This unit describes the skills and knowledge required to identify, analyse and refine project costs to produce a budget, and to use this budget as the principal mechanism to control project cost.

It applies to individuals responsible for managing and leading a project in an organisation, business, or as a consultant.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.

Unit details

Study level:
Vocational and further education (TAFE)
Unit code:


Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each unit's learning outcomes and performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines. Students will be expected to demonstrate the following required skills: - 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, and; - record expenditure, create accurate financial reports and review cost-management processes.Students will also be expected to demonstrate the following knowledge: - 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, and; - summarise key organisational policies and procedures applicable to this role.

Where to next?

As part of a course

This unit is studied as part of the following courses. Refer to the course page for information on how to apply for the course.

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