. You will need to visit this Assignments area in studEspace and down
load your feedback. 

Where students answers are deemed not satisfactory after the first attempt a resubmission may
be requested. If a student has demonstrated consistent effort in the learning of a module then, at
the teacher’s professional discretion, the student may be awarded a resubmission. This
resubmission must be made as soon after the initial assessment as possible.

Environmental Sustainability:

You may wish to consider including environmental sustainability principles in cost management by
costing the environmental impacts of the project and including these in the project budget.

Environmental sustainability could include:

 Avoid or reducing the use of a resource including water, electricity, transport etc.

 Reuse and recycling of a resource

 Buying green

 Reduction in packaging and other waste.

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

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 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.

Assessor Instructions
Assessment Task 1 requires the student to submit evidence in a work-based project to
demonstrate that student has the knowledge, skills and experience to manage project costs.
The assessor:
 checks that each student’s proposed project satisfies the course requirements for the project
choice according to the criteria listed in the Project Choice section above
 advises each student that their project satisfies the course requirements according to the
student’s course timetable
 assesses each student’s work to ensure that their work satisfies the performance criteria for
competency listed above in Assessment Task 1
 completes each student’s assessment within 2 weeks of submission
 provides feedback as required about the student’s work overall and/or individual task
elements in writing
 requests each student to resubmit their work or components of their work to satisfy the
performance criteria for competency as soon as possible after each assessment
 notifies each student that they are Satisfactory/ Not Satisfactory in writing
 record each student’s results in EBS.

Assessment Task 2: Knowledge Test

Student Instructions
The Knowledge Test is comprised of 12 short answer questions and is administered by
studEspace in the Tests and Tasks area of the Manage Project Cost Site. The questions are
drawn from the Project Management Body of Knowledge (PMBoK) and from the Learning
Program.
For your result to be satisfactory for the Knowledge Test you must receive 16/20.
All knowledge tests are untimed and are conducted as an open book revision exercise. It
should be undertaken as an individual assessment with no student interaction or teacher
interaction. Once the time limit is exceeded, the Test will save and submit your answers – you
need to be careful to complete the Test in the time given.
It is strongly recommended, as these answers can be lengthy, that you type your answers
into Word and then paste these into the Test. If you leave studEspace half way through a
test it will time out or the connection could be lost and you will lose your work. This is a
common problem mentioned by students.

Feedback and Resubmission: You will receive your feedback within two weeks - you will be
notified by your facilitator when results are available. You will need to go back into the Test to

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view any comments and a breakdown of marks received per question.
Where students answers are deemed not satisfactory after the first attempt a resubmission may
be requested. If a student has demonstrated consistent effort in the learning of a module then, at
the teacher’s professional discretion, the student may be awarded a resubmission. This
resubmission must be made as soon after the initial assessment as possible.

Assessor Instructions
Assessment Task 2 requires the student to answer questions about project cost and submit their
answers on the studEspace Manage Project Cost site. Answers must demonstrate the student’s
application of their cost management knowledge to their project management skills and
experience.
The assessor:
 assesses each student’s answers in accordance with the performance criteria for competency
listed in Assessment task 1
 should not accept theoretical answers or answers copied directly from texts without
acknowledgement of the text
 assess each student’s answers and provide feedback within 2 weeks of submission
 notifies each student that they are Satisfactory/ Not Satisfactory in writing
 record each student’s results in EBS.

Assessment Task 3: Forum postings

Student Instructions
The purpose of the Forum is to stimulate discussion, and sharing of information/ideas about
project tools and techniques, its challenges and best practice by students and the teacher.
Participation in the forum is mandatory to achieve competency in this unit particularly in relation
to your project selected for Assessment Task 1.
You participate in a Forum in the Forums area of the Site in studEspace. Your postings are listed in
studEspace.
Performance criteria to achieve competency in Assessment Task 3

To achieve competency in Assessment Task 3:

 you must open and read a minimum of one (1) other posting about the topic
 you must post comments and queries about one (1) other postings about the topic
 you post your answers to specific Forum questions and queries, replies or comments about
the topic in accordance with the Unit’s overall performance criteria to achieve competency
 respond to all postings by your facilitator
 your postings must be at least three sentences long
 your postings cannot be limited to a question only. You must include a background and
explanation as to why to you are asking a question or query
 you must explain why you agree or disagree with another person’s posting
 reflect the type of posting example listed at the beginning of the Forum.
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Assessment and Feedback:
Any forum postings will be assessed within two weeks and student notified by email.

Assessor Instructions
Assessment Task 3 requires both assessors and students to participate by posting a response to
each question raised in the studEspace Forum. The purpose of the Forum is to enable students to
challenge their knowledge and skills and to provide an opportunity for continuous improvement.
The assessor:
 should respond to each forum posting using a range of question/comment types including a
request for clarification, explanation or reliability of assumptions, examples of a student’s
reasoning process, alternative viewpoints, possible consequences of poster’s reasoning
process
 assess each student’s postings in terms of satisfying the elements and performance criteria for
each unit of competency
 notifies each student that they are Satisfactory/ Not Satisfactory in writing
 record each student’s results in EBS.

Additional Assessment Information

Finding out Other than from your teacher, unit results may also be accessed using your log-on
results to the Learner Portal. You should have received information about the Learner
Portal when you enrolled.

Dispute of If you do not agree with the result given for your assessment, you may appeal the
Mark/grade assessment decision. You should first discuss the assessment result with your
teacher. If you are not satisfied with the outcome of that discussion you can access
the appeal process through the staff in the campus administration office.
If you have a permanent or temporary condition that may prevent you successfully
Reasonable
completing the assessment task(s) you should immediately talk with your teacher
Adjustment
about ‘reasonable adjustment’. This is the adjustment of the way you are assessed
to take into account your condition and may include providing a support person or
extra time. The assessment criteria cannot be altered.
All TAFE students are eligible to apply for credit for previous formal, informal and
Recognition
non-formal learning. Refer to the Training and Education Support website for
of Prior
information about Credit pathways (Articulation, Credit transfer and Recognition of
Learning
Prior Learning (RPL). There is also a brochure widely available throughout the
(RPL)
campus on RPL.
Each case of student absence from an assessment event, or late submission of an
Policy on
assessment event, will be considered by the teacher on an individual basis.
Late
Students should endeavour to notify their teacher in advance where an absence
Assessment
will prevent them from attending, or submitting, a planned assessment event (e.g.
class test, presentation, project, report, portfolio or assignment). Unexpected
absence and/or late submission due to illness, work commitments and/or other
unforeseen misadventure MUST be supported by documented evidence (e.g.
medical certificate, statements from employers etc.). If you fail to adequately
notify and/or explain your absence/late submission penalties may apply:

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1. If the assessment event is more than 7 days late the result is a Fail/Not
Competent for this event.
2. No penalty will apply if the student has an acceptable reason and
negotiates a new date with the teacher before the original due date, or if it
is not possible, at the first attendance after the event or within 7 days
(whichever is the sooner). The negotiated or revised date will become the
due date and Penalties 1 (see above) will apply if the assessment event is
not submitted by the revised due date. If extension is not accepted the
original due date applies and the penalties will be as outlined.
3. If the student does not attend a class test, presentation or other
classroom-based assessment event on a negotiated date Penalty 1 may
apply. May apply.
4. Failure in one particular assessment event may not necessarily mean a Fail
in the unit. Is there a penalty for late submission of assessment tasks?
What is the procedure if a student is absent on the day of an assessment
event? For information about assessment in TAFE please see "Every
Student's Guide to Assessment in TAFE NSW" which was offered at
enrolment and is available on the TAFE internet site at:
https://www.tafensw.edu.au/courses/expectations/assets/pdf/assessment
_guide.pdf

Policy on Definition: Plagiarism involves using the work of another person and presenting it
Plagiarism as your own.
A STUDENT WILL BE GUILTY OF PLAGIARISM if they do any of the following in an
assignment, or in any piece of work which is to be assessed, without clearly
acknowledging their source(s) for each quotation or piece of borrowed material:
a) copying out part (s) of any document or audio-visual material,
including computer–based material;
b) using or extracting another person’s concepts, experimental results,
or conclusions;
c) summarising another person’s work;
d) in an assignment where there was collaborative preparatory work,
submitting substantially the same final version of any material as
another student.

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Appendix A – Assessment Task 1 - Workbook for Manage Project Cost

Element 1: Determine project costs
1. Provide a project budget for the entire project scope/work breakdown structure. This budget
must be in enough detail to show costs for:
 Resources: equipment, facilities, fees and charges, human resources, materials,
services and statutory costs
 Contingencies and tolerances
 Overheads/ indirect costs
 Profit (if applicable)
What were your budgetary assumptions?
<<<< INSERT BUDGET AND ASSUMPTIONS >>>>>

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
 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)
<<<< INSERT ANSWER HERE >>>>>

Element 2: Monitor and control project costs

1. Use two cost-analysis methods and tools to demonstrate the cost variations that occurred in
your project.
<<<< INSERT ANSWER HERE >>>>>

2. Provide a detailed budget performance report showing variances against baseline budget.
<<<< INSERT ANSWER HERE >>>>>
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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.
<<<< INSERT ANSWER HERE >>>>>

Element 3: Complete cost-management processes

1. Describe in detail a financial completion activity you would need to undertake at the end of
the project.
<<<< INSERT ANSWER HERE >>>>>

2. Review your project performance in terms of cost management. Would your cost management
processes and procedures be considered effective? Why/why not?
<<<< INSERT ANSWER HERE >>>>

3. List all cost issues you may have experienced on the project (in the table below) including a
recommendation for future projects.

Date Description of Recommended Action for next Lesson Learnt

problem/opportunity time/project Raised By

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