BSBPMG533 Manage Project Cost Assessment Guide

This assessment guide provides information on BSBPMG533 Manage Project Cost. It includes assessment tasks, requirements, and instructions for students. The guide covers Task 1, which requires students to analyse different models and tools utilised in managing a project’s cost. Task 2 requires students to project manage a new garden for a local park and write a financial report listing the costings of the project. The guide also includes a cost management plan and project budget. Subject: BSBPMG533 Manage Project Cost. Course Code: BSB50820. College/University: Australian College of Business Intelligence.

Student
Assessment Guide:
BSBPMG533 Manage project cost

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A e ment n ormation1. ss ss I f .......................................................................................................4
A P rpo e o a e ment. u s f ss ss ........................................................................................................................4
ompetencie ein a e edB. C s b g ss ss .............................................................................................................4

at o are re ired to doC. Wh y u qu ...............................................................................................................5
Ad tment and pportD. jus Su .....................................................................................................................6
A e ment mi ionE. ss ss sub ss .......................................................................................................................7
A e ment re lt and eed acF. ss ss su s f b k........................................................................................................8
Tec nical tool or completin t i a e mentG. h s f g h s ss ss ..................................................................................9
A e ment o er eet2. ss ss C v sh ......................................................................................................10
A e ment e irement3. ss ss R qu s.................................................................................................11
A Ta no led e e tion. sk 1 – K w g qu s s ........................................................................................................11
Ta e tioninB. sk 2 – Qu s g ........................................................................................................................14
Ta ritten e tionC. sk 3 – W Qu s s ..............................................................................................................23

1. Assessment Information
C. What you are required to do
T i a e ment re ire o toh s ss ss qu s y u an er all e tion it in eac A e ment Ta and e a e ed asw qu s s w h h ss ss sk b ss ss s
ati actor in eac to ain competenc in“S sf y” h g y PM Mana e Pro ect o tBSB G533 g j C s .
Task 1
or Ta o are re ired to anal e di erent model and tool tili ed in mana in a pro ect co tF sk 1, y u qu ys ff s s u s g g j ’s s .
o ill al o demon trate nder tandin o t e ario component needed in de elopin andY u w s s u s g f h v us s v g
implementin a pro ectg j .
Task 2
or Ta o are a Pro ect Mana er it Mar et on ltin o a e een emplo ed to pro ectF sk 2, y u j g w h Oz k C su g. Y u h v b y j
mana e a ne arden or a local par o are re ired to rite a inancial report li tin t e co tin og w g f k. Y u qu w f s g h s gs f
t e pro ect and to re i e inancial pro ection d e to c an e t at occ r d rin t e implementationh j v s f j s u h g s h u u g h
p a eh s .
Task 3
Ta re ire o to report on t e inancial o tcome o t e pro ect and to mmari e t e inancialsk 3 qu s y u h f u s f h j su s h f
i e t at aro e in order to ta e into acco nt or t re pro ectssu s h s k u f fu u j s.
or rt er detail plea e re er to t e A e ment e irement ection o t i doc mentF fu h s, s f h “ ss ss R qu s” s f h s u .

2. Assessment Coversheet
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A e ment Tass ss sks:
☐ Ta e tioninsk 1. Qu s g
☐ Ta Pro ectsk 2. j
☐ Ta ritten e tionsk 3. W Qu s s
e ateDu D : ate mittedD Sub :
eclarationD : a e read and nder tood t e ollo in in ormation at t e e innin oI h v u s h f w g f h b g g f
t i a e ment ide plea e tich s ss ss gu ( s k):
☐ A e ment in ormationss ss f
☐ mittin a e mentSub g ss ss s
☐ Pla iari m and re erencing s f g
declare t i a e ment i m o n or and ere t e or i oI h s ss ss s y w w k wh h w k s f
ot er a e ll re erenced t at materialh s, I h v fu y f h .
ame plea e printN ( s ):
t dent i nat reS u s g u :
ateD :
3. Assessment Requirements

A. Task 1 – Knowledge questions
i n tr ction or t dent. I s u s f s u s
Ta o t i a e ment re ire o to ask 1 f h s ss ss qu s y u nal e di erent model and tool tili ed in mana in ays ff s s u s g g
pro ect co t and ain an nder tandin o t e ario component needed in de elopin andj ’s s g u s g f h v us s v g
implementin a pro ectg j .
An er t e e tion elo in t e pace pro idedsw h qu s s b w us g h s v :
 An er all part o eac e tionsw s f h qu s
 e o r o n ord and i e e ample ere er po i leUs y u w w s g v x s wh v ss b
 T e alit o o r an er i more important t an o lon it ih qu y f y u sw s h h w g s
 nter o r an er in t i doc mentE y u sw s h s u
o ma e ario o rce o in ormation to in orm o r an er incl din o r re o rce pro idedY u y us v us s u s f f f y u sw s, u g y u s u s v
A oo and online o rce o m t ac no led e and cite o r o rceby CBI, b ks, s u s. Y u us k w g y u s u s.
ii Ta e tion. sk 1 Qu s s
A An er t e ollo in1 . sw h f w g:
a) e cri e t o met od and t o tool t at can e ed or co tin a pro ect andD s b w (2) h s w (2) s h b us f s g j
cond ctin a co t anal iu g s ys s.
b) e cri e t o tool t at can e ed or identi in and e al atin co t ariationD s b w (2) s h b us f fy g v u g s v s
An er in to ord
sw 40 80 w s.
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

estimating can be used to identify and evaluate cost variation.
An er t e ollo in1B. sw h f w g:
a) e cri e t o di erent trate ie t at can e ed to mana e pro ect co tD s b w (2) ff s g s h b us g j s s.
b) tline t e mo t appropriate trate or re pondin to d etar pro lem e ore t eOu h s s gy f s g bu g y b s b f h y
ari e and a ter t e ari es f h y s .
An er in to ord
sw 80 160 w s.
a)
In order to manage project cost time management plays an important role.
Along with this, the strategy to manage project cost is to achieve a baseline budget and
establish monthly budget while recording actual cost.
b)
With the help of taking advantage of bottom up estimation project manager can have best as
well as foolproof way to prepare project budget. It helps in effectively anticipating estimating
individual part of the project such as phases task milestone and totalling them to get an actual
project course. This will help in responding to budgetary problem before they arise or after
their rise. In addition to this thorough project planning with risk identification plan is also a
way to respond to the budgetary problem in a well defined and effective manner.
An er t e ollo in1C. sw h f w g:
a) plain co t o ld e re ie ed a ain t t e pro ect o tcomeEx why s s sh u b v w g s h j u s
b) tline one proce t at co ld e ed to re ie co t a ain t o tcomeOu ss h u b us v w s s g s u s
An er in to ord
sw 80 160 w s.
rite o r an er ere
W y u sw h
a)
It is essential to review cost against the project outcome if the total project cost will not get
estimated precisely then it will affect the overall project and project manager can face serious
consequences that can affect company objective. It will also affect scope, project quality and

schedule that can lead towards cost overrun.
b)
The process that will help to review cost against outcome is performance review. With the
help of this project health can be checked in a regular framework. It also helps in including an
analysis of project cost quality schedule against outcome. With the help of taking advantage of
this process project manager can significantly review cost in a well defined and effective
manner against outcome. This will significantly assist project manager to accomplish project
goals and objectives in a well defined and effective manner.
An er t e ollo in1D. sw h f w g:
a) tline it i important or eac mem er o t e or ani ation to ad ere to or ani ationalOu why s f h b f h g s h g s
policie and proced res u s
b) e cri e t e p rpo e o policie and proced re a t e relate to pro ect mana ement roleD s b h u s f s u s s h y j g s
An er in to ord
sw 80 160 w s.
a)
To fulfil project goals and objectives it is essential to other policies and procedures in order to
conduct project in an ethical manner. It has been analysed that it is important for each member
of organization to conduct their roles according to the organization procedure and policies, as
it offers road map to conduct day to day operations by assuring compliance with government
regulation and law. It also helps in conducting efficient decision making and streamline
internal process with the help of this organization can also avoid any legal challenges in future.
b)
Policies and procedures play important roles which allow organization to conduct proper
planning of executing project objectives. With the help of this consistent and clear response of
organization to deal with situation is being defined. It also helps workers to conduct their
actions in an ethical manner. Further, more the main purpose and policy is that it guides every
individual to conduct their responsibility according to the guideline and standards.

B. Task 2 – Questioning
i n tr ction or t dent. I s u s f s u s
ead t e cenario o Mar et on ltin pro ided elo t en an er t e ollo in e tionR h s s f Oz k C su g v b w, h sw h f w g qu s s.
An er t e e tion elo in t e pace pro idedsw h qu s s b w us g h s v :
 An er all part o eac e tionsw s f h qu s
 e o r o n ord and i e e ample ere er po i leUs y u w w s g v x s wh v ss b
 T e alit o o r an er i more important t an o lon it ih qu y f y u sw s h h w g s
 nter o r an er in t i doc mentE y u sw s h s u
o ma e ario o rce o in ormation to in orm o r an er incl din o r re o rce pro idedY u y us v us s u s f f f y u sw s, u g y u s u s v
A oo and online o rce o m t ac no led e and cite o r o rceby CBI, b ks, s u s. Y u us k w g y u s u s.
ii Ta cenario. sk 2S
cenarioS :
Mar et on ltin a een emplo ed to pro ect mana e t e de i n and de elopment o aOz k C su g h s b y j g h s g v f
arden or t e local parg f h k.
o a e een en a ed a t e Pro ect Acco nt Mana er to o er ee all pro ect co t Total co tY u h v b g g s h j u s g v s j s s. s s
M T not e ceedUS x $10,000.00.
T e par i to e con tr cted on nde eloped land ne t to a ri er Te t ere cond cted andh k s b s u u v x v . s s w u
re lt report t e oil alit i ite poor and i predominantl cla T e area to e de eloped isu s h s qu y s qu s y y. h b v s
ten metre ten metre(10) s by (10) s.
nderta e t e ollo in ta to complete t i a e ment acti it e t e ollo in i reU k h f w g sks h s ss ss v y. Us h f w g f gu s
en appropriatewh .
Po itions o rl ateH u y R
Pro ect Mana erj g $60.00
Pro ect Acco nt Mana erj u g $50.00
Pro ect epartment eadj D H s $50.00
a o rerL b u $25.00
Plant operators et ire$30.00 (w h )

and cape de i nerL s s g $100.00
Plants Price per arietv y
lo erF w s $1.00
rSh ubs $2.00
Trees $10.00
Material Price per tonne
oilS $30.00
toneS $20.00
andS $20.00
Mi cellaneos us Price per linear metre
T ru f $5.00
raina e A PipeD g ( G ) $2.00
encinF g $10.00
aterin ipmentW g Equ $3.00
o determine ot er material i re ired o are to pro ide a li t o t e item and t eir relati eIf y u h s qu y u v s f h s h v
co t i eds s ( f us ).
iii Ta e tion. sk 2 Qu s s
A2 .T T i i a m ltipart e tion n re o complete eac part o t e e tion
NO E: h s s u qu s . E su y u
h f h qu s .
i. etermine at re o rce ma e re ired or t e land capin pro ect and e timate t eD wh s u s y b qu f h s g j s h
co t o t e re o rces s f h s u s.

ii. reate a or rea do n tr ct re or t e land capin taC W k B k w S u u (WBS) f h s g sk.
iii. nce o a e created t e con lt it ot er in ol ed in t e pro ect a role pla edO y u h v h WBS, su w h h s v v h j , s y
ot er t dent in o r t dent e t e con ltation to determine i o a e mi ed anby h s u s y u s u . Us h su f y u h v ss y
ta T i con ltation can e done er all or in a ritten ormat A ter o r con ltationsks. h s su b v b y w f . f y u su ,
record note o at a di c eds f wh w s s uss .
iv. denti an tolerance nece arI fy y s ss y.
v. timate t e co t o t e pro ect a ed on t e re o rce identi ied in t e tate allEs h s s f h j b s h s u s f h WBS. S
i re ed and o all or inf gu s us sh w w k g.An er elo in t e ta le pro ided An er in
ord
sw b w us g h b s v . sw 100-250 w s.
i etermine at re o rce ma e re ired or t e land capin pro ect and e timate t e co t o. D wh s u s y b qu f h s g j s h s s f
t e re o rceh s u srite o r an er ere
W y u sw h
Utilizing resources is necessary for project management to achieve specified tasks.
Illustrations of all these include people, equipment, infrastructure, money, or anything else
that may be regarded as being required to perform a project activity (usually excluding
labour). For these resources required cost $4000.
ii or rea do n tr ct re or t e land capin ta. W k B k w S u u (WBS) f h s g sk
T e or rea do n tr ct re i a pro ect o admini tration and en ineerin tem ic ih w k b k w s u u s j f s g g sys wh h s
pplied a ed and rea do n o t e a e ment into t e orter actor A tr ct re osu -b s b k w f h ss ss h sh f s. s u u f
rea do n i a a ic concept a e ment deli era le t at cond ct t e team or into ab k w s b s ss ss v b h u s h ’s w k
mana ea le di i ion a icall in t e land capin ta t e ta ic are in ol ed in t eg b v s . B s y h s g sk h sk wh h v v h
land capin acti it c a draina e encin and aterin e ipments g v y su h s g , f g w g qu .

iii ote rom con ltation it ot er. N s f su w h h s
T e a o e pro ect c art e plain t at at o ld e needed to per orm t e land capin ta in t ih b v j h x h wh sh u b f h s g sk h s
compan need a licen e to per orm t e acti it it o t an interr ption o o ernment in icy s f h v y w h u y u f g v wh h
compan need a licen e to e ec te t e acti it in t e irm A ter t at compan need a or orcey s x u h v y h f . f h y w k f
li e en ineer and accordin to t at t e re ire a mac ine to per orm t e acti it and en ineerk g s g h h y qu h s f h v y g s
to maintain t e or in o mac ine At la t t e need a material to create t e prod ct o onh w k g f h s. s h y h u . N w
t at a i compan doe n t mi an ta to complete t e a e menth b s s y s ’ ss y sk h ss ss .
i denti ied nece ar tolerancev. I f ss y sT e important nece ar tolerance or t e land capin ta i nli t t i i er incredi le and
h
ss y
s f h s g sk s su gh h s s v y b
i ni icant eat re or t e land capin acti it n ic t e antit and periorit o t e li t
s g f f u f h s g v y. I wh h h qu y su y f h gh
in ol in en and o m c it e ect t at at t pe o plant are etter or t e ard ome o
v v g wh h w u h, ff s h wh y f s b f h y . S f

t e plant need complete nli t and ome o t em need a partial nli t
h s
su gh s f h
su gh .
Any project can use any of these methods, and if the EAC estimates are outside of
reasonable parameters, they will send the management contractor a "advance detection"
signal. A project tolerance establishes a limit for the portion of the project where
modifications may be made without seeking your company's permission. They outline your
area of accountability.
timated co t o t e pro ect a ed on t e re o rce identi ied in t ev. Es s s f h j b s h s u s f h WBS.
T n re o tate all i re ed and o all or in
NO E: E su y u s f gu s us sh w w k g.
rite o r an er ere
W y u sw h
In essence, employing a WBS allows you to take a top-down view of your project and
deconstruct it into the activities and subprojects that will get you there. It's a useful tool that
specifies a precise cost or time calculation and offers recommendations for developing and
managing schedules.
Predictions of the length of an activity may also have an impact on cost estimates that
incorporate time-sensitive expenditures, such as those for labour provided by unionised
workers under periodically renewing collective bargaining agreements or commodities with
seasonal price changes.
2B.
in t e i re and co t e timate o de eloped d rin t e pre io e tion TaUs g h f gu s, WBS s s s y u v u g h v us qu s ( sk 2,
e tion create a co t mana ement plan ic incl de a pro ect d etQu s 2B), s g wh h u s j bu g .
n re t e co t mana ement plan clari ie an detail ic ma impact t e on oin mana ement oE su h s g f s y s wh h y h g g g f

pro ect inance o r plan m t e pre ented in an ind tr appropriate ormatj f s. Y u us b s us y f .
e t e template called PM o t mana ement plan template pro ided on Moodle toUs h “BSB G533 C s g ” v
create o r plany u .
a e o r plan a PM o t mana ement plan o r ame replacin o r ame itS v y u s “BSB G533 C s g – Y u N ”, g “Y u N ” w h
o r ir t and la t namey u f s s s.
n re o mit o r plan a part o o r a e mentE su y u sub y u s f y u ss ss .An er in
ord
sw 150-300 w s.
Cost Management Plan
Cost Basslines:
The cost baseline is the part of the project concerned with the amount of money that the
project is predicted to cost and
when that money will be used. In the current project we have used bottom up approach to
estimate the cost baseline.
The current project is estimated as $440,000.
Monitoring method
To monitor the project we use Earnd value management, Earned Value Management is a broad
and powerful tool. In our
case study we used four Earned Value measurement
Cost baseline: As per this baseline method amount of money of project will be predicted and
will be used. The current project estimated as 4,40,000.
Monitoring method: To analysis of this method apply earned value management because it is
strong tool.
1. Schedule Variance (SV)
Schedule Variance (SV) is a metric of a project's performance measurements.
2. Cost Variance (CV)
Cost Variance (CV) is a metric of a project's budget performance
3. Schedule Performance Index (SPI)
The Schedule Performance Index (SPI) compares actual progress to what was expected.
4. Cost Performance Index (CPI).
The Cost Performance Index (CPI) compares the value of finished work to the actual cost of
completed work.
2C.T T i e tion a m ltiple part Ma e re o complete eac part
NO E: h s qu s h s u
s. k su y u
h .
i. reate a inancial mana ement plan ic ill allo o to monitor act al a ain t t eC f g wh h w w y u u g s h
d eted e pendit rebu g x u .

e t e template called PM d et Anal er Template pro ided on Moodle toUs h “BSB G533 Bu g ys ” v
create o r plany u .
a e o r plan a PM inancial mana ement planS v y u s “BSB G533F g – o r ameY u N replacin”, g “ o rY u
ameN it o r ir t and la t name n re o mit o r plan a part o o r” w h y u f s s s. E su y u sub y u s f y u
a e mentss ss .
ii. reate an implementation plan or monitorin o e pendit re n re o incl de o t e eC f g f x u . E su y u u h w h s
plan ill e comm nicated it t e ta e olders w b u w h h s k h s.
a e o r plan a PM mplementation planS v y u s “BSB G533 I – o r ameY u N replacin”, g “ o r ameY u N ”
it o r ir t and la t name n re o mit o r plan a part o o r a e mentw h y u f s s s. E su y u sub y u s f y u ss ss .
iii. T e pro ect a een r nnin or t ree ee and d rin a recent monitorin acti it oh j h s b u g f h (3) w ks u g g v y y u
reali ed t at t ere i a di crepanc et een t e e timated co t and t e act al co t d e tos h h s s y b w h s s s h u s s u
an increa e in t e n m er o o r it i ta in to complete eac ta n t e ta le elos h u b f h u s s k g h sk. I h b b w,
create an o tline o t ree or more option or controllin t e co tu f h s f g h s s.
iii ption or controllin co t. O f g s srite o r an er ere
W y u sw h
Finance experts employ the technique of cost control, which involves analysing a company's
overall expenditures and lowering project costs to boost profits. A corporation often
employs finance experts to keep track of their cost control, create budgets for each initiative,
and alter initiatives that might improve a corporate accounting success.
 Budgets aid in project management: Cost control techniques sometimes entail
assigning a team a fixed budget that they must adhere to, which aids in project
management.
 Prevents project costs from rising: Using cost management techniques can assist in
preventing project costs from rising quickly as the project's progress moves forward.
 Maintains profit margin: Cost management techniques make it possible for project
revenues to exceed construction cost, which boosts a business earnings and
maintains good financial performance.

2D.
T AHE SCEN RIO:
T e Pro ect Mana er a read o r report on controllin t e co t and o ld li e rt erh j g h s y u g h s s w u k fu h
in ormation on d etin proce e o are to e plain d etin proce e tool and tec ni ef bu g g ss s. Y u x bu g g ss s, s h qu s
and e plain o t e e co ld e ed to ac ie e inancial o ecti e o t e pro ect and o t ex h w h s u b us h v f bj v s f h j h w h y
co ld e ed to monitor action ta en to control co t on a pro ect t at i c rrentl r nnin o eru b us s k s s j h s u y u g v
d et eci ion ill need to e made on o to control t e co tbu g . D s s w b h w h s s.
et p a meetin itS u g w h:
 o role pla in ein t e Pro ect Acco nt Mana erY u, y g b g h j u s g
 o r Trainer A e or role pla in ein t e Pro ect Mana erY u & ss ss , y g b g h j g
T T i meetin ill e o er ed o r Trainer A e or rin t i meetin o r Trainer
NO E: h s g w b bs v by y u & ss ss . Du g h s g, y u
A e or ill complete t e o er ation c ec li t o nd in t e PM Mar in ide
& ss ss w
h bs v h k s f u h “BSB G533 k g Gu ”.
AT T M TWH YOU NEED O DO BEFORE YOUR EE ING:
Prepare or o r meetin determinin t e mo t appropriate tool tec ni e and proce e orf y u g by g h s s, h qu s ss s f
d etin on a mall pro ect c a t i land capin pro ectbu g g s j su h s h s s g j .
AT T M TWH YOU NEED O DO DURING YOUR EE ING:
o are to e plain d etin proce e tool and tec ni e T i incl de o t e e co ld eY u x bu g g ss s, s h qu s. h s u s h w h s u b
ed to ac ie e inancial o ecti e o t e pro ect and o t e co ld e ed to monitor actionus h v f bj v s f h j h w h y u b us s
ta en to control co t on a pro ect t at i c rrentl r nnin o er d et eci ion ill need to ek s s j h s u y u g v bu g . D s s w b
made on o to control t e co th w h s s.
AT T A T M TWH YOU NEED O DO F ER YOUR EE ING:
ecord note o at a di c ed d rin o r meetin incl din an eed ac recei edR f wh w s s uss u g y u g, u g y f b k v .
An er in ord
sw 40-80 w s.

Meetin noteg s
The meeting is really important in order to control the cost.
In this in this creation of meeting agenda which was explaining of budgeting process,
technique tool is being done to fulfil financial objectives of the company.
All the members were present in the meeting in which demonstration of budgeting
techniques tool is being explained.
The meeting was successful in which the decision to control the cost is being made with the
help of adopting cost analysis and cost-controlling techniques.
ead t e cenario elo t en an er t e ollo in e tion2E. R h s b w, h sw h f w g qu s .cenario
S :
o recentl met it t e Pro ect Mana er T i re lted in t e deci ion to al e t e n m er
Y u y w h h j g . h s su h s h v h u b
o r ein planted to c t ac t e n m er o aterin point and red ce t e
f sh ubs b g , u b k by 50% h u b f w g s u h
o r o t e ta
h u s f h s ff by 25%.
nderta e a co t anal i to identi i t e e ariation ill elp rin t e d et ac intoU k s - ys s fy f h s v s w h b g h bu g b k
ali nmentg .
T en con ider t e co t anal i o ndertoo andh s h s ys s y u u k an er t e point elosw h s b w:
 plain o ed t e met od and tool o electedEx why y u us h h s y u s
 tline i t e co tanal i identi ie an alternati e ia le actionOu f h s ys s f s y v v b s
 e cri e o ld co t e monitored acro t e pro ect li ec cleD s b why sh u s s b ss h j f y
An er in to ord
sw 80 160 w s.
 or t e co t anal i e t e met od o e pert d ement t at can elp to carr o t e ecti eF h s ys s us h h f x ju g h h y u ff v
re lt n t i pro ect it i er important to e t e met od o draina e encin andsu s. I h s j s v y us h h f g , f g
aterin t e tool T i met od i important eca e it de ine t e e t trate o draina ew g h s. h s h s b us f s h b s s gy f g
it elp to ro r eca e draina e i er nece ar to t e plant and elp to roh s g w sh ubs b us g s v y ss y h s h s g w

etterb .
 T e alternati e option i rain tormin t at can elp to anal i t e co t in ri t manner andh v s b s g h h ys s h s gh
ta e ri t action n t i land cape ta irm determine t e co t o t e e ipment eca e itk gh . I h s s sk f h s f h qu b us ’s
important or t e land cape ta to anal e t e co t T e d eted amo nt o t e draina ef h s sk ys h s . h bu g u f h g ,
encin and ater e ipment i more t an t e act al amo nt it mean t i tec ni e if g w qu s h h u u s h s h qu s
ene ited or t e enterpri eb f f h s .
 T e co t o ld e monitored in t e pro ect li e c cle eca e it o t e ariance in t eh s sh u b h j f y b us sh ws h v s h
di erent li e c cle c a initiation plannin e ec tion and clo re ta e t e co t i notff f y su h s , g, x u su s g . If h s s
monitored t en ole li e c cle o t e pro ect to e a tedh wh f y f h j b w s . This is important as projects
that exceed their budget create less value for the business than expected.
Sometimes, if the money runs out, they may not even be completed
in t e data rom Ta create a mont l inancial report or t e pro ect n re all ariation2F. Us g h f sk 2, h y f f h j . E su v s
are incorporated.
An er in to ord
sw 80 160 w s.
rite o r an er ere
W y u sw h
Monthly financial reports give managers a clear picture of the preceding month's financial
situation so they may evaluate long term plans and choices and have speed monitoring on the
payment processing, revenue, and loss accounts. From the data of Task 2 include different
variations’ like soil, stone and sand. There are different other miscellaneous expenses such as,
Turf, Drainage, Fencing and watering equipment. Along with include different types of people
which are working in this project that are charged for their work as per hour.

C. Task 3 – Written Questions
i n tr ction or t dent. I s u s f s u s
ead t e cenario o Mar et on ltin pro ided elo t en an er t e ollo in e tionR h s s f Oz k C su g v b w, h sw h f w g qu s s.
An er t e e tion elo in t e pace pro idedsw h qu s s b w us g h s v :
 An er all part o eac e tionsw s f h qu s
 e o r o n ord and i e e ample ere er po i leUs y u w w s g v x s wh v ss b
 T e alit o o r an er i more important t an o lon it ih qu y f y u sw s h h w g s
 nter o r an er in t i doc mentE y u sw s h s u
o ma e ario o rce o in ormation to in orm o r an er incl din o r re o rce pro idedY u y us v us s u s f f f y u sw s, u g y u s u s v
A oo and online o rce o m t ac no led e and cite o r o rceby CBI, b ks, s u s. Y u us k w g y u s u s.
ii Ta cenario. sk 3 S
cenarioS :
T e land capin pro ect a een cce ll completed T e client i ati ied T e Pro ecth s g j h s b su ssfu y . h s s sf . h j
Mana er i app er one i tartin to con ider t e ne t pro ectg s h y. Ev y s s g s h x j .
e ore o can tart o r ne t pro ect o need to inali e t e land capin pro ectB f y u s y u x j , y u f s h s g j .
iii Ta e tion. sk 3 Qu s s
A reate a c ec li t o all t e acti itie done to i ni inancial completion o t e pro ect3 . C h k s f h v s s g fy f f h j .
An er in to ord
sw 40 80 w s.
The activities that are done to signify financial completion of the project are inclusive of
gathering project record, evaluating information and data to formalize acceptance of the
project, product service as well as conducting project closures. In this initiation, planning,
executing, monitoring and controlling and closing activities is being done.

in t e inancial Mana ement Plan o created a part o Ta e tion complete3B. Us g h F g y u s f sk 2, Qu s 2C, a inalf
co tin o t e pro ect or or ardin to Mar et on ltins g f h j f f w g Oz k C su g.
n re t e act al co t or t e pro ect a een capt red t i pdated planE su h u s f h j h s b u h s u .
a e o r plan a PM inal o tin o r ame replacin o r ame it o r ir tS v y u s “BSB G533F C s g – Y u N ”, g “Y u N ” w h y u f s
and la t name n re o mit o r plan a part o o r a e ments s. E su y u sub y u s f y u ss ss .
3C. e elop a pro ect o tcome re ie ic an er t e ollo in e tionD v j u v w wh h sw s h f w g qu s s:
a) a t e pro ect co t e ecti eW s h j s ff v ?
b) id t e proce e ed to mana e t e co t on t e pro ect pro e to e e icientD h ss s us g h s s h j v b ff ?
c) o co ld o impro e t e proce e ed to en re a etter o tcome on t e ne t pro ectH w u y u v h ss s us su b u h x j ?
d) at are t o or more impro ement o can recommendWh w v s y u ?
oc ment o r pro ect o tcome re ie eloD u y u j u v w b w.
An er in to ord
sw 80 160 w s.
rite o r an er ere
W y u sw h
a)
Yes, the project cost was effective which helps in accomplishing all the activities accordingly.
b)
The process that has been used by project manager in order to manage the cost of on the
project proves to be efficient. In this with the help of taking use of appropriate budgeting and
costing methods accomplishment of project outcome is being done in an effective way.
However there are some certain challenges that has been faced that affected the end outcome
of the project in certain ways.
c)
In order to make significant improvement in the process in future to complete the next project
use of appropriate strategies costing methods and budget planning tool will be undertaken.
This will significantly help in managing and assuring better outcome on the next project. In
addition to this it has been analysed that with the help of making improvement in the process
with the help of software to monitor project deliverables the next project success will be

assured.
d)
The two more improvements that is recommended is to take use of AI and cloud computing to
enhance efficiency with appropriate costing methods.