BSBPMG533 Manage Project Cost Assessment Guide

Student
Assessment Guide:
BSBPMG533 Manage project cost

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Content
s
1. Assessment Information......................................................................................................4
A. Purpose of assessment........................................................................................................................4
B. Competencies being assessed.............................................................................................................4

C. What you are required to do...............................................................................................................5
D. Adjustment and Support.....................................................................................................................6
E. Assessment submission.......................................................................................................................7
F. Assessment results and feedback........................................................................................................8
G. Technical tools for completing this assessment..................................................................................9
2. Assessment Coversheet.....................................................................................................10
3. Assessment Requirements.................................................................................................11
A. Task 1 – Knowledge questions ........................................................................................................11
B. Task 2 – Questioning ........................................................................................................................14
C. Task 3 – Written Questions ..............................................................................................................23

1. Assessment Information
C. What you are required to do
This assessment requires you to answer all questions within each Assessment Task and be assessed as
“Satisfactory” in each to gain competency in BSBPMG533 Manage Project Cost.
Task 1
For Task 1, you are required to analyse different models and tools utilised in managing a project’s cost.
You will also demonstrate understanding of the various components needed in developing and
implementing a project.
Task 2
For Task 2, you are a Project Manager with Oz Market Consulting. You have been employed to project
manage a new garden for a local park. You are required to write a financial report listing the costings of
the project and to revise financial projections due to changes that occur during the implementation
phase.
Task 3
Task 3 requires you to report on the financial outcomes of the project and to summarise the financial
issues that arose in order to take into account for future projects.
For further details, please refer to the “Assessment Requirements” section of this document.

2. Assessment Coversheet
Student Name:
Student ID:
Contact Number:
Email:
Trainer / Assessor Name:
Qualification: BSB50820 Diploma of Project Management
Unit of Competency: BSMPMG533 Manage project cost
Assessment Tasks:
☐ Task 1. Questioning
☐ Task 2. Project
☐ Task 3. Written Questions
Due Date: Date Submitted:
Declaration: I have read and understood the following information at the beginning of
this assessment guide (please tick):
☐ Assessment information
☐ Submitting assessments
☐ Plagiarism and referencing
I declare this assessment is my own work and where the work is of
others, I have fully referenced that material.
Name (please print):
Student signature:
Date:
3. Assessment Requirements

A. Task 1 – Knowledge questions
i. Instructions for students
Task 1 of this assessment requires you to analyse different models and tools utilised in managing a
project’s cost and gain an understanding of the various components needed in developing and
implementing a project.
Answer the questions below using the space provided:
 Answer all parts of each question
 Use your own words and give examples wherever possible
 The quality of your answer is more important than how long it is
 Enter your answers in this document
You may use various sources of information to inform your answers, including your resources provided
by ACBI, books, and online sources. You must acknowledge and cite your sources.
ii. Task 1 Questions
1A. Answer the following:
a) Describe two (2) methods and two (2) tools that can be used for costing a project and
conducting a cost analysis.
b) Describe two (2) tools that can be used for identifying and evaluating cost variations
Answer in 40 to 80 words.
a)
The 2 methods that will be helpful in conducting costing of a project as well as cost analysis
are program evaluation and review technique perfect model and bottom-up estimate. With the
help of these methods proper cost analysis of a project can be undertaken.
b)
In addition to this the 2 effective methods through which cost analysis can be done all expert
judgment and analogous estimation. With the help of these tools project cost can be estimated
in context with expert judgment. This is a technique in which project manager can and take
account of need factors specific to the project. While point estimating and parametric