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Australian Ideal College Registered as Australian Ideal College Pty Ltd RTO No.: 91679 | CRICOS Provider Code: 03053G Sydney Campus: Level 7 & 8, 75 King Street, Sydney NSW 2000 Australia Adelaide Campus: Level 3, 21-23 Rundle Mall, Adelaide SA 5000 Australia Hobart Campus: GRD Floor, 116 Murray Street, Hobart TAS 7000 Australia T: +61-2-9262 2968 (Sydney) | +61-8-8123 5780 (Adelaide) | +61-3-6231 2141 (Hobart) E:
[email protected] | W: www.aic.edu.au Australian Ideal College Registered as Australian Ideal College Pty. Ltd. ABN: 15 126 592 756 RTO No.: 91679 CRICOS Provider Code: 03053G Campus: Level 8, 75 King St, Sydney NSW 2000 Australia Tel: +61-2-9262 2968Fax: +61-2-9262 2938 Email:
[email protected] Website: www.idealcollege.com.au Educating for Excellence Assessment Submission Sheet Course BSB50820 - Diploma of Project Management Unit Code and Name BSBPMG533 - Manage project cost Assessor Name Student Name Student ID Date Due Please read and sign this assessment coversheet and submit it together with your assessment to your Assessor by the due date. Student Declaration · I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source. · I have read the Plagiarism Policy and Assessment Appeal and Reassessment Policy in the Student Handbook and I understand all the rules and guidelines for undertaking assessments. · I understand that by typing my full name in the student field this is equivalent to a hand-written signature. · I give permission for my assessment material to be used for continuous improvement purposes. Student Signature Date Submitted Assessor Use Only Assessment Items Result Task 1 Knowledge Questions S NS Task 2 Project S NS Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I am also aware of my appeal rights. Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback Signature Signature Date Assessor’s Comments Task 1 Assessment Instructions This is an individual assessment. This short answer assessment is one form of assessment that is used to collect evidence of competency for this unit. If you need help understanding any questions, ask your assessor to explain. To be deemed competent you will need to successfully demonstrate the following: You must submit: 1. Satisfactory answers for all questions Procedure Answer each question in as much detail as possible, considering your organisational requirements for each one. 1. Briefly explain and give one example for each of the following: · Budgeting processes · Budgeting tool · Budgeting techniques. 2. Explain top down and bottom up method for costing. 3. What tools can be used for Project cost analysis? 4. What strategies can be implemented for managing costs in your project? 5. Suggest one way you could evaluate the cost management of a project. 6. In your own words briefly explain favourable and unfavourable Project cost variations. 7. List 3 organisational policies and procedures you need to follow when managing Project cost. END OF ASSESSMENT Task 2 Assessment Instructions This is an individual assessment. This assessment has three parts.This assessment is one form of assessment that is used to collect evidence of competency for this unit. If you need help understanding any questions, ask your assessor to explain. Please ensure your answers are based on the given project scenario. To be deemed competent you will need to successfully demonstrate the following: You must submit: 1. Satisfactory answers for all questions 2. Participate in a role play 3. Submit a Project cost management plan 4. Report to CEO 5. Submit Project variance calculation 6. Submit Project review report Procedure You are the newly appointed Project member reporting to the Project Manager for “TECHWizards” a medium sized IT company specialising in database management, web development and digital marketing for its clients. Your organisation is undertaking a significant IT project to move its infrastructure to Cloud Computing this will enable the organisation to save costs in the long run, minimise disruptions to its services, reduces down time, reduce its carbon footprints. Tech wizards have approached DOSCLOUD to complete the necessary upgrades and transition to the cloud. Read the given DOSCLOUD Project Initiation Plan to gather and interpret the required information. Part A Role Play a. You must discuss budget preparation and budget control requirements for the proposed infrastructure upgrade activity given in the Project initiation plan. Your budget should be achievable and realistic. Recognise that stakeholders may need to be consulted when establishing these budget objectives. You are meeting with the project stakeholders (other classmates) and project sponsor (your assessor) to discuss and finalise the project budget for the infrastructure upgrade. Please prepare and submit a role play script that you will use for your role play. Please enter your answers here b. After consulting with your Project sponsors, you are tasked to develop a cost management plan for your project. And a draft budget as this will serve as a benchmark when you use cost control methods to monitor cost in your project. In your Project draft budget include: · Your proposed budget for the project (you can use the given budget template) · what tasks produce costs? · what materials are required? · identify one cost control tool you may use to manage the project costs · identify who will manage the project costs · what approach did you use either the top-down approach or the bottom-up approach? · how did you identify the project costs? · what are the direct and indirect costs? · are there any possible risks that may occur throughout the project? · what is your budget tolerance? Please enter your answers here Part B Before you could conduct your project your project sponsor (CEO) has asked you to explain the strategies you will be employing to manage costs and processes for reviewing cost against the expected outcomes. Write a report to your CEO, explain the following: a. Strategies for managing costs and monitoring actual expenditure against budget b. Budget contingency measures for unexpected expenses c. Processes you will use to review cost against project outcomes. Please enter your answers here Part C During the project the following changes were made to the Project, which resulted in cost variation in certain areas. 1. One of the critical staffs who is responsible for testing the project after implementation, has given 1 week notice for resignation, you hired 2 additional casual staff to complete the project testing, which resulted in additional staff expense of $8,000. 1. Due to non-availability of certain hardware, you had to source latest hardware form the market which resulted in an increase of $10,000. 1. The supplier had a special offer and bundled few essential software for free resulting in a saving of $3000. a. Use appropriate cost analysis method to identify the cost variations in the given budget variation template. Please enter your answers here Since your project is project is completed, write a project completion report to your Project sponsors with the following information: 1. Provide a brief explanation on the variation of estimated costs vs. actual costs 2. Your review on the project outcomes (Is the project successful?) 3. Brief review of what cost management issues where identified and what improvements you will suggest to improve similar project cost management in the future. Please enter your answers here END OF ASSESSMENT AIC-BSBPMG533-V1.0 Page 4 of 9Page 4 of 9 TechWizards Financial policy and procedure manual Page 1 of 12 TechWizards Financial policy and procedure manual 2021 Financial Policy V1.0 Page 2 of 12 Finance Policy and Procedure Manual Table of Contents Finance Policy and Procedure Manual ........................................................................................... 2 Introduction ..................................................................................................................................... 4 Finance Authorisation Policy ........................................................................................................... 5 Purpose of the Policy .................................................................................................................. 5 Procedures ................................................................................................................................. 5 Bank Account Policy ....................................................................................................................... 6 Purpose of the Policy .................................................