Unit of competency Outline

Date retreived
22/07/2026 7:17 AM AWST

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Apply project cost management techniques

Apply project cost management techniques

Unit of competency
National Code
BSBPMG423
State Code
OCE93
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
40
Description
This unit describes the skills and knowledge required to assist in producing a project budget, to monitor project expenditure and contribute to cost finalisation processes.The unit applies to individuals who are project practitioners working in a project support role. No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Assist in developing project budget
  • 1.1 Identify project objectives, duration, deliverables and resource requirements
  • 1.2 Apply cost-estimating methods and calculate costs of project resource requirements
  • 1.3 Identify estimated costs for tasks and activities
  • 1.4 Communicate cost estimates to relevant staff and confirm accuracy and obtain input for project budget and cash flow management
  • 1.5 Contribute to finalisation of project budget and costs
  • 1.6 Contribute to developing cost management strategies and processes
2. Monitor project costs
  • 2.1 Monitor income and expenditure against project budget and established cost estimates at predetermined intervals
  • 2.2 Identify and report variations in budget using established project cost methods, techniques and tools
  • 2.3 Assist in managing budget and costs using established cost management strategies and processes
  • 2.4 Confirm cost objectives remain achievable throughout project life cycle
  • 2.5 Update cost estimates and budget according to income and expenditure
3. Contribute to cost-finalisation process
  • 3.1 Assist relevant personnel to review final project outcomes, budget and costs
  • 3.2 Seek feedback and identify cost-management improvements
  • 3.3 Document cost-management improvements based on feedback received
No information
No information
Replaces
State Code National Code Title Type
AUK33 BSBPMG412 Apply project cost management techniques Unit of competency
State Code National Code Title Type
BIZ4 AMP40222 Certificate IV in Meat Processing Qualification
BFT2 BSB40920 Certificate IV in Project Management Practice Qualification