Cost Unit BSBPMG504A Manage project cost

part 1. day 2

Diploma Project Management Captain Cook College

Sharon Boyle

Discussion re Assessment Items◦ More detail around Assessment items for Cost Unit◦ Negotiate & agree date for Project management meeting

Presentation ◦ Cost management plan ◦ budget relationship to Fred’s Shed

Morning Tea Work on either cost management plan or LMS questionsLunch Discuss answers for Activities 1 & 3 – leave Written/Oral to next

week Continue working on LMS Next week

◦ EVA ◦ Variations & Closeouts◦ Project Meeting

Lesson plan18 January

No. 1.  Prepare a Cost management plan for Fred’s Shed – Mr Jones job and

include a detailed project budget.

No 2.  Analyse scenario to be provided & insert into baselined budget. Note

variances

No 3.  Provide progress report - this will include the Variance analysis from

Scope & Time Units.

No 4. Attend a Project Meeting where progress will be presented based on

progress reports prepared in Scope, Time & cost units. Each student is required to attend the meeting, play the role

requested and prepare a set of minutes.

Cost unit assessment items

Prepare a Cost management plan for Fred’s Shed – Mr Jones job and include a detailed project budget.

What is the purpose of a cost management plan?

Major components? Use scaled down template provided

Assessment Item 1. – workshopped for discussion & clarification

TABLE OF CONTENTS◦ Introduction ◦ Cost Management Approach ◦ Measuring Project Costs ◦ Reporting Format ◦ Cost Variance Response Process ◦ Cost Change Control Process ◦ Project Budget

Structure of cost management plan

A brief scenario will be provided which impacts on time & cost.

Update your budget in Assessment Item 1. Describe the impacts on the budget. Use the template but just the appropriate

sections

Assessment Item 2. – workshopped for discussion & clarification

Provide progress report - this will include the Variance analysis from Scope & Time Units.

Use the template provided

Assessment No 3.

 Provide progress report

When can we have project meeting? Each student is required to attend the

meeting, play the role requested and prepare a set of minutes.

Date & Time = Friday 25 January – 11 am Agenda will be prepared by Jamie by

Thursday 24 Jan. Everyone required to prepare minutes of

meeting

Assessment Item 4. Cost & Time

Morning Tea

Project Manager - Jamie Assistant PM - Kevin Cost controller – Jerzy Scheduler - Chas Client – Mr Jones - Dennis CEO – Fred - Sylvester Note taker - Winni

Roles available – please tell me who is doing what

Remember◦ LMS – don’t bother with Activity 2. ◦ Written/Oral for next week.

Cost management plan –◦ use structure provided or do up your own ◦ Must include budget for Fred’s shed◦ Consider EVA after next week’s lectures & video

LMS questions or Cost management plan preparation

Lunch

Activity 1.

Activity 3.

LMS

Discussion re Assessment Items◦ More detail around Assessment items for Cost Unit◦ Negotiate & agree date for Project management meeting

Presentation ◦ Cost management plan ◦ budget relationship to Fred’s Shed

Morning Tea Work on either cost management plan or LMS questionsLunch Discuss answers for Activities 1 & 3 – leave Written/Oral to next

week Continue working on LMS Next week

◦ EVA ◦ Variations & Closeouts◦ Project Meeting

Lesson plan18 January

1. Determine project costs 2. Monitor and control project costs 3. Conduct financial completion activities

Three basic elements within the Cost unit