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Details of Assessment Term and Year 4, 2021 Time allowed Draft Wk 4, Final Wk 7 Assessment No 1 Assessment Weighting 100% Assessment Type Written Responses, Case Studies and Portfolio of Evidence Due Date Draft Wk 4, Final Wk 7 Room Zoom Details of Subject Qualification BSB50820 Diploma of Project Management Subject Name Project Cost Management Details of Unit(s) of competency Unit Code (s) and Names BSBPMG533 Manage Project Cost Details of Student Student Name College Student ID Student Declaration: I declare that the work submitted is my own and has not been copied or plagiarised from any person or source. I acknowledge that I understand the requirements to complete the assessment tasks. I am also aware of my right to appeal. The feedback session schedule and reassessment procedure were explained to me. Student’s Signature: ____________________ Date: _____/_____/_________ Details of Assessor Assessor’s Name TAUFIQ ANWAR Assessment Outcome Assessment Result |_| Competent |_| Not Yet Competent Marks /100 Feedback to Student Progressive feedback to students, identifying gaps in competency and comments on positive improvements: Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student. |_| Student attended the feedback session. |_| Student did not attend the feedback session. Assessor’s Signature: ___________________ Date: _____/_____/________ Purpose of the Assessment The purpose of this assessment is to assess the student in the following learning outcomes: Competent (C) Not yet Competent (NYC) 1.1 Identify resource requirements for individual tasks identified in the work breakdown structure in consultation with relevant stakeholders 1.2 Estimate project costs for project budget to be prepared within agreed tolerances 1.3 Develop a project budget 1.4 Develop a cost-management plan for project finances according to scope of responsibility 2.1 Implement agreed financial-management processes and procedures for monitoring actual expenditure against budget 2.2 Identify cost variations and evaluate alternative actions 2.3 Implement and monitor agreed actions for maintaining financial objectives 2.4 Provide accurate and timely financial reports 3.1 Conduct activities to signify financial completion according to task and organisational requirements 3.2 Review project outcomes using available records 3.3 Review cost-management issues and document improvements Assessment/evidence gathering conditions Each assessment component is recorded as either Competent (C) or Not Yet Competent (NYC). A student can only achieve competence when all assessment components listed under “Purpose of the assessment” section are recorded as competent. Your trainer will give you feedback after the completion of each assessment. A student who is assessed as NYC (Not Yet Competent) is eligible for re-assessment. Resources required for this Assessment Weekly eLearning notes relevant to the tasks/questions should be read prior to undertaking the assessment. Instructions for Students Please read the following instructions carefully · This assessment must be completed |X| In class |X| At home · The assessment is to be completed according to the instructions given by your assessor. · Feedback on each task will be provided to enable you to determine how your work could be improved. You will be provided with feedback on your work within two weeks of the assessment due date. All other feedback will be provided by the end of the term. · Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency. · If you are not sure about any aspects of this assessment, please ask for clarification from your assessor. · Please refer to the College re-assessment for more information (Student Handbook). ASSESSMENT TASKS There are two tasks to complete for this unit of competence: Task 1 – Written responses This activity has been designed to assess your knowledge and understanding of managing project cost within projects. This task consists of questionnaires which reflect the knowledge of project management (PMBOK). The responses should include the following: · Must be relevant to your project as stated in BSBPMG530 Manage Project Scope, unless otherwise stated. Responses should link to the theoretical aspects of project cost management followed by relevant experience / exposure of your nominated project you have recently or are currently working on to progress both your studies and your projects simultaneously. Your response to the questionnaires must relate to the same project topic chosen for BSBPMG530 Manage Project Scope subject unit. · However, if you have started with this subject topic as an initial attempt of this course, you must negotiate and discuss with your Assessor to consider a project that you recently or are currently working on or a project that you have worked in the past. · If workplace project exposure does not apply to you, you must negotiate with your assessor to use a scenario/case study examples that you will find on e-learning. However, case study examples are a suitable substitute where workplace examples cannot be provided. Case studies are available on e-learning. Theory answers without reference to your experience will not be assessed as satisfactory · Demonstrate that you can or have applied what you have learnt to your project, regardless of whether you have undertaken all the performance requirements in your workplace. Task 2 – Portfolio of Evidence The portfolio of evidence comprises the assessment of the application of your project cost knowledge. You will need to demonstrate your cost management skills applied to a project which is based on the project you have chosen for BSBPMG530 Manage Project Scope subject unit. It should state relevant experience / exposure of your nominated project you recently or are currently working on to progress both your studies and your projects simultaneously. If you have started with this subject topic as an initial attempt of completing this course, you must negotiate and discuss with your Assessor to consider a project that you recently or are currently working on or a project that you have worked in the past. If workplace project exposure does not apply to you, you must negotiate with your assessor to use a scenario/case study examples that you will find on e-learning. However, case study examples are a suitable substitute where workplace examples cannot be provided. Case studies are available on e-learning. To such a degree you must negotiate with your assessor to use a scenario/case study examples that you will find on e-learning. Your nominated project must be agreed between you and your Assessor so that its methodology, tools and techniques accommodate to the performance requirements of each Unit of Competency prior to start of work on the unit. Your project must comprise: a comprehensive, detailed and integrated project management plan · a formal communications plan · a devoted and project-based budget · formal and planned involvement with a wide range of stakeholders · a documented risk, issues and change-management methodology · a quality plan with assurance and control processes · a project team-based environment. Evidence of the following is important: · demonstration of cost management for several complex projects · knowledge of cost management plans, tools, issues and likely challenges To achieve competency, you are required to demonstrate knowledge, skills and experience to: Performance Evidence · work closely with others to determine resources against budgetary frameworks · prepare a budget and cost-management plan for a project · monitor costs across a project's life cycle including solving cost variations and analysing possible alternatives · record expenditure, create accurate financial reports and review cost-management processes. Knowledge Evidence · explain appropriate budgeting processes, tools and techniques · describe methods and tools for costing and cost analysis · explain strategies for managing costs and their application in different situations · outline processes for reviewing costs against outcomes · summarise key organisational policies and procedures applicable to this role. STRUCTURE AND MARKING CRITERIA FOR ASSESSMENT TASKS: I. TASK 1 – Written Responses (Total 15 marks for TASK 1) Q1: Qualifying Cost and benefits (5 marks) Q2: Cost of non-conformance on quality requirements (5 marks) Q3 Tools and techniques use to manage quality (5 marks) II. TASK 2 – Portfolio of Evidence (Total 85 marks for TASK 2) A. Estimating Project Costs (10 marks) 1. Estimating Project Costs (9 marks) 2. Explanation to stakeholders and approval (1 mark) B. Development of Cost Management Plan (10 marks) C. Monitor and Control Project Costs (15 marks Total) 1. Two Cost Analysis Methods for cost variations (7 marks) 2. Budget Performance Report (3 marks) 3. Evidence and reason of re-planning to revive original budget (5 marks) D. Cost Management Processes ( 50 marks Total) Q1. Financial completion activity (5 marks) Q2. Performance review of cost management processes and procedures (5 marks) Q3. Project performance related to cost (5 marks) Q4. Management of variances (5 marks) Q5. Changes of cost implications and recommendations (10 marks) Q6. Project risk issues associated to project budget (5 marks) Q7. Management of project cost risk issues (5 marks) Q8. Evaluation of effective cost and budget controls (5 marks) Q9. Project Sponsor’s satisfaction level (5 marks) Project Cost Management Assessment_v2.1 Page 1 of 16 Last Updated 20th Nov 19 by SC TABLE OF CONTENT Content Pages Marks Marks Achieved TASK 1 – Written Responses (Total 15 marks for TASK 1) Q1: Qualifying Cost and benefits 5 Q2: Cost of non-conformance on quality requirements 5 Q3: Tools and techniques use to manage quality 5 TASK 2 – Portfolio of Evidence (Total 85 marks for TASK 2) A. Estimating Project Costs (10 marks) 1. Estimating Project Costs 9 2. Explanation to stakeholders and approval 1 B. Development of Cost Management Plan (10 marks) Development of Cost Management Plan 10 C. Monitor and Control Project Costs (15 marks Total) 1. Two Cost Analysis Methods for cost variations 7 2. Budget Performance Report 3 3. Evidence and reason of re-planning to revive original budget 5 D. Cost Management Processes (50 marks Total) Q1. Financial completion activity 5 Q2. Performance review of cost management processes and procedures 5 Q3. Project performance related to