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BSBPMG514 Manage Project Cost Assessment Task for BSB51415 Diploma of Project Management

Develop a project cost plan and answer questions related to project execution and evaluation.

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Added on  2022-08-10

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This assessment task is for BSB51415 Diploma of Project Management and covers BSBPMG514 Manage Project Cost. It contains two sections. Section 1 requires the development of a project cost plan for a chosen project, while Section 2 requires answering a series of questions related to project execution and evaluation. The assessment includes analyzing the impact of budget cuts, determining necessary changes to maintain project objectives, and drafting a financial report.

BSBPMG514 Manage Project Cost Assessment Task for BSB51415 Diploma of Project Management

Develop a project cost plan and answer questions related to project execution and evaluation.

   Added on 2022-08-10

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Lonsdale Institute PTY LTD
Assessment Task
BSB51415 Diploma of Project Management
BSBPMG514 Manage cost
TA102 FO Assessment Task Page 1 of 8
TA102 PP Assessment Management (SNR1.8-1.12) (ESOS 14.2) V2 Mar 2017
Lonsdale Institute Pty Ltd
Provider ID 21915 CRICOS Code 02836F
Declaration of authenticity
I, the above-named student, confirm that by submitting, or causing the attached
assignment (and any additional attachment associated with it) to be submitted, to
Lonsdale Institute Pty Ltd, I have not plagiarised any other person’s work in this
assignment and except where appropriately acknowledged, this assignment is my own
work, has been expressed in my own words, and has not previously been submitted for
assessment.
I do understand and accept the consequences of academic misconduct according to
Lonsdale’s Policies and Procedures.
Unit Code BSBPMG514
Unit Name Manage Project Cost
Assessment
Code
T1 Due Date See Training Schedule
Student Name Adrian Michael
Warde
Student ID LON0000904
BSBPMG514 Manage Project Cost Assessment Task for BSB51415 Diploma of Project Management_1
Lonsdale Institute PTY LTD
Assessment Task
BSB51415 Diploma of Project Management
BSBPMG514 Manage cost
TA102 FO Assessment Task Page 2 of 8
TA102 PP Assessment Management (SNR1.8-1.12) (ESOS 14.2) V2 Mar 2017
Lonsdale Institute Pty Ltd
Provider ID 21915 CRICOS Code 02836F
ASSESSMENT TASK
This assessment task contains two sections.
Section 1 - develop a project cost plan for your project of choice.
Section 2 - answer a series of questions, related to your project, explaining project execution and
evaluation.
SECTION 1 - PROJECT COST PLAN
1.Cost Management Approach
Describe how the project cost plan has been developed.
You must:
1. Include the major inputs into the plan
The plan based on the understanding over the project development phase for the Pond’s Bridge
Construction Project includes some major inputs within some major phases concerned with the project.
Some of the major inputs within the project plan have been in the areas of procuring for government
furnished equipment, administering over the project and installation phases.
While deciding over the major inputs, the individual activities were majorly considered. However, the
allocation of resources in these activities were also need to be considered so that each of the phases would
be completed efficiently.
2. Define the negotiated delegated authority for ongoing management of project finance
Western Earth Moving (WEM) is the primary client or the negotiated delegated authority who is primarily
responsible for managing over the areas of project finance. In case of the concerned project based on the
construction of the bridge, WEM is primarily responsible for managing the areas of project finance.
All points MUST be addressed.
2.Resource Requirements
Describe:
1. How resource requirements were identified for the project.
The resources used within the project comprise of human resources as well as material resources. The
human resources that are required for the project are chosen as per the requirements of each activity that
have been planned for the project. In each of the activities defined within the project plan, the human
resources are allocated as per the requirements and determining the person who would be responsible for
performing the designated activities.
2. Resource requirements for individual tasks identified in the work breakdown structure, with inputs from
stakeholders
BSBPMG514 Manage Project Cost Assessment Task for BSB51415 Diploma of Project Management_2
Lonsdale Institute PTY LTD
Assessment Task
BSB51415 Diploma of Project Management
BSBPMG514 Manage cost
TA102 FO Assessment Task Page 3 of 8
TA102 PP Assessment Management (SNR1.8-1.12) (ESOS 14.2) V2 Mar 2017
Lonsdale Institute Pty Ltd
Provider ID 21915 CRICOS Code 02836F
The WBS helps in serving major purposes for the completion of the project. Based on defining the
interlocking and independent nature for each activity included within the project, the WBS helps towards
marking each resources required during each activity of the project. The resources include the process of
ensuring that the right and efficient people having the proper qualifications to oversee through the entire
requirements and work for every single activity.
Inputs could be drawn from stakeholders as before the start of the project they would be brought together for
discussing on the project deliverables and help towards defining the required tasks. This would further
ensure that the used language would remain consistent throughout the entire project and hence all tasks are
properly identified.
All points MUST be addressed.
3.Cost Estimation
Describe:
1. How project expenses were estimated.
The different phases within the project were defined initially. Based on the defined activities, the project
expenses were identified by allocating proper costs to each resources. After this, resources were assigned
to each activity and hence in this process the expenses over the project were estimated.
2. How the budget was determined and finalized
In the initial phase, detailed estimates over each of the project costs based on the defined activities were
defined. After the complication, the cost estimates were included within the budgetary plan. Hence, it would
become possible for tracking the project according to the project while ongoing works would be completed.
In the next phases, different estimates were made that were required for finalizing the budget.
3. Include your project contingency approach which considers: project context, risk level and contingency
factors.
In case of the present project under discussion, the construction contact duration (CCD) approach would be
chosen for determination of the project manager, construction manager during the preparation of the
contract-based documents. During setting up of the approach, the risk level should also be determined,
which might affect the final outcomes towards the project. After the determination of the risk levels for the
project, the contingency factors were also defined within the contingency approach.
All points MUST be addressed
4.Cost Monitoring and Control Process
Describe:
1. How project costs will be monitored and what cost-analysis methods will be employed to identify cost variations
The project costs would be monitored based on the determination of the work accomplished against the total
amount of money that has been spent. It would also involve the process of measuring performance data and
viewing over the cost baseline.
In order to identify the variations made within project costs, earned value management (EVM) technique could be
used for measuring the actual performance of the concerned construction project. EVM technique could be used
for the purpose of monitoring over the project costs in terms of schedule and costs. This can thus also be
considered as an input for managing the reviews made over the project performance.
2. How response to cost variances will be managed, approved and implemented (mention cost-analysis methods
and tools in use)
BSBPMG514 Manage Project Cost Assessment Task for BSB51415 Diploma of Project Management_3

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