Unit of competency Outline

Date retreived
22/07/2026 6:12 AM AWST

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Manage project cost

Manage project cost

Unit of competency
National Code
BSBPMG533
State Code
OCE79
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
19/10/2020
View on TGA
State Implementation and Classification
Approved Date
16/03/2021
Field of Education
080315 - Project Management
Original Release Date
16/03/2021
Nominal Hours
35
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.The unit 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 Identify resource requirements for individual tasks identified in the work breakdown structure in consultation with relevant stakeholders
  • 1.2 Estimate project costs for project budget to be prepared within agreed tolerances
  • 1.3 Develop a project budget
  • 1.4 Develop a cost-management plan for project finances according to scope of responsibility
2. Monitor and control project costs
  • 2.1 Implement agreed financial-management processes and procedures for monitoring actual expenditure against budget
  • 2.2 Identify cost variations and evaluate alternative actions
  • 2.3 Implement and monitor agreed actions for maintaining financial objectives
  • 2.4 Provide accurate and timely financial reports
3. Complete cost-management processes
  • 3.1 Conduct activities to signify financial completion according to task and organisational requirements
  • 3.2 Review project outcomes using available records
  • 3.3 Review cost-management issues and document improvements
No information
No information
Replaces
State Code National Code Title Type
AUH32 BSBPMG604 Direct cost management of a project program Unit of competency
AUI15 BSBPMG514 Manage project cost Unit of competency