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BSBPMG514 Manage Project Cost
Question:
Assessment Task
This assessment task contains two sections.
Section 1 – develop a project cost plan for your project of choice.
Section 2 – answer a series of questions, related to your project, explaining project execution and evaluation.
Section 1 – Project Cost Plan
1.Cost Management Approach
Describe how the project cost plan has been developed.
You must:
- Include the major inputs into the plan
- Definethe negotiated delegated authority for ongoing management of project finance
All points MUST be addressed.
2.Resource Requirements
Describe:
- How resource requirements were identified for the project.
- Resource requirements for individual tasks identified in the work breakdown structure, with inputs from stakeholders
All points must be addressed.
3.Cost Estimation
Describe:
- How project expenses were estimated.
- How the budget was determined and finalised
- Include your project contingency approach which considers: project context, risk level and contingency factors.
All points must be addressed
4.Cost Monitoring and Control Process
Describe:
- How project costs will be monitored and what cost-analysis methods will be employed to identify cost variations
- How response to cost variances will be managed, approved and implemented (mention cost-analysis methods and tools in use)
- How financial reports will be developed and provided to key stakeholders.
- How you will delegate authority to ensure ongoing management of project finances
All points must be addressed
5.Project Budget
Attach the budget for your project here or in a separate file with your submission.
Note: As a minimum, your budget should include:
- Category of expense and description with a specification of units/hours as applicable.
- Reference to your work breakdown structure (you can decide to include your WBS in this document for reference purposes in appendix).
- Total Cost/Category and % within your total budget.
- Relevant comments on possible cost variance and strategy to mitigate cost variance if applicable.
- Total Budget.
Section 2 – Project Cost Execution And Evaluation
Refer to your project cost plan, address each section and cover all points.
Explain what you would do if the following happened at execution phase.
Your budget is cut by 20% half way through the project.
- Refer to your project plan and discuss the following:
(ALL points MUST be discussed):
- Analyse the impact of the issue on your project progress. Consider risks, resource requirements, interdependencies, cost, quality and so forth.
Use the table below to record your analysis.
|
AREAS |
ASSESSMENT OF IMPACT ON PROJECT |
|
Cost |
|
|
Time |
|
|
Quality |
|
|
Risk |
|
|
HR |
|
|
Resources |
|
|
Other (Specify) |
- Determine what changes/actions will be necessary in your project to maintain key project objectives. Explain how they will be implemented.
Record your answer in the table below:
|
Change/Action |
Implementation |
- Research project financial report templates and draft a report, based on your estimated budget and the change/variations implemented in your budget to send to your project sponsor.
- Attach your report in a separate file with your submission or include it below.
- You have incorrectly estimated the cost of one of the items in your budget and now its cost is up 10%. Discuss the following:
- Identify what item in your budget you have chosen to discuss:
- Indicate what cost-analysis method and tools you have used to identify the cost variation.
- Analyse the impact of the cost variation on the project. List below what impact the cost variation will have on the project:
- Indicate any actions that are required to maintain financial objectives.
- Refer to your project, your project cost planning document and reflect on the issues addressed in the previous questions (assume that the scenarios in question 1, 2 happened during the execution phase of your project and address the following questions. (ALL points MUST be discussed):
- In relation to your project and considering your project cost planning documentation, describe the activities that would be conducted to signify financial completion?
- Consider that you have now completed your project and you are preparing your project review report.
Write an evaluation report addressed to your client on the cost plan (include the lessons learned and recommendations for future projects). (Minimum 100 words
Questionnaire
Answer the following questions.
List 4 primary inputs into the estimation of project costs:
Define at least 3 major estimating techniques:
What is the project contingency assessment?
What is necessary to create a realistic budget?
Define the following project budgeting concepts:
- Order of magnitude estimates:
- Project budget estimate:
- Definitive estimate:
- Project budget baseline:
- Project budget reforecast:
How would you control the project budget? Name 2 examples/techniques.
Define forecasting and variance analysis:
What are some strategies for managing costs? Discuss this question by choosing two different strategies and apply them in two different situations/examples.
What are some key organisational policies and procedures applicable to budget management?
BSBPMG514 Manage Project Cost
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