Assessment
Task 3
Manage project cost
BSBPMG533
Student Declaration
To be filled out and submitted with assessment responses
◻ I declare that this task and any attached document related to the task is all my own work and I have not
cheated or plagiarised the work or colluded with any other student(s)
◻ I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me
according to the process explained to me
◻ I have correctly referenced all resources and reference texts throughout these assessment tasks.
◻ I have read and understood the assessment requirements for this unit
◻ I understand the rights to re-assessment
◻ I understand the right to appeal the decisions made in the assessment
Unit Title
Unit Code
Student name
Student ID
number
Student
signature
Date
Task Number
BSBPMG533 - Manage project cost V3 2021
RTO Provider: 91153 - CRICOS Code: 02672K
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------OFFICE USE ONLY----For Trainer and Assessor to complete:
◻ Student requested reasonable adjustment for the assessment
Marking Sheet
Comments
N
DNS
Did the student satisfactorily:
The student has satisfactorily completed
and submitted the following:
Y
Completed successfully
☐
☐
☐
☐
☐
☐

Determination of cost monitoring and
control procedures for each scenario in
Task 3.1
 Determination of project budget
variations due to scenarios scenario in
Task 3.1
 Action plan to address each scenario
scenario in Task 3.1
 Change Request Form scenario in Task
3.1
 2 x Status Report scenario in Task 3.1
 Email to Project Team to monitor the
implementation of the action plan
scenario in Task 3.1
 Email to Project Team to communicate
the financial completion process in Task
3.2
 Outline of actions to address invoicing
issue in Task 3.2
 Lessons learned report in Task 3.2
 Lessons learned report– Case Study in
Task 3.3
Demonstrated ability to:
 Implement agreed financialmanagement processes and procedures
for monitoring actual expenditure
against budget
 Identify cost variations and evaluate
alternative actions
BSBPMG533 - Manage project cost V3 2021
RTO Provider: 91153 - CRICOS Code: 02672K
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Marking Sheet
Comments
DNS
This is evidenced by:
 Determination of cost monitoring and
control procedures for each scenario
 Determination of project budget
variations due to scenarios
 Action plan to address each scenario
 Change Request Form
 2 x Status Report
 Email to Project Team to monitor the
implementation of the action plan
 Email to Project Team to communicate
the financial completion process
 Outline of actions to address invoicing
issue
Demonstrated ability to:
 Review project outcomes using
available records
 Review cost-management issues and
document improvements
N
Did the student satisfactorily:
 Implement and monitor agreed actions
for maintaining financial objectives
 Provide accurate and timely financial
reports
 Conduct activities to signify financial
completion according to task and
organisational requirements
Y
Completed successfully
☐
☐
☐
This is evidenced by:
 Lessons learned report
 Lessons learned report– Case Study
Task Outcome:
Satisfactory ☐ Not Yet Satisfactory ☐
Student Name:
Assessor Name:
Assessor Signature:
Date:
BSBPMG533 - Manage project cost V3 2021
RTO Provider: 91153 - CRICOS Code: 02672K
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Table of Content
Student Declaration ............................................................................................................................................... 2
Task 3 – Manage project costs and complete cost-management processes ................. 6
Task 3.3 Monitor and control project costs ................................................................................................... 8
Task 3.2 Complete cost-management processes ...................................................................................... 14
Task 3.3 Review cost-management – Case Study .................................................................................... 16
BSBPMG533 - Manage project cost V3 2021
RTO Provider: 91153 - CRICOS Code: 02672K
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Task 3 – Manage project costs and complete costmanagement processes
Task summary and instructions
What is this
assessment task
about?
Task 3.1 and 3.2 build on Task 2.1
Task 3.3 builds on Task 2.2
Please note that the performance evidence for this unit of
competency requires you to demonstrate the ability to manage
project cost on at least two occasions. This assessment has been
designed to meet that requirement.
This task comprises of the following assessment methods:
o Product-based ☒
o Direct observation of Role-Play ☐
o Case Study ☒
o Other (specify) ☐
It has been designed to evaluate your ability to/competency in:







Implement agreed financial-management processes and
procedures for monitoring actual expenditure against budget
Identify cost variations and evaluate alternative actions
Implement and monitor agreed actions for maintaining financial
objectives
Provide accurate and timely financial reports
Conduct activities to signify financial completion according to task
and organisational requirements
Review project outcomes using available records
Review cost-management issues and document improvements
You are required to address the following:
 Task 3.1 Monitor and control project costs
o Address a Case Study with scenarios and manage project
costs
 Task 3.2 Complete cost-management processes
o Finalise cost-management processes at project closure
o Develop a lessons learned report

Task 3.3 Case Study
o Develop a lessons learned report for the Case Study
BSBPMG533 - Manage project cost V3 2021
RTO Provider: 91153 - CRICOS Code: 02672K
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Task summary and instructions
What do I need to do
to complete this task
satisfactorily?
Specifications
Although the assessment requires group collaboration to simulate a
work environment, the assessment submission is individual, and it will
be marked as such.
 submit the completed assessment tasks, according to instructions,
 complete the tasks with sufficient detail and present them in a
professional manner,
 use your own words and reference sources appropriately,
 meet the word count where required,
 use the scenario provided,
 use the templates provided where required,
 for your performance to be deemed satisfactory in this
assessment task you must satisfactorily address all of the
assessment criteria,
 if part of this task is not satisfactorily completed you will be asked
to complete further assessment to demonstrate satisfactory
performance.
You must deliver/participate in:

NA
You must submit to GOALS







Resources and
equipment



•
•
•
•
•
•
•
Determination of cost monitoring and control procedures for each
scenario
Determination of project budget variations due to scenarios
Action plan to address each scenario
Change Request Form
3 x Status Report
Email to Project Team to monitor the implementation of the action
plan
Email to Project Team to communicate the financial completion
process
Outline of actions to address invoicing issue
Lessons learned report
Lessons learned – Case Study
Computer with Internet access
Access to Microsoft Office suites or similar software
Learning material
Scenario for assessment as provided
Appendices as provided
Relevant policies and procedures as provided
Templates as provided
BSBPMG533 - Manage project cost V3 2021
RTO Provider: 91153 - CRICOS Code: 02672K
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greenwichcollege.edu.au
Task summary and instructions
Re-submission
opportunities
You will be provided feedback on your performance by the Assessor.
The feedback will indicate if you have satisfactorily addressed the
requirements of each part of this task. If any parts of the task are not
satisfactorily completed, the assessor will explain why, and provide
you written feedback along with guidance on what you must
undertake to demonstrate satisfactory performance. Re-assessment
attempt(s) will be arranged at a later time and date. You have the
right to appeal the outcome of assessment decisions if you feel that
you have been dealt with unfairly or have other appropriate grounds
for an appeal. You are encouraged to consult with the assessor prior
to attempting this task if you do not understand any part of this task
or if you have any learning issues or needs that may hinder you when
attempting any part of the assessment.
Complete the following activities:
Task 3.1 Monitor and control project costs
Assume that the following has happened when executing the project; please contextualise the
scenario to reflect your project cost management plan.
A
B
C
D
Scenarios
25% timeline
The project sponsor communicated the decision to use a different supplier for one of the
costs items listed in the project budget.
This will increase the cost of that item by 5%.
Specify what cost item is affected based on your budget: <Add>
25% timeline
New software was purchased for the project by a project team member with access to the
project corporate credit card; the software was purchased for $ 464.00. Therefore, the item
was not an approved expense and was not recorded in the project budget or approved
through the change management process.
50% timeline
Due to the consequences of Covid19 on the company, the project budget is cut by 10%.
75% timeline
The project team is working additional hours due to issues with the project schedule.
This will increase the costs of human resources by 8%.
BSBPMG533 - Manage project cost V3 2021
RTO Provider: 91153 - CRICOS Code: 02672K
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Scenarios
The project sponsor has agreed to add $2,000.00 to the budget.
1. For each scenario:


Detail what cost monitoring and control procedures were applied to monitor actual expenditure
against budget.
Identify and list the variations in the project budget.
Scenario Monitoring and control
(30-50 words/scenario)
A
B
C
D
List of variations in the budget,
including % of the variation
2. For each scenario:


Determine what actions are needed to ensure cost objectives remain achievable throughout the
project life cycle. Develop an action plan for each scenario.
Explain what cost-analysis methods were used to identify the cost variations and evaluate
alternative actions to support project progress. (40-80 words)
Scenario
Key actions
2-3/scenario
Responsibility
Timeline
Resources
A
B
C
Costanalysis
methods
Explain what cost-analysis methods were used to identify the cost variations and evaluate alternative
actions to support project progress.
(40-80 words)
3. Change Request
BSBPMG533 - Manage project cost V3 2021
RTO Provider: 91153 - CRICOS Code: 02672K
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Complete a Change Request Form (Template 1) to implement one or more actions needed to address
one of the scenarios.
Template 1 -Change Request Form
Change Request – Project
Issued by
Change/s Requested
Reason for change/s
Impact on the project
Change authorised:
Yes/No
Signed:
Signed
Signed
Project Manager
Sponsor
Client
Date
Date
Date
Record
Complete the filing record below to save the project documentation in the project management record system.
Project Title:
Project Sponsor:
Project Client:
Project
Manager:
Date:
Version:
File Name:
4. Status Report
BSBPMG533 - Manage project cost V3 2021
RTO Provider: 91153 - CRICOS Code: 02672K
Page 10
greenwichcollege.edu.au

Complete a Status Report (Template 2) for the 50% and the 75% scenarios. Determine the impact
of the budget variations on the project deliverables in the status report. Add additional rows if
needed.
Template 2 -Status Report
Status Report – 50% timeline
<Add Project Name>
Prepared by:
Date:
Attention to:
Executive
summary
report
Use this section for
summary information
about the status of the
project.
Deliverable
Deliverable
Work to date
status
Planned
Status
realisation date
Use this section for
summary information
about the status of the
deliverables of the
project.
Budget status
Budget Item
Estimated Cost
Actual Cost
Variation %
Use this section for a
summary of the status
of the project’s budget
BSBPMG533 - Manage project cost V3 2021
RTO Provider: 91153 - CRICOS Code: 02672K
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Status Report – 50% timeline
Record
Complete the filing record below so that the project documentation can be saved in the project management record system.
Project Title:
Project Client:
Project Sponsor:
Project
Manager:
Date:
Version:
File Name:
Status Report – 75% timeline
<Add Project Name>
Prepared by:
Date:
Attention to:
Executive
summary
report
Use this section for
summary information
about the status of the
project.
Deliverable
Deliverable
status
Work to date
Planned
Status
realisation date
Use this section for
summary information
about the status of the
deliverables of the
project.
BSBPMG533 - Manage project cost V3 2021
RTO Provider: 91153 - CRICOS Code: 02672K
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greenwichcollege.edu.au
Status Report – 75% timeline
Budget status
Budget Item
Estimated Cost
Actual Cost
Variation %
Use this section for a
summary of the status
of the project’s budget
Record
Complete the filing record below so that the project documentation can be saved in the project management record system.
Project Title:
Project Sponsor:
Project Client:
Project
Manager:
Date:
Version:
File Name:
5. Monitoring implementation
Write an email (Template 3) to the Project Team asking them to monitor the implementation of the
agreed actions to address one of the scenarios.
The text of the email should be in grammatically correct English, written in an appropriate (polite,
business-like) style.
(50-100 words)
Template 3 -Email
Email to Project Team
To:
BSBPMG533 - Manage project cost V3 2021
RTO Provider: 91153 - CRICOS Code: 02672K
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Cc:
Bcc:
Subject:
Date email is sent:
Attachments:
Task 3.2 Complete cost-management processes
1. Financial completion process
Write an email (Template 3) to the Project Team to explain how to ensure that all tasks related to
cost-finalisation are completed (list the key tasks and outline the associated processes).
Additionally, explain how the project financial records will be documented and transferred to the
finance department.
The text of the email should be in grammatically correct English, written in an appropriate (polite,
business-like) style.
(50-100 words)
Template 3 -Email
Email to Project Team
To:
Cc:
Bcc:
Subject:
Date email is sent:
Attachments:
2. Invoicing issue
During the project reconciliation process, you have found that an invoice for a cost item is not
reflective of the quote agreed on with the supplier.
You had a quote for $ 800.00 from an electrician for a security audit and electrical inspection of the
new campus. The service supplier charged $1,000.
BSBPMG533 - Manage project cost V3 2021
RTO Provider: 91153 - CRICOS Code: 02672K
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Outline how the situation is addressed according to your project cost management and finalisation
processes.
(50-100 words)
3. Lessons Learned
Consider the scenarios addressed in Task 3.1, your planning work in Task 2.1, and the following
feedback:



Estimates were not produced in a timely manner.
Some miscommunications with the project team limited the visibility to project field activities,
causing inaccurate paper processes and inefficiencies.
A unified project cost management platform is recommended for future projects.
Review the project outcomes to determine the effectiveness of cost management in the project.
Complete a lessons learned report (Template 4).
Template 4 -Lessons Learned
Lessons Learned Report
Name of project:
Overview
A brief summary of how cost was managed, to include issues and how they were addressed. Was the project delivered within budget?
Worked well
Could have gone better
List 2-3 items
List 2-3 items
Lessons learned and suggested improvements
(40-80 words):
Record
Complete the filing record below to save the project documentation in the project management record system.
BSBPMG533 - Manage project cost V3 2021
RTO Provider: 91153 - CRICOS Code: 02672K
Page 15
greenwichcollege.edu.au
Lessons Learned Report
Project Title:
Project Sponsor:
Project Client:
Project
Manager:
Date:
Version:
File Name:
Task 3.3 Review cost-management – Case Study
Consider the Case Study you worked on in Task 2.2.
Assume that you have executed the project and collected the following feedback about project cost
management.









Changes to the budget were reactive instead of proactive, causing an increase in budget by 10%
The marketing team underestimated some project cost items when providing feedback to the
project team
The use of a shared spreadsheet for the project budget caused several errors in data entry
One of the suppliers recommended by the Marketing Manager was not on the list of the
organisation’s preferred suppliers
One invoice was not paid by the due date
Unclear responsibilities relevant to project finances between the Project Manager and the
Marketing Manager
Good monitoring procedures implemented by the Project Manager prevented more severe issues
Clear organisational policies and procedures about finance processes
Lack of project cost management knowledge in the marketing team
Review the feedback above to determine the effectiveness of cost management in the project.
Complete a lessons learned report (Template 4).
Template 4 -Lessons Learned Case Study
Lessons Learned Report
Name of project:
Overview
A brief summary of how cost was managed, to include issues and how they were addressed. Was the project delivered within budget?
BSBPMG533 - Manage project cost V3 2021
RTO Provider: 91153 - CRICOS Code: 02672K
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Lessons Learned Report
Worked well
Could have gone better
List 2-3 items
List 2-3 items
Lessons learned and suggested improvements
(40-80 words):
Record
Complete the filing record below to save the project documentation in the project management record system.
Project Title:
Project Sponsor:
Project Client:
Project
Manager:
BSBPMG533 - Manage project cost V3 2021
RTO Provider: 91153 - CRICOS Code: 02672K
Date:
Version:
File Name:
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