Bsb51415 Diploma In Project Management Assessment Answer

Task:

1. Determine project costs

2.Determine resource requirements for individual tasks identified in the work breakdown structure, with input from stakeholders and guidance from others

3. Estimate project costs to enable project budget to be prepared within agreed tolerances

4. Develop a project budget

5.Develop a cost-management plan, within delegated authority, to ensure clarity of understanding and ongoing management of project finances

6. Implement agreed financial management processes and procedures to monitor actual expenditure against budget

7. Select and use cost-analysis methods and tools to identify cost variations and evaluate alternative actions

8. Implement and monitor agreed actions to maintain financial objectives

9. Provide accurate and timely financial reports

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

➢ Explain appropriate budgeting processes, tools and techniques

➢ Describe methods and tools for costing and cost analysis

➢ Explain strategies for managing costs and their application in different situations

➢ Outline processes for reviewing costs against outcomes

➢ Summarise key organisational policies and procedures applicable to this role.

1.Determine resource requirements for individual tasks identified in the work breakdown structure, with input from stakeholders and guidance from others

2. Estimate project costs to enable project budget to be prepared within agreed tolerances

3. Develop a project budget

4. Develop a cost-management plan, within delegated authority, to ensure clarity of understanding and ongoing management of project finances