NZQA registered unit standard
25214 version 2
Page 1 of 4
Title
Apply cost management techniques to a project
Level
4
Purpose
Credits
5
A project team member usually performs the functions required
by this unit standard under direction of the project manager and
working with other project team members.
People credited with this unit standard are able to: assist with
the development of a project budget; monitor project costs; and
contribute to cost finalisation process.
Classification
Business Operations and Development > Project Management
Available grade
Achieved
Explanatory notes
1
Legislation relevant to this unit standard may include but is not limited to: Health and
Safety in Employment Act 1992; Resource Management Act 1991; Human Rights Act
1993; Privacy Act 1993; Employment Relations Act 2000.
2
To demonstrate competence in this unit standard a candidate must be able to
provide evidence of contributing to the cost management of a project. This will
include evidence of working with others to develop a budget for the project;
monitoring expenditure within the project against the agreed budget; managing
financial completion activities; and reviewing expenditure as part of the review of the
project on completion and closure. This contribution may be within the candidate's
own area of expertise or across several aspects of the project. Evidence may be
gathered from the candidate's contribution to several simultaneous projects, or to one
project over an extended period of time.
3
Definitions
Organisational requirements refer to instructions to staff on policy and procedures
which are documented in memo or manual format and are available in the workplace.
These requirements include but are not limited to – site specific requirements and
company quality management requirements.
Delegated authority means authority within established organisational framework,
procedures and routines; under limited guidance and supervision; within agreed
authorisation and limits; in a multi-disciplinary environment subject to frequent
change.
Outcomes and evidence requirements
Outcome 1
NZQA National Qualifications Services
SSB Code 130301
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
25214 version 2
Page 2 of 4
Assist with the development of a project budget.
Evidence requirements
1.1
Estimated costs for tasks and activities are determined and communicated to
other parties for inclusion in the project budget in accordance with
organisational requirements.
Range
estimated costs may include – labour; project management
overheads; facilities; travel and subsistence; contingency (as
outcome of risk assessment); material; application and registration
fees for intellectual property and patents.
Other parties may include – project manager, higher project
authority, team members, project specialist, or other personnel.
1.2
Costs are mapped against duration, effort, and resources allocated, and are
communicated to the project manager for inclusion in the project plan, budget,
and expenditure flow in accordance with organisational requirements.
1.3
Contribution assists with the development of cost management strategies and
processes in accordance with delegated authority and financial authorisation.
Outcome 2
Monitor project costs.
Evidence requirements
2.1
Income and expenditure are monitored against the agreed project plan and
budgets to facilitate cost management throughout the project life cycle.
2.2
Cost management methods, techniques and tools are used to identify and
report variations in the budget to higher project authority in accordance with
organisational requirements.
Range
2.3
cost management methods, techniques and tools may include –
measurement of actual progress against planned milestones;
recording and reporting of variations; implementation of financial
control mechanisms; communication with stakeholders, dispute
resolution and modification procedures.
Agreed actions are implemented and monitored, and progress is reported to
other parties to ensure cost objectives are achieved throughout the project life
cycle in accordance with organisational requirements.
Outcome 3
Contribute to cost finalisation process.
Evidence requirements
NZQA National Qualifications Services
SSB Code 130301
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
25214 version 2
Page 3 of 4
3.1
Assistance is provided in the finalisation and transfer of financial assets,
liabilities and records to the client or relevant operational support agency in
accordance with organisational requirements.
3.2
Assistance is provided in the review of project outcomes by use of project
records to determine the effectiveness of initial and subsequent cost
management strategies and processes in accordance with organisational
requirements.
project records may include – lists of potential costs; invoice and
payment records; cost verification and validation documentation;
input to cost management plans; reports to higher authority;
project and/or organisation files and records; cost management
lessons learned.
Range
3.3
Cost management issues and responses are reported to higher project authority
for application in future projects in accordance with organisational requirements.
Planned review date
31 December 2018
Status information and last date for assessment for superseded versions
Process
Version Date
Last Date for Assessment
Registration
1
17 April 2009
31 December 2018
Rollover and
Revision
2
24 October 2014
N/A
Consent and Moderation Requirements (CMR) reference
0113
This CMR can be accessed at http://www.nzqa.govt.nz/framework/search/index.do.
Please note
Providers must be granted consent to assess against standards (accredited) by NZQA,
before they can report credits from assessment against unit standards or deliver courses
of study leading to that assessment.
Industry Training Organisations must be granted consent to assess against standards by
NZQA before they can register credits from assessment against unit standards.
Providers and Industry Training Organisations, which have been granted consent and
which are assessing against unit standards must engage with the moderation system that
applies to those standards.
Requirements for consent to assess and an outline of the moderation system that applies
to this standard are outlined in the Consent and Moderation Requirements (CMR). The
CMR also includes useful information about special requirements for organisations wishing
to develop education and training programmes, such as minimum qualifications for tutors
and assessors, and special resource requirements.
NZQA National Qualifications Services
SSB Code 130301
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
25214 version 2
Page 4 of 4
Comments on this unit standard
Please contact NZQA National Qualifications Services nqs@nzqa.govt.nz if you wish to
suggest changes to the content of this unit standard.
NZQA National Qualifications Services
SSB Code 130301
 New Zealand Qualifications Authority 2016