QCF738: Analyzing and Controlling Project Quantities and Costs

This assignment focuses on project quantity and cost control within the workplace, covering various aspects of managing project budgets and resources. It addresses methods for establishing and maintaining cost control systems, including early warning systems to identify potential problems. The assignment delves into data collection and recording techniques for quantities and costs, ensuring data accuracy and timely dissemination to responsible parties. It examines factors influencing cost data, strategies for implementing corrective actions to restore budgets, and methods for identifying and quantifying variations and trends in cost data. Furthermore, it explores developing systems for identifying cost-saving opportunities and recommending them to relevant personnel, along with methods for ensuring accurate data presentation to support decision-making and quantifying cost data trends. The assignment emphasizes the importance of timely action and strategic planning for successful project execution and financial management.

Unit No. QCF738 Controlling Project Quantities and
Costs in the workplace
Q1 Explain how appropriate project quantities and cost control systems which will
provide early warnings of problems (AC1.3)
Project quantities and the cost is pre planned generally for the project. Unnecessary
budget exceeding will hamper and gave a warning that some flow track has
been hampered.
Q2 Explain methods that allows for quantities and cost data to be collected and
recorded for the project and the resources used (AC2.2)
Approximate and detailed data collection is needed for the data collect
estimation.
Q3 Explain how you ensure data passed on to the people responsible in time for
them to use it (AC2.4)
The data record should be maintained properly. Then the data passing will be fare
properly.
Q4 List and describe the factors that determine quantities and cost data. (AC1.2)
Similar contracted projects, Rate of labour wages, Cost off Material, Site conditions,
Inflation factor, Project schedule, Specification Quality plans, Engineer
reputation, Insurance and regular requirement, Location all are the cause of
determine quantities and cost data.
Q5 Explain methods and techniques of agreeing and implementing appropriate
corrective actions with people responsible which will restore costs and
expenditure to budget. (AC6.4)
Proper mapping, one time design costing, bargaining with the labours, target of
completing task in a perfect time span, endless resource supply will help the
construction for restoring the cost.
Q6 Explain how to ensure that correct work values, quantities and cost data are
prepared.AC3.3)
With several expertise concern and budget cost will help to identify and ensure the
targeted cost data estimation.
Job Knowledge Questions Unit No.
QCF738

Q7 Explain how you ensure variations and trends in quantities and cost
data are identified, quantified and costed (AC5.3,6.3)
Q8 Give reasons why systems and processes, which identify opportunities
for cost savings, need to be developed and recommended to people responsible
(AC7.5)
Q9 How do you ensure variations in cost data are investigated (AC6.3)
Q10 Give reasons why appropriate corrective action with the people responsible, in
order to restore costs and expenditure to budget, needs to be agreed and
implemented. (AC6.5)
The less budget strategy have to apply on the appropriate time and section of
process. Thus it will help to modify the sytem properly.
Q11 Explain methods that can ensure that accurate quantities and cost data is
presented in a format which will help people responsible to make decisions.
(AC4.3)
Proper steps, management, feedback taking and application the strategy will
help the people for decision making.
Q12 Give reasons why trends in cost and quantities and cost data need to be
quantified. (AC5.4)
The cost budget should be estimated properly for the perfect execution. That is
why cost data is placed as quantified.
Q13 Explain how systems and processes which will assist in the
identification of opportunities for cost savings, can be developed and
recommended to the people responsible. (AC7.4)
Q14 Explain how opportunities for cost savings can be identified. (AC7.3)
The cost budgeting record is needed to recorded for future. Thus the system will help
again and again for cost saving.
Cost saving tips apply the cost budget will be tracked each and every day. The cost
reducing tips will be recorded and used in future again.
After the modification of process and
Q15 Describe methods that can recommend opportunities for cost savings to people
responsible. Describe methods that can recommend opportunities for cost
savings to people responsible. (AC7.6)
Reduce supply expense, cut off the production cost, lower financial
expenditure ,Modification of marketing, use new strategy will help to reduce
cost for cost saving responsibility.