What is this assessment task about? This assessment is a written questionnaire with a mix of objective and subjective questions The questionnaire is designed to meet the knowledge required to meet the unit requirements safely and effectively.The questions focus on the knowledge evidence required for this unit of competency:
• appropriate budgeting processes, tools and techniques
• methods and tools for costing and cost analysis
• strategies for managing costs and their application in different situations
• processes for reviewing costs against outcomes
• cost-analysis methods and tools for identifying and evaluating cost variations
• key organisational policies and procedures applicable to this role.
Your assessor will be looking for demonstrated evidence of your ability to answer the questions satisfactorily, follow instructions, conduct online research and review real or simulated business documentation as instructed.
What do I need to do to complete this task satisfactorily?
• submit your answers to the questions within the set timeframe,
• answer all questions as instructed,
• answer all questions using your own words and reference any sources appropriately,
• all questions must be answered satisfactorily.
It is advisable to:
• review the questions carefully,
• answer the questions using online research and the learning material provided for the unit and by reviewing real or simulated relevant business documentation (such as policies and procedures),
• further research the topics addressed in each question Specifications You must submit to GOALS the
• assessment coversheet,
• answers to all questions,
• references.
Resources and equipment
• computer with Internet access,
• access to Microsoft Office suites or similar software,
• learning material.
You will be provided feedback on your performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task. If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you with written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date. You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal. You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the task.
Answer all the questions below:
Explain appropriate budgeting processes, tools and techniques. Address the following questions What are the key purpose and objectives of budgeting in project management?
List the main steps in the budgeting process for a project Explain why key performance indicators are used in budgeting and provide three examples of financial key performance indicators that can be used to determine the effectiveness of a budget.
How are milestones used in budgeting Describe methods and tools for cost management and cost analysis. Address the following questions.
Explain two methods for conducting project cost estimating and at least one advantage and disadvantage of each Describe earned value management and its application in evaluating costs At what stage of the project lifecycle would you estimate cost? Explain how you can identify and evaluate cost variations Select and outline two (2) strategies for managing costs and provide two examples of their application.
Address the following:
• Outline the key role and at least four responsibilities of a project manager concerning cost management.
• Identify four (4) typical organisational policies and procedures that may be relevant to project cost management.
