BSBPMG412 Apply Project Cost Management Techniques: Learner Workbook (Summative V1.1)

BSBPMG412
Apply project cost management

techniques
Learner Workbook (Summative V1.1)
Table of Contents
Table of Contents.............................................................................................................................1
Instructions to Learner.....................................................................................................................2
Application.....................................................................................................................................2
Elements for Competency Demonstration....................................................................................2
Assessment instructions................................................................................................................2
Reasonable Adjustment..................................................................................................................5
Assessment requirements.............................................................................................................7
Candidate Details.............................................................................................................................8
Assessment – BSBPMG412: Apply project cost management techniques.....................................8
Summative Assessments..................................................................................................................9
Section A: Skills Activity...............................................................................................................10
Summative Assessments: Section A checklist..............................................................................13
Section B: Knowledge Activity (Q & A).........................................................................................14
Summative Assessments: Section B checklist..............................................................................16
Section C: Performance Activity...................................................................................................17
Summative Assessments: Section C checklist..............................................................................19
Competency record to be completed by assessor...........................................................................20
Malvern Institute Pty Ltd trading as Central Melbourne Institute

CRICOS Provider Code 03351G RTO No. 40669
Learner Activities Section A-Section C (Summative) BSBMPG412_V1.1
Page 1 of 34
Instructions to Learner
Application
This unit describes the skills and knowledge required to assist in producing a project budget, to
monitor project expenditure and contributes to cost finalisation processes.
It 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.
Elements for Competency Demonstration
Please refer to BSBPMG412 Learner Guide as provided at the beginning of you first session (or ask
your trainer if haven’t received)
Assessment instructions
Overview
Prior to commencing the assessments, your trainer/assessor will explain each assessment task and
the terms and conditions relating to the submission of your assessment task. Please consult with
your trainer/assessor if you are unsure of any questions. It is important that you understand and
adhere to the terms and conditions and address fully each assessment task. If any assessment task is
not fully addressed, then your assessment task will be returned to you for resubmission. Your
trainer/assessor will remain available to support you throughout the assessment process.
Written work
Assessment tasks are used to measure your understanding and underpinning skills and knowledge of
the overall unit of competency. When undertaking any written assessment tasks, please ensure that
you address the following criteria:
 Address each question including any sub-points
 Demonstrate that you have researched the topic thoroughly
 Cover the topic in a logical, structured manner
 Your assessment tasks are well presented, well referenced and word processed
 Your assessment tasks include your full legal name on each and every page.
Active participation
It is a condition of enrolment that you actively participate in your studies. Active participation is
completing all the assessment tasks on time.

Page 2 of 34
Assessment Conditions:
Assessments are to be conducted in an environment which is safe for you and others. Moreover, you
will be given access to workplace documentation, materials, and case studies. Specific Assessment
conditions for each assessment can be found in each assessment’s details. If you feel that you
require some specific materials for the assignment, you may ask your trainer/assessor for assistance.
Assessor Requirements:
All the trainers/assessors must satisfy NVR/AQTF requirements. The details of these requirements
are available at the following URL:
https://www.asqa.gov.au/news-publications/publications/fact-sheets/meeting-
trainer-and-assessor-requirements
Plagiarism
Plagiarism is taking and using someone else's thoughts, writings or inventions and representing them
as your own. Plagiarism is a serious act and may result in a learner’s exclusion from a course. When
you have any doubts about including the work of other authors in your assessment, please consult
your trainer/assessor. The following list outlines some of the activities for which a learner can be
accused of plagiarism:
 Presenting any work by another individual as one's own unintentionally
 Handing in assessments markedly similar to or copied from another learner
 Presenting the work of another individual or group as their own work
 Handing in assessments without the adequate acknowledgement of sources used, including

assessments taken totally or in part from the internet.
If it is identified that you have plagiarised within your assessment, then a meeting will be organised
to discuss this with you, and further action may be taken accordingly.
Collusion
Collusion is the presentation by a learner of an assignment as their own that is, in fact, the result in
whole or in part of unauthorised collaboration with another person or persons. Collusion involves
the cooperation of two or more learners in plagiarism or other forms of academic misconduct and,
as such, both parties are subject to disciplinary action. Collusion or copying from other learners is
not permitted and will result in a “0” grade and NYC.
Assessments must be typed using document software such as (or similar to) MS Office. Handwritten
assessments will not be accepted (unless, prior written confirmation is provided by the
trainer/assessor to confirm).

Page 3 of 34
Competency outcome
There are two outcomes of assessments: S = Satisfactory and NS = Not Satisfactory (requires more
training and experience).
Once the learner has satisfactorily completed all the tasks for this module the learner will be
awarded “Competent” (C) or “Not yet Competent” (NYC) for the relevant unit of competency.
If you are deemed “Not Yet Competent” you will be provided with feedback from your assessor and
will be given another chance to resubmit your assessment task(s). If you are still deemed as “Not Yet
Competent” you will be required to re-enrol in the unit of competency.
Reassessment
Students who receive a ‘NS’ for this assessment task may re-submit the assessment twice at free of
charge. If the student still does not pass or obtain satisfactory result in the first re-sit, the student
must re-sit/resubmit the assessment. If the student still does not pass or obtain ‘Competent’ for the
Unit of Competency, he/she must enrol in the entire unit and pay a repeat unit fee of $300 per unit.
Fail to complete by due date
If you fail to complete this assessment by the due date, your Assessor will record this information in
the comments section of the cover sheet of the Assessment Tool. Student will be marked NS for this
assessment task. (Unless prior approval from your assessor has been confirmed for late
assessments) Student must (a) notify the trainer and/or assessor in writing (including the reason) 24
hours prior to the assessment to extend the due date and/or (b) supply a doctor’s certificate within
24 hours after the initial assessment date in order to not have a Not Satisfactory mark for this
assessment.
A maximum of 3 attempts for assessments are allowed, each ‘Not Satisfactory’ attempt will be
reviewed by the Assessor and areas to focus on for further study will be recommended. If after the
3rd attempt the student still cannot complete the assessment task satisfactorily, the student will
be required to repeat the unit and bear the re-enrolment costs and the course duration may be
affected.

Page 4 of 34
Reasonable Adjustment
To meet the needs of all learners’, adjustments can be made to the way assessments are conducted
but not to the requirements of the assessment. The purpose of these adjustments is to enhance
fairness and flexibility so that the specific needs of students can be met. For details assessor needs
to refer P03_ Assessment Policy and Guidelines and P01_Access & Equity Policy.
“In the case that the tool may need adapting to meet specific needs of students, your trainer may
provide extra support, allow extra time and/or provide the student with picture cues to aid with
assessment.”
Reasonable Adjustment
Was reasonable adjustment applied to any of these assessment tasks?
 Yes
 No
If yes, which assessment task was this applied to?
Provide a description of the adjustment applied and explain reasons.
Trainer Signature: date: / /
Confidentiality
We will treat anything, including information about your job, workplace, employer, with strict
confidence, in accordance with the law. However, you are responsible for ensuring that you do not
provide us with anything regarding any third party including your employer, colleagues and others,
that they do not consent to the disclosure of. While we may ask you to provide information or
details about aspects of your employer and workplace, you are responsible for obtaining necessary
consents and ensuring that privacy rights and confidentiality obligations are not breached by you in
supplying us with such information.

Page 5 of 34
Assessment appeals process
If you feel that you have been unfairly treated during your assessment, and you are not happy with
your assessment and/or the outcome as a result of that treatment, you have the right to lodge an
appeal. You must first discuss the issue with your trainer/assessor. If you would like to proceed
further with the request after discussions with your trainer/assessor, you need to lodge your appeal
to the course coordinator, in writing, outlining the reason(s) for the appeal.
For more detail please refer to P31_Complaints and Appeal Policy (http://cmi.vic.edu.au/wp-
content/uploads/pdf/policy/Complaint-and-Appeal-Policy.pdf)
Special needs
Candidates with special needs should notify their trainer/assessor to request any required
adjustments as soon as possible. This will enable the trainer/assessor to address the identified needs
immediately.

Page 6 of 34
Assessment requirements
To complete the unit requirements, you must successfully complete the following
assessments:
 Section A: Skills Activity

 Section B: Knowledge Activity (Q & A)
 Section C: Performance Activity – Written Project
The assessment activities in this workbook assess aspects of all the elements, performance criteria,
skills and knowledge and performance requirements of the unit of competency.
To demonstrate competence in this unit you must undertake all activities in this workbook and have
them deemed satisfactory by the assessor. If you do not answer some questions or perform certain
tasks, and therefore you are deemed to be Not Yet Competent, your trainer/assessor may ask you
supplementary questions to determine your competence. Once you have demonstrated the
required level of performance, you will be deemed competent in this unit.
Should you still be deemed Not Yet Competent, you will have the opportunity to resubmit your
assessments or appeal the result.
As part of the assessment process, all learners must abide by any relevant assessment policies as
provided during induction.
If you feel you are not yet ready to be assessed or that this assessment is unfair, please contact your
assessor to discuss your options. You have the right to formally appeal any outcome and, if you wish
to do so, discuss this with your trainer/assessor.

Page 7 of 34
Candidate Details
Assessment – BSBPMG412: Apply project cost management techniques
Please complete the following activities and hand in to your trainer/assessor for marking. This forms
part of your assessment for BSBPMG412: Apply project cost management techniques.
Name: _____________________________________________________________
Student ID: _____________________________________________________________
Address: _____________________________________________________________
Email: _____________________________________________________________
Employer: _____________________________________________________________
Declaration
I declare that no part of this assessment has been copied from another person’s work with the
exception of where I have listed or referenced documents or work and that no part of this
assessment has been written for me by another person. I also understand the assessment
instructions and requirements and consent to being assessed.
Signed: ____________________________________________________________
Date: ____________________________________________________________
If activities have been completed as part of a small group or in pairs, details of the learners
involved should be provided below:
This activity workbook has been completed by the following persons and we acknowledge that it
was a fair team effort where everyone contributed equally to the work completed. We declare that
no part of this assessment has been copied from another person’s work with the exception of where
we have listed or referenced documents or work and that no part of this assessment has been
written for us by another person.
Learner 1: ____________________________________________________________
Signed: ____________________________________________________________
Learner 2: ____________________________________________________________
Signed: ____________________________________________________________
Learner 3: ____________________________________________________________
Signed: ____________________________________________________________

Page 8 of 34
Summative Assessments
The summative assessments are the major activities designed to assess your skills, knowledge and
performance, as required to show competency in this unit. These activities should be completed
after finishing the Learner Guide. You should complete these as stated below and as instructed by
your trainer/assessor.
Skills, knowledge and performance may be termed as:
 Skills – skill requirements, required skills, essential skills, foundation skills
 Knowledge – knowledge requirements, required knowledge, essential knowledge,

knowledge evidence
 Performance – evidence requirements, critical aspects of assessment, performance

evidence.
Section A: Skills Activity

The Skills Activity is designed to be a series of demonstrative tasks that should be assessed by the
assessor.
It will demonstrate all of the skills required for this unit of competency – your assessor will provide
further instructions to you, if necessary.
Section B: Knowledge Activity (Q & A)

The Knowledge Activity is designed to be a written questionnaire where the assessor asks you a
series of questions to confirm your competency for all of the required knowledge in the unit of
competency.
Section C: Performance Activity

The Performance Activity is designed to be a practical activity performed either in the workplace or a
simulated environment. You should demonstrate the required practical tasks for the unit of
competency and write a detailed report based on the task or activities undertaken that is to be
observed by the assessor.
If necessary, for the activities, you should attach completed written answers, portfolios or any
evidence of competency to this workbook.

Page 9 of 34
Section A: Skills Activity
Objective: To provide you with an opportunity to show you have the required skills for this unit.
Location: Level 6, 460 Bourke Street, Melbourne 3000

Time required: Approx. 2-4 hours allocated as face to face classroom session however student can
complete this task in their own time outside the classroom hours. The due date to submit this task
will be in the last week of the unit. However, the specific date of submission will be communicated
to you by the trainer/assessor.
Special equipment/materials required:
 Assessment specific case studies.
 (Paper, pen etc.)
 Computer with Power Point and Word (MS office preferred).
 Your submission material stored in a device or accessible through email.
To complete the following task, you may use:
 MS word document (or any open source DOC file) using easily readable font like time new
roman/Ariel etc, font size not less than 11.
 Use the simulated environment of Coffee Ville provided by your trainer/assessor

(http://coffeeville.simulations.australiantrainingproducts.com.au/coffeeville.simulations.lear
n.com.au/intranet.html)
 BSBPMG412 Learner Guide, PPT
A signed observation by the assessor will need to be included in this activity as proof of
completion.
This activity will enable you to demonstrate the following skills:
Reading
 Applies appropriate strategies to construct meaning from complex texts
Writing
 Prepares reports and reviews matching writing style to purpose and audience
Oral communication
 Uses clear language and appropriate features to convey and discuss cost
management issues
 Uses active listening and questioning to check understanding
Numeracy
 Extracts and evaluates mathematical information embedded in a range of tasks and
texts

Page 10 of 34
 Uses a range of informal and formal oral and written mathematical language and
symbols to communicate mathematically
Navigate the world of work
 Recognises and follows protocols that must be respected and maintained
Interact with others
 Uses appropriate communication practices in a range of work contexts
 Collaborates and cooperates with others to achieve shared goals
Get the work done
 Plans, organises and implements tasks required to achieve required outcomes
 Reflects on outcomes to identify future improvement opportunities
 Utilises features of digital systems to complete routine tasks
Answer the activity in as much detail as possible, considering your organisational requirements.
1. Over the course of a project, or over a period of time as designated to you by your assessor,
show that you can apply appropriate strategies to construct meaning from complex texts.
In order to construct meaning from complex texts, you need to be able to understand the main
strategies and objectives that you need to use and achieve.
Once you know where you wanna get (Objectives) and how (strategies) you will need to get all the
relevant data and material in your reach. After you study all this material you will have to be able to
construct meaning from all this complex texts
prepare necessary reports and reviews, ensuring that your writing style matches the purpose
and audience of the document.
When adjustments and allowances have been made for a project’s budget, you will likely have to
report on the progress of the project as a whole or the elements of the project that concern the
adjustment; this is to determine whether the change was justified and to manage any additional
variances that may occur. By implementing a change and monitoring the operation of the project
after this point, you can assess how successful the change and management was, thus developing
your cost-management processes and strategies.
Reporting on the progress throughout the project’s life cycle will enable you to determine whether
further changes need to be made and will assess the suitability and achievability of the cost
outcomes.
You may have to report this information to the project manager or other member of personnel
responsible for the budget and cost objectives.

Page 11 of 34
The budget baseline is the benchmark that determines the ideal level of cost that the project should
require; this is determined through the planning and estimation processes and procedures covered
in the unit so far.
Once the project budget baseline has been established, the actual income and expenditure
associated with the project should be measured at predetermined intervals in order to measure how
the project is performing, in relation to the budget and the income and outcome forecasts.
You will need to assess the situation and adhere to organisational procedures and requirements
when communicating your variation reports; this is to ensure that the recipient receives the report
at the right time in the right format; a project manager who is expecting a phone call about an
identified budget variation will likely not be checking his emails in anticipation.
show that you can:
 Use clear language and appropriate features to convey and discuss cost management
issues
 Use active listening and questioning to check understanding
 Use appropriate communication practices in a range of work contexts
 Collaborate and cooperate with others to achieve shared goals
Listening is a conscious activity which requires attention. Rather than waiting to speak, you need to
listen attentively to fully understand the other person. Remember, there is no point in asking a
question if you do not intend to listen carefully to the answer! Listening fully - or actively means
putting everything else out of your mind and acknowledging the other person so they have feedback
that you are listening properly and valuing what they have to say1 . Understanding and valuing does
not mean agreeing; active listening is particularly valuable in situations of conflict or disagreement
where if the other party feels you understand their viewpoint, an atmosphere of cooperation can be
created which increases the possibility of resolving the conflict.
Communication is key in project management. For a successful project execution, effective

communication to all stakeholders is essential. Many projects fail because of a lack of
communication or an ineffective one. Communication is best defined as the exchange of
information and the expression of ideas, thoughts and feelings by using words and other
methods. In the project management context this means the exchange of knowledge, skills and
experience.

Page 12 of 34
show that you can:
 Extract and evaluate mathematical information embedded in a range of tasks and texts
 Use a range of informal and formal oral and written mathematical language and symbols
to communicate mathematically
Reduce, reuse and recycle (R3) are the three essential components of environmentally-responsible
consumer behavior. R3 is sometimes called the waste hierarchy. Recover, which is the last R, refers
to the practice of putting waste products to use. For example, decomposing garbage produces
methane gas (one of the greenhouse gases), which some landfill sites recover and burn for energy
rather than letting it dissipate.In your mathematics writing, you will be communicating to the reader
why and how you arrive at asolution. You will also want to convince your reader that your particular
reasons and your particular means to the solution are correct. A good mathematical project not only
should provide clear explanations, but should also be able to persuade a sceptical.
show that you can:
➢ Recognises and follows protocols that must be respected and maintained
The protocols that must be respected and maintained are:
-Developing a budget
Implement cost-estimating methods against duration/effort and resource requirements

Determine estimated costs for tasks and activities and confirm degree of accuracy with relevant
stakeholders

Page 13 of 34
Communicate cost estimates, where required, to others to contribute to project budget and
cash flow management
Contribute to developing cost management strategies and processes, and providing financial
authorisation within delegated authority
➢ Plans, organises and implements tasks required to achieve required outcomes
-Monitor the project costs
Monitor income and expenditure against project budget baseline at predetermined intervals
Identify and report variations in budget using established project cost methods, techniques and
tools
Implement action and report progress to ensure cost objectives remain achievable throughout
project life cycle
➢ Reflects on outcomes to identify future improvement opportunities
-Contribute to cost finalisation process
Assist in finalisation and transfer of financial assets, liabilities and records to relevant parties
Assist in review of project outcomes through use of project cost records to determine
effectiveness of cost-management processes
Document cost-management lessons learned for application in future projects
➢ Utilises features of digital systems to complete routine tasks
Use IT technologies, softwares and hardwares to complete the routine tasks with more ease and less
error.
Student declaration and signature

I hereby certify that this assessment is my own work, based on my personal study and/or research.
I have acknowledged all material and resources used in the presentation of this assessment
whether they are books, articles, reports, internet searched or any other document or personal
communication. I also certify that the assessment has not previously been submitted for
assessment in any other subject or any other time in the same subject and that I have not copied
in part or whole or otherwise plagiarised the work of other learning and/or other persons
I confirm that I understand that I must complete this assessment on my own. I confirm that I will
not cheat or plagiarise or copy from another student during the completion of this assessment.

Page 14 of 34
Name: Signature: Submission Date:

Page 15 of 34
Summative Assessments: Section A checklist
This should be used by the trainer/assessor to document the learner’s skills, knowledge and
performance as relevant to the summative assessment. Indicate in the table below if the learner is
deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learner’s name
Assessor’s name
Unit of Competence
(Code and Title)
Date(s) of assessment
Has the activity been answered and performed fully, as required to assess the Yes No
competency of the learner? (Please circle)
Has sufficient evidence and information been provided by the learner for the Yes No
activity? (Please circle)
Comments
Provide your comments here:
The learner’s
Not yet satisfactory Satisfactory
performance was:
If not yet satisfactory, date for reassessment:
Feedback to learner:
Learner’s signature

Page 16 of 34
Assessor’s signature
Section B: Knowledge Activity (Q & A)

Objective: To provide you with an opportunity to show you have the required knowledge for this
unit.

Time required: Approx. 2-3 hours allocated as face to face classroom session however student can
 Writing Materials (Paper, pen etc.)

The answers to the following questions will enable you to demonstrate your knowledge of:
 Explain budgeting processes and their relationship to project life cycle
 Explain how to apply cost management tools and techniques
Answer each question in as much detail as possible, considering your organisational requirements
for each one.
1. Explain budgeting processes and their relationship to project life cycle in no more than 500
words.
Cost management is concerned with the process of planning and controlling the budget of a project
or business. It includes activities such as planning, estimating, budgeting, financing, funding,
managing, and controlling costs so that the project can be completed within the approved budget.
Cost management covers the full life cycle of a project from the initial planning phase towards
Page 17 of 34
measuring the actual cost performance and project completion. This article will explain the different
steps or processes in Project Cost Management, in line with methods such as the PMBOK.
Step 1: Resource planning

In the initial phase of a project the required resources to complete the project activities need to be
defined. Work Breakdown Structures (WBS) and historical information of comparable projects can
be used to define which physical resources are needed. You can think of the required time, material,
labor, equipment, etc. Once the resource types and quantities are known the associated costs can be
determined.
Step 2: Cost estimating

Several cost estimating methods can be applied to predict how much it will cost to perform the
project activities. The choice for the estimation method depends on the level of information
available. Analogous estimating using the actual cost of previous, similar projects can serve as a basis
for estimating the current project. Another option is to use parametric models in which the project
characteristics are mathematically represented. Estimates can be refined when more information
becomes available during the course of a project. Eventually this results in a detailed unit cost
estimate with a high accuracy. Remaining uncertainties in estimates that will likely result in
additional cost can be covered by reserving cost (e.g. using escalation and contingencies).
Step 3: Cost budgeting

The cost estimate forms together with a project schedule the input for cost budgeting. The budget
gives an overview of the periodic and total costs of the project. The cost estimates define the cost of
each work package or activity, whereas the budget allocates the costs over the time period when the
cost will be incurred. A cost baseline is an approved time-phased budget that is used as a starting
point to measure actual performance progress.
Step 4: Cost control

Cost control is concerned with measuring variances from the cost baseline and taking effective
corrective action to achieve minimum costs. Procedures are applied to monitor expenditures and
performance against the progress of a project. All changes to the cost baseline need to be recorded
and the expected final total costs are continuously forecasted. When actual cost information
becomes available an important part of cost control is to explain what is causing the variance from
the cost baseline. Based on this analysis, corrective action might be required to avoid cost overruns.
Dedicated cost control software tools can be valuable to define cost control procedures, track and
approve changes and apply analysis. Furthermore, reporting can be enhanced and simplified which
makes it easier to inform all stakeholders involved in the project.
2. Explain how to apply cost management tools and techniques throughout a project in no more
than 500 words.
 Experience with Similar Projects: The less experience you have with similar projects, the
greater the uncertainty. If you've managed similar projects, you will be able to better
estimate the costs of the project.
 Planning Horizon: The longer the planning horizon, the greater the uncertainty. The planning
horizon you are considering may be the whole project or just a certain phase. Either way,
you will be able to better estimate costs for the time periods that are closer to the present.

Page 18 of 34
 Project Duration: The longer the project, the greater the uncertainty. This is similar to
planning horizon in the sense that if a project is of a shorter duration you are more likely to
account for most of the costs.
 People: The quantity of people and their skill will be a huge factor in estimating their costs.
Early in the project, you may not even know the specific people that will be on the project.
That will increase the uncertainty of your cost estimates.

Page 19 of 34

Page 20 of 34
Summative Assessments: Section B checklist
Learner’s name
Assessor’s name
Unit of Competence
(Code and Title)
Comments
The learner’s
performance was:

Page 21 of 34
Section C: Performance Activity
Objective: To provide you with an opportunity to demonstrate the required performance
elements for this unit.

Time required: Approx. 3 -4 hours allocated as face to face classroom session however student can
 Assessment specific case studies.
 Writing Materials (Paper, pen etc.)
 Internet Access.

A signed observation by the assessor will need to be included in this activity as proof of
completion.
This activity will enable you to demonstrate the following performance evidence:
 Produce a project budget
 Closely monitor project expenditure
 Finalise project costs and make recommendations for possible improvements to

future projects
Answer the activity in as much detail as possible, considering your organisational requirements.
1. For one project you are involved with or a fictitious project as outlined to you by your
assessor, produce a project budget. Attach a copy of this to your workbook.
Page 22 of 34
Cost Management in project plan
A cost management plan for a project, which includes:
o Units of measure
o Level of precision
o Level of accuracy
o Organisation cost management procedures to be followed including roles and
o responsibilities
o Control thresholds
o Rules of performance measurement
o Reporting formats
 Process descriptions (these could include any two of the following and must be step by step
including who is involved and when as well as a description of how this will help you monitor
actual vs. budgeted expenditure).
o Approval processes
o Financial authorisations and delegated authority
o Communication and reporting processes
o Invoice procedures
 Organisational chart of account links (if applicable)
Be comfortable tracing the cost flows in a job-order environment. (This would include the various
accounts involved in the process and how these accounts are increased and/or decreased.) Once
again, know your cost flows.
It is now Tuesday afternoon at 5pm and you are having a scheduled project meeting. Project
XYZ’s Planned Value is $250 as 50% of task 3 was planned to have been completed by now.
Now at the project meeting you we learn the following work has been completed and the
cost incurred for the work done is also in the table below:
Budget for each % of task % of task done Actual cost ($)

task ($) planned to be
done
A $600 100% 100% $540
B $1,000 100% 80% $900
C $960 50% 20% $864
D $1,440 0% 0% $1,296
For each project task, calculate the Earned Value, and for the total project, calculate
and find values for the grey cells in the table below:
 the planned value

 the actual cost, and
Page 23 of 34
 the earned value
as at 5pm Tuesday
Task (BCWS) Planned (ACWP) (BCWP)

Value
Actual Cost Earned Value
A 50 60 24
B 100 110 44
C 100 30 12
D 0 0 0
Total 250 200 80
assessor, demonstrate that you can closely monitor project expenditure. Attach any
documentation relating to this process to your workbook.
Now, as at 5pm Tuesday, calculate:
 schedule variance
 schedule performance index
 cost variance, and
 cost performance index
for the project as a whole (a) and for each item (b)
3a) Earned Value Management Metrics for the Project XYZ as at 5pm Tuesday
Formula
Schedule Variance EV-PV 50
Cost Variance EV - AC 60
Schedule Performance Index EV / PV 70
Cost Performance Index EV / AC 60
3b) Earned Value Management Metrics for each task of Project XYZ as at 5pm Tuesday

Page 24 of 34
Task Schedule Schedule Cost Variance Cost
Performance Performance
Variance Index Index
A 20 20 60 50
B 40 40 110 60
C 60 60 30 70
D 80 80 0 60
assessor, demonstrate that you can finalise project costs and make recommendations for
possible improvements to future projects. Attach any documentation relating to this process
to your workbook.
Scenario A:
Assume that the variances up to now are fairly typical of what we can expect going
forward for the rest of the project.
Calculation Answer= 80
EAC ($) = BAC /CPI:
Scenario B:
What if the variances to date have shown that your estimates were so bad that a new
estimate for the remainder of the project (a new baseline) is needed?
EAC ($) = AC + New ETC:
Assume your new estimate of the cost to complete is $270
Scenario C:
Use this approach if the previous variances showed an anomaly, but have now
settled Down

Page 25 of 34
EAC ($) = AC + BAC – EV:
Minutes of meeting
Meeting Minutes: Budget discussion and stakeholders
Meeting purpose: To identify Budget and stakeholders

Date: 10 Mar 2019 Time: 1 pm – 3 pm
Attendance: Management team
Apologies: N/A
ITEM/ISSUE ACTION TO BE WHEN WHO
TAKEN
We will have inspect in Identify any list of End of Jun 2019 Management team
the organisation on budget and select
budget and stakeholder person to handle
To ensure that all budget
are accurate
Lesson and Learn
Date Description of Recommended Action for next Lesson

problem/opportunity time/project Learnt
Raised By

Page 26 of 34
08/02/201 Reporting A complex production setting can Project
9 result in non-value-added activities manager
(activities that do not add value to the
output, ex: storage and invenory
transports)
08/02/201 Authority, Responsibility, How and who planning and control are Project
9 and Accountability done can be different from one manager
company to another, usualy a bigger
company let more people handle it’s
planning and control function.
08/02/201 Organisation chart An organization chart helps to define Project

9 authority, responsibility, and manager
accountability of an entity. It leads to
an aproach to accounting and
reporting called responsibility
accounting-a structured accountability
report.
08/02/201 How to control The controller is the executive Project

9 manager responsible for the manager
accounting function. It observe and
coordinates planning and controlling of
the company and strive for
improvement in them


Page 27 of 34
Page 28 of 34
Summative Assessments: Section C checklist
Learner’s name
Assessor’s name
Unit of Competence
(Code and Title)
Comments
The learner’s
performance was:

Page 29 of 34

Page 30 of 34
Competency record to be completed by assessor
performance as relevant to the overall unit. Indicate in the table below if the learner is deemed
competent or not yet competent for the unit or if reassessment is required.
Learner’s name
Assessor’s name
Unit of Competence
(Code and Title)
Has the learner completed all required assessments to a satisfactory standard? Yes No
(Please circle)
Has sufficient evidence and information been provided by the learner to prove Yes No
their competency across the entire unit? (Please circle)
The learner has been assessed as competent in the elements and performance criteria and the
evidence has been presented as:
Authentic Yes No
(Please circle)
Valid Yes No
(Please circle)
Reliable Yes No
(Please circle)
Current Yes No
(Please circle)
Sufficient Yes No
(Please circle)

Page 31 of 34
Learner is deemed: Not yet competent Competent
If not yet competent, date for re-assessment:
Comments from trainer/assessor:

Page 32 of 34

BSBPMG412 Apply Project Cost Management Techniques: Learner Workbook (Summative V1.1)

Hochgeladen von

Dokumentinformationen

Originaltitel

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

BSBPMG412 Apply Project Cost Management Techniques: Learner Workbook (Summative V1.1)

Hochgeladen von

Copyright:

Verfügbare Formate

BSBPMG412

Apply project cost management

Malvern Institute Pty Ltd trading as Central Melbourne Institute

Elements for Competency Demonstration

 Address each question including any sub-points

 Demonstrate that you have researched the topic thoroughly

 Cover the topic in a logical, structured manner

Malvern Institute Pty Ltd trading as Central Melbourne Institute

 Presenting any work by another individual as one's own unintentionally

 Handing in assessments markedly similar to or copied from another learner

 Presenting the work of another individual or group as their own work

 Handing in assessments without the adequate acknowledgement of sources used, including

Malvern Institute Pty Ltd trading as Central Melbourne Institute

Fail to complete by due date

Malvern Institute Pty Ltd trading as Central Melbourne Institute

Was reasonable adjustment applied to any of these assessment tasks?

If yes, which assessment task was this applied to?

Provide a description of the adjustment applied and explain reasons.

Trainer Signature: date: / /

Malvern Institute Pty Ltd trading as Central Melbourne Institute

Malvern Institute Pty Ltd trading as Central Melbourne Institute

 Section A: Skills Activity

Malvern Institute Pty Ltd trading as Central Melbourne Institute

Student ID: _____________________________________________________________

Malvern Institute Pty Ltd trading as Central Melbourne Institute

Skills, knowledge and performance may be termed as:

 Skills – skill requirements, required skills, essential skills, foundation skills

 Knowledge – knowledge requirements, required knowledge, essential knowledge,

 Performance – evidence requirements, critical aspects of assessment, performance

Section A: Skills Activity

Section B: Knowledge Activity (Q & A)

Section C: Performance Activity

Malvern Institute Pty Ltd trading as Central Melbourne Institute

Location: Level 6, 460 Bourke Street, Melbourne 3000

Special equipment/materials required:

 Assessment specific case studies.

 (Paper, pen etc.)

 Computer with Power Point and Word (MS office preferred).

 Your submission material stored in a device or accessible through email.

To complete the following task, you may use:

 Use the simulated environment of Coffee Ville provided by your trainer/assessor

 BSBPMG412 Learner Guide, PPT

This activity will enable you to demonstrate the following skills:

Malvern Institute Pty Ltd trading as Central Melbourne Institute

Malvern Institute Pty Ltd trading as Central Melbourne Institute

Communication is key in project management. For a successful project execution, effective

Malvern Institute Pty Ltd trading as Central Melbourne Institute

The protocols that must be respected and maintained are:

Implement cost-estimating methods against duration/effort and resource requirements

Malvern Institute Pty Ltd trading as Central Melbourne Institute

➢ Plans, organises and implements tasks required to achieve required outcomes

-Monitor the project costs

➢ Reflects on outcomes to identify future improvement opportunities

-Contribute to cost finalisation process

➢ Utilises features of digital systems to complete routine tasks

Student declaration and signature

Malvern Institute Pty Ltd trading as Central Melbourne Institute

Malvern Institute Pty Ltd trading as Central Melbourne Institute

Provide your comments here:

If not yet satisfactory, date for reassessment:

Malvern Institute Pty Ltd trading as Central Melbourne Institute

Section B: Knowledge Activity (Q & A)

Location: Level 6, 460 Bourke Street, Melbourne 3000