BSBPMG514 Assessment Answer – Manage Project Cost

With the increasing scope of management professionals, Victoria University in Australia has seen in an upsurge in the students enrolled to pursue the BSBPMG514 Manage Project Cost Course. This course gives the students an in-depth knowledge of the cost management plan. As this is the rule of the education system to burden the students with assignments similarly, this course also gives tasks to the students of writing BSBPMG514 Manage Project Cost Assessment Answer.

BSBPMG514 Assessment Answer – Manage Project Cost

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Learning outcomes of BSBPMG514 Manage Project Cost Assessment Answer

After completing the BSBPMG514 Assessment you will be able to:

  • To enable the project budget to be prepared within agreed tolerances, a student will be able to estimate project costs.
  • A student will be able to develop a project budget.
  • To ensure clarity if understanding and ongoing management of project finances, a student will be able to develop a cost management pan, within delegated authority.
  • With input from stakeholders, students will be able to determine the resource requirements for individual tasks identified in the work breakdown structure.
  • To maintain financial objectives students will be able to implement and monitor agreed actions.
  • Students will be able to provide accurate and timely financial reports.
  • To identify the cost variations and evaluate alternative actions students will be able to select and use cost analysis.
  • To monitor actual expenditure against budget students will be able to implement the agreed financial management processes and procedures.
  • Students will be able to review document improvements and cost management issues.

In the BSBPMG514 Manage Project Cost Assessment students are required to prepare a cost plan that details approximately when the client will be making the payments throughout the build and what those payments will require to cover.

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There are various topics to cover in the BSBPMG514  Assessment, one of which is to determine the Project costs: with input from stakeholders and guidance from others, students have to determine the resource requirements for individual tasks identified in the work breakdown structure. And to enable the project budget to be prepared within agreed tolerances students have to estimate the project costs.
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