Prepare cost budget project and monitor control online course Learners accessing this standard will be working as a leader in the context of a small project / sub-project involving few resources and having a limited impact on stakeholders and the environment or working as a contributing team member on a medium to large project when not a leader. These projects may be technical projects, business projects or developmental projects and will cut across a range of economic sectors. This standard will also add value to learners who are running their own businesses and recognise that project management forms an integral component of any business. The qualifying learner is capable of identifying elements and resources to be costed through interpreting the project scope statement, work breakdown structure and other project data. Participating in the preparation and production of a cost budget. Contributing to the monitoring and controlling of cost budget performance by maintaining records and communicating.

Identifying project costs by understanding project scope and work breakdown structure. Participants will also gain skills in creating cost budgets and contributing to the monitoring and control of project expenses through record-keeping and effective communication.

Course Content

  • The work elements are identified and extracted from the data.
  • Cost types (elements) are identified and agreed with financial and/or project management authorities.
  • Unit costs to be used for cost estimating are agreed upon with the relevant authority.
  • The resource requirements for work elements are determined in terms of type, quantity, and unit cost, and documented in the agreed format.
  • The elements of cost for each work element/package are estimated using agreed rules and procedures.
  • A cost budget is documented in the agreed format and within agreed time frames.
  • The underlying assumptions of the estimate are explained, motivated, and documented in the agreed format.
  • Approval is obtained for the budget from higher authority in accordance with established standards and procedures.
  • Cost budget figures are balanced and correct in accordance with standard accounting practices.
  • The cost budget is communicated in a manner that ensures all relevant parties are clear on its contents.
  • Actual costs against the budget elements are obtained and records are updated correctly.
  • Deviations of actual costs against budgeted costs are identified and communicated to higher authority.
  • Opportunities for corrective action or improvement are identified and communicated to relevant individuals/teams.
  • Financial records are maintained according to agreed standards and procedures.
  • Non-accredited: Short course only  
  • Duration: 1h 30m
  • Delivery: Classroom/Online/Blended
  • Access Period: 12 Months 
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