Participate in the estimation and preparation of cost budget for a project or sub-project and monitor and control actual cost against budget
COURSE PURPOSE 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 …
Overview
COURSE PURPOSE
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.
WHAT YOU’LL LEARN
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.
Curriculum
Curriculum
- 3 Sections
- 14 Lessons
- 3 Days
- Unit 1: Identify elements and resources to be costed through interpreting the project scope statement, work breakdown structure and other project dataASSESSMENT CRITERIA4
- 1.1The work elements are identified and extracted from the data
- 1.2Cost types (elements) are identified and agreed with financial and/or project management authorities
- 1.3Unit costs to be used for cost estimating are agreed upon with the relevant authority
- 1.4The resource requirements for work elements are determined in terms of type, quantity, and unit cost, and documented in the agreed format
- Unit 2: Participate in the preparation and production of a cost budgetASSESSMENT CRITERIA5
- 1.1The elements of cost for each work element/package are estimated using agreed rules and procedures
- 1.2A cost budget is documented in the agreed format and within agreed time frames
- 1.3The underlying assumptions of the estimate are explained, motivated, and documented in the agreed format
- 1.4Approval is obtained for the budget from higher authority in accordance with established standards and procedures
- 1.5Cost budget figures are balanced and correct in accordance with standard accounting practices
- Unit 3: Contribute to the monitoring and controlling of cost budget performance by maintaining records and communicatingASSESSMENT CRITERIA5
- 1.1The cost budget is communicated in a manner that ensures all relevant parties are clear on its contents
- 1.2Actual costs against the budget elements are obtained and records are updated correctly
- 1.3Deviations of actual against budgeted costs are identified and communicated to higher authority
- 1.4Opportunities for corrective action or improvement are identified and communicated to relevant individuals/teams
- 1.5Financial records are maintained according to agreed standards and procedures
Requirements
- Grade 10