BSB50820: Diploma of Project Management | My Assignment Tutor

i i i i i i i i i i i Overall Assessment ResultUnit of Competency:BSBPMG533: Manage Project CostCourse Code and Title:BSB50820: Diploma of Project ManagementStudent Full Name:Write your name hereStudent ID Number:Write your ID number hereClass Days, Shifts:Write your answer hereAssessment Due Date:Write the date hereAssessor Full Name:Write your name here Assessment Task 1:☐ Satisfactory☐ Not Satisfactory, needs more evidence to be satisfactoryAssessment Task 2:☐ Satisfactory☐ Not Satisfactory, needs more evidence to be satisfactoryAssessment Outcome:☐ Competent☐ Not Yet CompetentDate:Write the date hereAssessor’s Signature:Insert your signature here Feedback to the student: Provide answer hereRe-submission (details of further evidence required): Provide answer hereFollowing section is for re-submission only:Assessment Final Outcome after resubmission (if required):☐ Competent☐ Not Yet CompetentAssessor’s Signature:Insert your signature hereDate:Write the date hereThe learner signature: Confirms that I have submitted all my own work and agree with the assessment decision and feedback.Learner Signature:Insert your signature hereDate:Write the date here This Page is Intentionally Left Blank ASSESSMENT COVER SHEET Please ensure this form is fully completed (including signature) prior to submitting. Student ID NumberWrite your ID number hereClass Days, Shifts:Provide answer hereStudent NameWrite your name hereDue DateWrite the date hereCourse code & TitleBSB50820: Diploma of Project ManagementUnit of competencyBSBPMG533: Manage Project CostAssessment Task & NumberProvide answer hereSubmit format☐ Hand in to Trainer ☐ Hand in to office ☐ OnlineAssessment Delivery method:☐ Classroom ☐ Small Group ☐ One-on-oneAssessment Method:☐ Simulated Business (Bounce fitness) ☐ Learner’s Organisation- Pre-assessment meeting conducted Plagiarism Plagiarism is the act of representing as one’s own original work the creative works of another, without appropriate acknowledgement of the author or source. Collusion Collusion is the presentation by a student of an assignment as his or her own work, which is in fact the result in whole or in part of unauthorised collaboration with another person or persons. Collusion involves the cooperation of two or more students in plagiarism or other forms of academic misconduct and as such both parties are subject to disciplinary action. Plagiarism and collusion constitute cheating. Students who engages in plagiarism and collusion will receive a FAIL or Not Yet Competent (NYC) outcome. Student Declaration & acknowledgement When you submit your assessment here you are declaring that: This assessment task is my own work based on my personal study/research and not the work of another student and/or source and comply with all relevant copyright.I have acknowledged all materials and sources used to prepare this assessment taskI have not plagiarised or copied any part of this assessment task from the work of any other student or source either.This assessment task has not previously been submittedI am aware of the requirements set out in the unit outline and explained by the trainerI have kept a copy of this assessment task for my own records in the event I have to reproduce my work.I understand that if there is any doubt of the authenticity of any piece of my assessment I can be orally examined, and the signatory of evidence records may be contacted.If I am caught in plagiarism or collusion, I will accept South Sydney college (SSC) action as specified above. Students Signature: ________ Insert signature here._________ Date: Write the date here._ Assessment Results Tracking for Assessors and Administration – Refer to the marking guide for assessor’s comments ☐ SubmissionSubmitted date: Result: ☐ Satisfactory ☐ NS*☐ Re-submissionSubmitted date: Result: ☐ Satisfactory ☐ NS* Please indicate a reason for Not Yet Satisfactory (NS): (Please select) ☐ NS – after academic penalty ☐ NS – after resubmission ☐ NS – not submitted Trainer & Assessor’s Signature: ______ Insert signature here._______ Date: Write the date here. This Page is Intentionally Left Blank Student Assessment BSB50820 Diploma of Project Management Manage Project Cost BSBPMG533 These assessment materials have been customised for South Sydney College (SSC). The materials are under continuous review. The recording of changes is in version control. The product has been developed from source material copyright to the Commonwealth of Australia under creative commons license conditions. The product has been customised under the license conditions from materials © RTO Works. No responsibility is accepted by the writers and the owner for actions or outcomes resulting from information contained in this publication. This Page is Intentionally Left Blank CONTENT INTRODUCTION 8 ASSESSMENT TASK 1: KNOWLEDGE QUESTIONS 9 Questions 10 ASSESSMENT TASK 1: CHECKLIST 15 ASSESSMENT TASK 2: PROJECT PORTFOLIO 16 Activities 17 SECTION 1: DETERMINE PROJECT COSTS 18 BUDGET TEMPLATE 25 SECTION 2: MONITOR PROJECT COSTS 29 SECTION 3: COMPLETE COST MANAGEMENT PROCESSES 36 ASSESSMENT TASK 2: CHECKLIST 40 FINAL RESULTS RECORD 44 CASE STUDY – MANAGER NETWORKS 45 Manager Networks 48 Project Management Policy and Procedures 51 Project Cost Management Plan 54 Project Financial Report 55 BUDGET TEMPLATE 56 INTRODUCTION The assessment tasks for BSBPMG533: Manage Project Cost are outlined in the assessment plan below. These tasks have been designed to help you demonstrate the skills and knowledge that you have learnt during your course. Please ensure that you read the instructions provided with these tasks carefully. You should also follow the advice provided in the Student User Guide. The Student User Guide provides important information for you relating to completing assessment successfully. Assessment for This Unit BSBPMG533: Manage Project Cost 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. For you to be assessed as competent, you must successfully complete two assessment tasks: Assessment Task 1: Knowledge questions – You must answer all questions correctly.Assessment Task 2: Project – You must work through a range of activities and complete a project portfolio. ASSESSMENT TASK 1: KNOWLEDGE QUESTIONS Information for Students Knowledge questions are designed to help you demonstrate the knowledge which you have acquired during the learning phase of this unit. Ensure that you: review the advice to students regarding answering knowledge questions in the Student User Guidecomply with the due date for assessment which your assessor will provideadhere with South Sydney College’s submission guidelinesanswer all questions completely and correctlysubmit work, which is original and, where necessary, properly referencedsubmit a completed cover sheet with your workavoid sharing your answers with other students. iAssessment Information Information about how you should complete this assessment can be found in Appendix A of the Student User Guide.Refer to the appendix for information on: where this task should be completed the maximum time allowed for completing this assessment task whether or not this task is open-book. Note: You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix C of the Student User Guide. However, if South Sydney College has provided you with an assessment cover sheet, please ensure that you use that. Questions Provide answers to all of the questions below: Outline the main steps in the budgeting process for a project.   Provide your answers here Discuss why key performance indicators are used in budgeting and provide three examples of financial key performance indicators that can be used to determine the effectiveness of a budget.   Provide your answers hereExplain the use of milestones in budgeting.   Provide your answers here Explain the importance of budgetary control.   Provide your answers hereExplain the purpose of using spreadsheets for developing budgets and two key features of using spreadsheets.   Provide your answers hereExplain two methods for conducting project cost estimating and at least one advantage and disadvantage of each.   Provide your answers here Explain earned value management and its application in evaluating costs.   Provide your answers hereExplain project cost management and its application in evaluating costs.   Provide your answers hereExplain how a cost plan can assist in managing costs and its use over the project life cycle.   Provide your answers here Various methods are available for monitoring and analysing project costs. These methods are essential to the Project Manager as they provide insights into exactly where the project is, and compare to where it should be. The Project Manager must always select cost analysis tools that are relevant to the size and complexity of the project. Identify two (2) cost analysis methods and tools for identifying and evaluating cost variations, and briefly define each.   Provide your answers here Explain two processes that can be used to measure costs against project outcomes.   Provide your answers hereOutline the key role and at least four responsibilities of a project manager in relation to cost management.   Provide your answers here List three organisational policies and procedures that may apply to cost management in a project environment. Provide your answers here Complete the table by briefly explaining how each budgeting technique works. Budgeting TechniquesBriefly explain eachTraditional BudgetingProvide your answers hereZero Based BudgetingProvide your answers hereIncremental BudgetingProvide your answers hereActivity Based BudgetingProvide your answers here ASSESSMENT TASK 1: CHECKLIST Student’s name: Write your name hereDid the student provide a sufficient and clear answer that addresses the suggested answer for the following?Completed successfully?CommentsYesNoQuestion 1☐☐Write your comment/s hereQuestion 2☐☐Write your comment/s hereQuestion 3☐☐Write your comment/s hereQuestion 4☐☐Write your comment/s hereQuestion 5☐☐Write your comment/s hereQuestion 6☐☐Write your comment/s hereQuestion 7☐☐Write your comment/s hereQuestion 8☐☐Write your comment/s hereQuestion 9☐☐Write your comment/s hereQuestion 10☐☐Write your comment/s hereQuestion 11☐☐Write your comment/s hereQuestion 12☐☐Write your comment/s hereQuestion 13☐☐Write your comment/s hereQuestion 14☐☐Write your comment/s hereTask outcome:☐ Satisfactory☐ Not satisfactoryAssessor signature:Insert your signature hereAssessor name:Write your name hereDate:Write the date here ASSESSMENT TASK 2: PROJECT PORTFOLIO Information for Students In this task, you are required to demonstrate your skills and knowledge by working through a number of activities and completing and submitting a project portfolio. You will need access to: a suitable place to complete activities that replicates a business environment including a meeting space and computer and internet accessyour learning resources and other information for referenceProject Portfolio templateBudget TemplateSimulation Pack (if you need a case study). Ensure that you: review the advice to students regarding responding to written tasks in the Student User Guidecomply with the due date for assessment which your assessor will provideadhere with South Sydney College’s submission guidelinesanswer all questions completely and correctlysubmit work, which is original and, where necessary, properly referencedsubmit a completed cover sheet with your workavoid sharing your answers with other students. iAssessment InformationInformation about how you should complete this assessment can be found in Appendix A of the Student User Guide.Refer to the appendix for information on: where this task should be completed how your assessment should be submitted. Note: You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix B of the Student User Guide. However, if South Sydney College has provided you with an assessment cover sheet, please ensure that you use that. Activities Complete the following activities: Carefully read the following: This project requires you to develop and manage a project’s costs. You must manage the costs on two separate occasions across a project’s lifecycle, including responding to variations, recording expenditure and creating financial reports. You can do this for a real project at your workplace, for a project associated with a start-up business you are working on yourself or you can use the Simulation Pack provided.Vocational education and training is all about gaining and developing practical skills that are industry relevant and that can help you to succeed in your chosen career. For this reason, basing your project on real relationships with classmates or work colleagues will mean that you are applying your knowledge and skills in a relevant, practical and meaningful way!If you use your own business or workplace, you should have sufficient financial information to complete the requirements of the assessment (read through the assessment to make sure you have access to the required information). Also make sure that you have access to at least one cost-management related policy and procedure, one budget and a Work Breakdown Structure (WBS) for the project. Speak to your assessor to get approval if you want to base this on your own business. If you are basing this assessment on the case study business, read through the Simulation Pack in preparation for this assessment. All the information needed to complete this assessment is contained in the Simulation pack. You will be collecting evidence for this unit in a Project Portfolio. The steps you need to take are outlined below. Before you begin, complete page 39 of your Project Portfolio. You must describe the organisation you are basing this assessment on and provide a short description of the project for which you’ll manage the cost.iStart working on Section 1 Determine Project Cost of your Project Portfolio. Steps 2 to 5 form part of Section 1. If you are basing this assessment on the case study (Manager Networks), further information to complete the next steps is available in the Simulation Pack. If you are basing this assessment on your own business, you will need sufficient numerical information to estimate costs, develop a budget and create a Cost Management Plan. For notes taking SECTION 1: DETERMINE PROJECT COSTS Summarise important cost management information for the project using the table below. Financial objectives of the project: Provide your answers here Role and responsibilities assumed in the project: Provide your answers here Relevant budget information: Provide your answers here Cost management policies and procedures summary: Provide your answers here Tasks and activities (WBS) Provide your answers hereSummarise the outcomes of your meeting with the team members to discuss and agree on the project cost management details, using the table below. Note: If not already viewed in person by your assessor, attach proof of your meeting to this section of your portfolio. Who did you meet with?Provide your answers hereWhat are the agreed actions required to maintain the financial objectives?Provide your answers hereWhat are the resources required for each task in the WBS, and the agreed maximum costs?Provide your answers hereWhat are the agreed maximum project costs for required resources?Provide your answers hereDescribe the agreed processes and procedures for monitoring actual expenditure against the budget: These must include the ongoing recording of income and expenses.Provide your answers here Estimate costs and develop a budget. Use the table below to plan your budget and then use a digital application to record the cost estimates and budget (you may use the Budget Template, or any other application preferred by your business). Note: Attach your estimated costs and budget spreadsheet/workbook/document to this section of your portfolio. Internet research on resource and activity costs. What are the estimated costs of the required resources, based on internet research? Include links showing your information sources.Provide your answers hereInput from an external stakeholder Which external stakeholder have you consulted to obtain information regarding resource/activity costs? How did you seek their guidance and input? Attach proof of how you sought guidance e.g. request for a quote etc.Provide your answers hereOther pre-existing information: What pre-existing information is available that may inform the project budget?Provide your answers hereEstimation calculations using an appropriate method. Provide an example of how you used an appropriate estimation calculation technique. If you are using the case study, the organisation’s policy and procedures stipulate that cost estimates should be made using a bottom-up estimating technique.Provide your answers here Use the work you’ve done in this assessment so far to develop a Cost Management Plan (you may use the template in the Simulation Pack, or any other template used by your business). Note: Attach your Cost Management Plan to this section of your portfolio. Provide your answers here Attach:Proof of team meeting☐Proof of external stakeholder consultation☐Estimated cost and budget☐Cost Management Plan☐ Summarise important cost management information Summarise any information that relates to: the financial objectives of the project your role in the project (including the responsibilities) organisation’s budget (or any other budget relevant to the project) cost management (e.g. monitoring actual expenditure against the budget, financial completion of project, estimating techniques, budget tolerances etc.) the project task and its activities (including the Work Breakdown structure (WBS).iMake sure you review at least one policy and procedure relating to cost management. You must also review a budget. For notes taking Meet with your project team members to discuss and agree on the project cost management details Meet with at least two project team members. At the meeting: discuss the financial objectives of the project and agree on actions required to maintain these objectives. identify the resources required for each task in the WBS. agree on the maximum project costs for required resources discuss processes and procedures for monitoring actual expenditure during the project lifecycle against the budget (these must include details about the ongoing recording of income and expenses as well as timely, accurate financial reporting).iTake notes at the meeting, as you will use the agreed outcomes of the meeting throughout your assessment. Each meeting should take 30 minutes. This will either be attended in person by your assessor or they will attend online. If you are in the workplace, you may like to video record the session for your assessor to watch later (attach proof to Section 1 of your portfolio). Your assessor can provide you with more details at this step. Make sure you follow the instructions above and meet the timeframes allocated.During the meeting, you will need to demonstrate effective communication skills including: speaking clearly and concisely using an appropriate tone and the correct syntax asking questions to identify required information and understand the views of others using active listening techniques to confirm understanding. selecting appropriate conventions and protocols (e.g. formal greeting, handshake etc.). For notes taking Develop a budget First estimate the costs associated with the required resources for each task/activity in the WBS (identified at your team meeting). Then use your estimated costs to develop a budget for the project.iUse an appropriate estimation technique to estimate project costs (if you are using the case study, the organisation’s policy and procedures stipulate that cost estimates should be made using a bottom-up estimating technique). Your budgeted amounts should not exceed the maximum resource costs agreed on at your meeting. Information should be obtained from a variety of sources: use the internet to research resource and activity costs. seek input from an external stakeholder (e.g. email a consultant for information, request a quote from a supplier etc.) use existing information (e.g. previous budget) to obtain information on resource and activity costs. Use a digital technology application (e.g. MS Excel) to record your cost estimates and develop your budget. You may use the MS Excel template provided (Budget Template), or any other appropriate application used by your business. You will use this same workbook later on in this assessment to monitor project costs (step 6). For notes taking BUDGET TEMPLATE Project Cost Estimates ResourceEstimated CostMaximum Allowed CostQuoted Amount1Provide your answers here$ –$ –$ –2Provide your answers here$ –$ –$ –3Provide your answers here$ –$ –$ –4Provide your answers here$ –$ –$ –5Provide your answers here$ –$ –$ –6Provide your answers here$ –$ –$ –7Provide your answers here$ –$ –$ –8Provide your answers here$ –$ –$ –9Provide your answers here$ –$ –$ –10Provide your answers here$ –$ –$ –Total$ –$ –$ – Project Budget IncomeForecast IncomeActual IncomeVarianceProvide your answers here$ –$ –$ –Provide your answers here$ –$ –$ –Provide your answers here$ –$ –$ –Provide your answers here$ –$ –$ –Provide your answers here$ –$ –$ –Total Income$ –$ –$ –  ExpensesEstimated CostActual CostVariance1Provide your answers here$ –$ –$ –2Provide your answers here$ –$ –$ –3Provide your answers here$ –$ –$ –4Provide your answers here$ –$ –$ –5Provide your answers here$ –$ –$ –6Provide your answers here$ –$ –$ –7Provide your answers here$ –$ –$ –8Provide your answers here$ –$ –$ –9Provide your answers here$ –$ –$ –10Provide your answers here$ –$ –$ –Total Expenses$ –$ –$ –NET PROFIT$ –$ –$ – Develop a Cost Management Plan Use the information you’ve gathered and developed in this assessment so far to develop a Cost Management Plan that includes: a brief introduction financial objectives of the project actions required to maintain financial objectives identify the resources required estimated and maximum project costs for required resources processes and procedures for monitoring actual expenditure against the budget (these processes must include the recording of actual expenses) potential causes for increased costs cost control procedures (variation rates and approval requirements).iYou may use the template provided in the Simulation Pack, or any other relevant template. Your plan should only include information that falls within the scope of your role and responsibilities (you’ve already defined these in step 2). The text of your plan should be in grammatically correct English, written in an appropriate (polite, business-like) style.Make sure you have answered all questions in Section 1. You are required to attach certain documents as part of your evidence – review the documents you need to attach as outlined in Section 1 of the Project Portfolio. Submit Section 1 to your assessor.iStart working on Section 2 Monitor project costs of your Project Portfolio. Steps 6 to 8 form part of Section 2. Assume that a short period of time has passed, and the project has commenced (but has not yet been completed). If you are basing this assessment on Manager Networks, further information to complete the next steps is available in the Simulation Pack. Assume that one month has passed. If you are basing this assessment on your own business or workplace, you should have sufficient financial information available about actual costs of the project to date. The costs should indicate at least one variance requiring action. For notes taking SECTION 2: MONITOR PROJECT COSTS In this section, you will provide proof of how you’ve monitored project costs and reviewed cost-management processes on two separate occasions. Occasion 1: When did you monitor the project costs?Record any actual costs using the processes and procedures outlined in your Cost Management Plan.If you previously used the Budget Template, add the necessary information in the relevant spreadsheet using the same MS Excel workbook. Otherwise, use the processes and procedures of your specific organisation. You will still add more information related to this monitoring activity to your cost/budget workbook. You will attach proof further along once all adjustments have been made. Provide your answers hereIdentify any cost variations.Provide your answers hereIdentify alternatives for adjusting resources and the budget to address the variations (at least two):Provide your answers hereEvaluate the alternatives to choose the best action (to ensure financial objectives are met).Provide your answers hereImplement the chosen action by updating your budget.Attach proof of your recorded actual expenditure to this section of your portfolio. Attach your updated budget to this section of your project portfolio. Change the version number of your cost estimate and budget workbook.Review the cost management processes of the project so far. What have you done well? How can you improve?Provide your answers hereWrite a financial report that includes: a summary of the finances to date. current expenditure details variations and actions taken to address the variation a review of the cost management processes to date.You may use the template provided in the Simulation Pack, or any other relevant template. Attach your report to this section of your portfolio. Provide your answers hereDraft an email to a relevant stakeholder to share the report with them.Attach your draft email to this section of your portfolio. In your email, include general information about the report (e.g. what it is, how it can be accessed such as a link to the cloud-based storage location or a reference to an attachment, any action required by the stakeholder). Provide your answers here Occasion 2: When did you monitor the project costs?Record any actual costs using the processes and procedures outlined in your Cost Management Plan.If you previously used the Budget Template, add the necessary information in the relevant spreadsheet using the same MS Excel workbook. Otherwise, use the processes and procedures of your specific organisation. You will still add more information related to this monitoring activity to your cost/budget workbook. You will attach proof further along once all adjustments have been made. Provide your answers hereIdentify any cost variations.Provide your answers hereIdentify alternatives for adjusting resources and the budget to address the variations (at least two):Provide your answers hereEvaluate the alternatives to choose the best action (to ensure financial objectives are met).Provide your answers hereImplement the chosen action by updating your budget.Attach proof of your recorded actual expenditure to this section of your portfolio. Attach your updated budget to this section of your project portfolio. Change the version number of your cost estimate and budget workbook. Provide your answers hereReview the cost management processes of the project so far. What have you done well? How can you improve?Provide your answers hereWrite a financial report that includes: a summary of the finances to date. current expenditure details variations and actions taken to address the variation a review of the cost management processes to date.You may use the template provided in the Simulation Pack, or any other relevant template. Attach your report to this section of your portfolio. Provide your answers hereDraft an email to a relevant stakeholder to share the report with them.Attach your draft email to this section of your portfolio. In your email, include general information about the report (e.g. what it is, how it can be accessed such as a link to the cloud-based storage location or a reference to an attachment, any action required by the stakeholder). Provide your answers here Attach:Occasion 1: Proof of recorded actual expenditure.☐Occasion 1: Updated budget☐Occasion 1: Financial report☐Occasion 1: Draft email☐Occasion 2: Proof of recorded actual expenditure.☐Occasion 2: Updated budget☐Occasion 2: Financial report☐Occasion 2: Draft email☐ Monitor the project costs (early on in the Project life cycle) and take any necessary action First record any actual costs to your budget using the processes and procedures outlined in your Cost Management Plan. Then use the recorded information to identify any cost variations. For at least one variation: identify at least two alternatives where resources and budget can be adjusted to accommodate the variation evaluate the alternatives implement the best way forward (by updating your budget). Review the cost management processes followed by your team to date.iIf you previously used the Budget Template, add the necessary information in the relevant spreadsheet using the same MS Excel workbook. Otherwise, use the processes and procedures of your specific organisation. Make sure your actions match those outlined in your Cost Management Plan. Assume you have permission to implement the budget and resource changes. Change the version number of your cost estimate and budget workbook. For notes taking Provide an interim financial report to an appropriate stakeholder Write a financial report that includes: a summary of the finances to date. current expenditure details variations and actions taken to address the variation a review of the cost management processes to date.Draft an email to the stakeholder to share the report with them. In your email, include general information about the report (e.g. what it is, how it can be accessed such as a link to the cloud-based storage location or a reference to an attachment, any action required by the stakeholder).iYou may use the template provided in the Simulation Pack for your report, or any other relevant template as per your organisation’s requirements. The text of your report and draft email should be in grammatically correct English, written in an appropriate (polite, business-like) style.Assume that a further period of time has passed, and the project has commenced (but has not yet been completed). If you are basing this assessment on Manager Networks, further information to complete the next steps is available in the Simulation Pack. Assume that three months has passed. If you are basing this assessment on your own business or workplace, you should have sufficient financial information available about actual costs of the project. The costs should indicate at least one variance requiring action. For notes taking Repeat steps 6 and 7 for the later time period Use the additional financial information from the Simulation Pack or your business to repeat steps 6 and 7 at a later period of time (before the project is completed).Make sure you have answered all questions in Section 2. You are required to attach certain documents as part of your evidence – review the documents you need to attach as outlined in Section 2 of the Project Portfolio. Submit Section 2 to your assessor. Assessor: see Project Portfolio Assessor Section 2 for guidance with marking. Provide feedback and if necessary, ask the student to make adjustments and resubmit their work.iStart working on Section 3 Complete cost management processes of your Project Portfolio. Step 9 forms part of Section 3. Assume that the project has now been completed. If you are basing this assessment on Manager Networks, further information to complete the next steps is available in the Simulation Pack. If you are basing this assessment on your own business or workplace, you should have sufficient financial information available about actual costs of the project. For notes taking SECTION 3: COMPLETE COST MANAGEMENT PROCESSES Complete the table below to complete and review your cost management processes: Record any final income/expenses to your budget.Attach your final updated budget to this section of your project portfolio. (Change the version number). Provide your answers hereSummarise project outcomes.Provide your answers hereIdentify any cost management issues over the project’s life cycle (at least one).Provide your answers hereMake recommendations for future improvements (at least three). How can you improve on the processes followed to complete Section 1? How can you improve on processes followed to complete Section 2?Provide your answers here Attach:Updated final budget☐ Review the cost management processes First record any final income/expenses to your budget, then review your financial reports (prepared in steps 7 and 8). Use the recorded information to: summarise the project outcomes identify any cost management issues over the project’s life cycle (at least one) make recommendations for future improvements (at least three). For notes taking Submit your completed Project Portfolio Make sure you have completed all sections of your Project Portfolio, answered all questions, provided enough detail as indicated and proofread for spelling and grammar as necessary. Submit to your assessor for marking. Student name:Write your name hereAssessor:Write your name hereDate:Write the date hereBusiness this assessment is based on:Provide your answers hereProject description:Provide your answers here ASSESSMENT TASK 2: CHECKLIST Student’s name: Write your name hereDid the student:Completed successfully?CommentsYesNoSummarise important cost management information, including: the financial objectives of the project your role in the project (including the responsibilities) organisation’s budget (or any other budget relevant to the project) cost management (policies and procedures) the project task and its activities (including the Work Breakdown structure (WBS)h?☐☐Write your comment/s hereMeet with at least two project team members to: discuss the financial objectives of the project and agree on actions required to maintain these objectives identify the resources required for each task in the WBS agree on the maximum project costs for required resources discuss and agree on processes and procedures for monitoring actual expenditure during the project lifecycle against the budget (including details about the ongoing recording of income and expenses as well as timely, accurate financial reporting)?☐☐Write your comment/s hereDevelop a cost estimate for resources by: estimating costs using an appropriate technique using the internet to research resource and activity costs. seeking input from an external stakeholder using exiting information (e.g. previous budget) to obtain information on resource and activity costs using a digital technology application to record cost estimates?☐☐Write your comment/s hereDevelop a budget using a digital technology application?☐☐Write your comment/s hereDevelop a Cost Management Plan that includes: a brief introduction financial objectives of the project actions required to maintain financial objectives identify the resources required estimated and maximum project costs for required resources processes and procedures for monitoring actual expenditure against the budget (these processes must include the recording of actual expenses) potential causes for increased costs cost control procedures (variation rates and approval requirements)?☐☐Write your comment/s hereMonitor project costs and review cost management processes on two occasions by: recording actual expenditure identifying variations identifying at least two alternatives where resources and budget can be adjusted to accommodate at least one variation evaluating the alternatives implementing he best way forward (by updating their budget) reviewing the cost management processes followed by their team at the time of monitoring?☐☐Write your comment/s hereWrite a financial report (on two occasions following the monitoring) that includes: a summary of the finances to date. current expenditure details variations and actions taken to address the variation a review of the cost management processes to date.☐☐Write your comment/s hereDraft an email (one separate occasion for each report) to a stakeholder to share the report with them?☐☐Write your comment/s hereReview the cost management processes by: recording any final income/expenses summarising the project outcomes identifying any cost management issues over the project’s life cycle (at least one) making recommendations for future improvements (at least three)?☐☐Write your comment/s hereDemonstrate effective oral communication including: speaking clearly and concisely using an appropriate tone and the correct syntax asking questions to identify required information responding to questions as required using active listening techniques to confirm understanding?☐☐Write your comment/s hereTask outcome:☐ Satisfactory☐ Not satisfactoryAssessor signature:Insert your signature hereAssessor name:Write your name hereDate:Write the date here FINAL RESULTS RECORD Student name:Write your name hereAssessor name:Write your name hereDateWrite the date here Final Assessment Results TaskTypeResultSatisfactoryUnsatisfactoryDid not submitAssessment Task 1Knowledge questionsSUDNSAssessment Task 2Project portfolioSUDNSOverall unit resultsCNYC Feedback Provide your feedback here ☐ My performance in this unit has been discussed and explained to me. ☐ I would like to appeal this assessment decision. Student signature: ________ Insert signature here. _________ Date: Write the date here. ☐ I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures. Assessor signature: ________ Insert signature here. _________ Date: Write the date here. CASE STUDY – MANAGER NETWORKS Manager Networks is an organisation that provides networking events for businesspeople across Australia. It also runs an annual conference event focussing on an area of business considered to be of key importance. Each year, it is hoped that the conference will: provide information on cutting edge leadership topics that focus on leadership skills, knowledge and trendspromote Management Networks, as well as providing professional development for its clients. You are the newly appointed Administration Manager for Manager Networks. You have been asked to coordinate the conference project as the Project Officer, including managing the project costs and making sure the budget is met and adhered to. Your project team will include: Donna Chisholm, who is the co-ordinator of the Manager Networks’ trainersDan Streep, the Administration Assistant has had experience with the ground level work required for a conference.Erin O’Donnell, the Manager Networks Marketing Manager, will co-ordinate the marketing material. Information Relevant to Section 1 of the Project Portfolio The CFO (Edith Partridge) has set a net profit target of $200,000. All expenses should be accounted for at the completion of the project. To help you get started, she also provided the conference budget information from the previous year. The CFO is aware that costs associated with running a conference have increased significantly due to the COVID-19 pandemic and has suggested that this budget is only used as a guide. She expects a similar income as that of the previous year. Expenses Income Venue  $50,000 Registration fees – individuals $100,000 Catering $20,000 Registration fees – companies $100,000 Speaker fees $10,000 Sponsorship: Gold $50,000 Speakers travel $4,520 Sponsorship: Silver $45,000 Publicity $7,250 Sponsorship: Bronze $100,000 Courier $1,595   Entertainers $6,400   Printing $3,500   TOTAL 103,265 TOTAL $395,000  You are required to report back to the CFO on a monthly basis, providing a financial report to show the project’s progress. Information Relevant to Section 2 of the Project Portfolio The project commenced 1 month ago. All the team members are enthusiastic and fortnightly meetings have taken place. You are satisfied that at this early stage, the planned processes and procedures are being followed. At a recent team meeting, you received the following preliminary information: Registration software quotes show best option to be $5,500. The full amount has been paid for.A deposit of $3000 has been paid for equipment hire (quoted amount $23,000).Marketing has commenced, with $4000 already having been spent (marketing and entertainment quotes have been received to total $10000.The venue that meets all requirements has been confirmed and a deposit of $15000 paid. The quote received was $82,000.Staff costs to date are $2000. After another 2 months passed, the following information was discussed at a team meeting: Catering quotes have been analysed and a quote for $16000 has been accepted. Half the amount has been paid.Speakers have been confirmed – After some negotiation, fees will total $16000.Speaker’s travel arrangements have been made and a total of $8000 has been paid. The Administration Manager (Project Officer) has noticed that the initial enthusiasm has died down. Not all quotes have been accounted for (as planned) and some team members are slow in responding to emails and update requests. This means the administration manager cannot update and report back to the CFO as accurately as possible. Information Relevant to Section 3 of the Project portfolio All costs have been paid. Income for the conference was as follows: Actual Income:Registration fees – individuals $110,000 Registration fees – companies $95,000 Sponsorship: Gold $50,000 Sponsorship: Silver $47,000 Sponsorship: Bronze $93,000  All expenses have been paid for, as quoted. The following additional amounts were paid: $4000 for printing$2000 for courier costs The conference took place as planned. As the time for the conference grew closer, the team re-engaged and put in an outstanding effort. However, when asked for feedback, a few team members requested that they too have visibility of the budget and that costs are represented graphically for them to understand and interpret quickly. Manager Networks Conference Plan Brief   The following information reflects notes from the Senior Management Team about the proposed conference.  Conference Purpose, Style and Outcomes  Purpose of the conference: to provide a conference that focuses on leadership skills, knowledge and trends.  Desired outcomes: promote Management Networks, provide professional development for members.  Conference theme: cutting edge leadership topics Conference style: formal with a balance of conference elements to ensure that outcomes are achieved. Conference is to be a one-day event and include at least one key-note speaker, four sessions and breaks. Timing is 9 am to 4 pm.  Venue  Conference facilities: requires a centrally located venue in Brisbane that has a conference room that can accommodate up to 150 people. Also want to accommodate staff and speakers there so will need to be rooms for speakers either within the conference venue or in nearby hotels. Accommodation for approximately 20 people.  Venues must be able to provide required conference equipment. Need to be able to access audio-visual equipment including microphones, projectors and screens for projecting. Also need lecterns and an electronic whiteboard. Conference catering should be on-site and include a high-quality morning tea, lunch and afternoon tea.  Use a web site such as https://www.ivvy.com/ to calculate price   Draft Conference Program  The conference program must include key sessions with timing included based on the timing advised in the meeting plus the number of speakers.   The program must also reflect, as required, a balance of conference elements e.g. networking sessions mixed with formal sessions. Frequent breaks.   Recommended Speakers  Speakers: should be well-known. Focus on Australian speakers with maximum one international speaker. Arrange 5 speakers, fees to be paid – $2,000 per speakers plus travel costs depending on their location.   Participant Profile  Target participant group is managers in all industries.    Proposed Budget Allocation and Timeline  Budget: Projected numbers will be 150 people and want to make at least 50% profit after costs. Registration costs should be determined based on this. The student will need to develop a preliminary budget based on estimated costs and proposed registration fees. This will include identifying all the possible expense and estimated costs and then calculating the registration fee required to make at least 50% profit. Budget variances of up to 5% can be accommodated but must be reported.  Timelines: conference to be conducted six months from day of meeting.  Conference timing: not during school holidays or on weekends.   Conference Action Plan (Work Breakdown Structure)   TaskWhenWhoVenue  Get quotes  Decide venue  Book venue and equipment   Arrange catering  Six months prior to conference Project Officer Speakers   Decide topics  Identify speakers  Arrange speakers  Brief speakers Six months prior to conference  Project Officer Marketing  Decide marketing communication strategies  Develop promotional materials   Implement marketing communications Commencing on finalisation of venue and speakers  Project Officer Registration  Prepare conference materials  Create registration process  Process registrations Two months prior to the conference Project Officer  Promotion  Advertising: Mass media advertising (such as broadcast and print media). High cost and impersonal but may result in high attendance.  Digital marketing communication: for example, social media channels (such as Facebook, Twitter, YouTube and LinkedIn) together with search engine advertising (SEA) and organisation-sponsored websites. Interactive source of marketing that can be highly effective.  Direct marketing using several types of media, for example, email marketing to reach consumers and encourage them to purchase or take some form of immediate response.  Using database marketing to promote the conference to existing customers. Sales promotion, for example, using price reductions, contests or sweepstakes to encourage consumers to attend.  Sponsorship marketing through associating with a charity for example. Promotes a feel-good factor.  Using marketing public relations as a low-cost option as the company does not pay for media time or space as free print space or broadcast. Time is provided because journalists consider the information pertinent and newsworthy for their audiences. In this way MPR can also be seen as credible and unbiased, as it is not paid for.   Registration  Each attendee must register separately. Early/author registration payments must be received by DATE, for the early registration fees to apply.  If payment is not received by this deadline, no early bird payment is due. On the day print the official confirmation of registration e-mail and bring it with you to the on-site registration desk.  Project Management Policy and Procedures Purpose Manager Networks adopts a standard approach to project management to ensure the consistent success of their projects. This policy and procedures are designed to specify the requirements for managing projects to ensure that project scope is articulated, stakeholders are involved, costs and risks are managed, and project benefits are maximized. These policy and procedures apply to all projects. Types of Project Generally, there are three types of project: small project, medium project and large project. A small project is defined as a project that has a budget of less than $25,000 and expected duration of less than 8 weeks. A medium project is defined as a project that has a budget of between $25,001 – $100,000 and expected duration of between 8 – 16 weeks. A large project is defined as a project that has a budget of between $100,001 – $200,000 and expected duration of between 4 – 12 months. In each of the above cases the following staff are to be involved. Small Project: Project Manager/OfficerProject team member (at least 1 selected from suitable staff) Medium Project: Project Manager/OfficerProject team member (at least 1 selected from suitable staff)CFO or Operations Manager (as approver of all decisions) Large Project: Project Manager/OfficerProject team members (at least 2 selected from suitable staff)CFO Project staff will vary depending on the type of project. Project Phases All projects should progress through the following project phases. Stage One Stage one of the project management process is triggered when the organisation identifies the need to solve a problem, improve a process or implement a new service. It defines what the project will attempt to achieve based on appropriate business justification. Key tasks involved in this phase will be the preparation of project initiation documentation being the project charter and that includes: Overall outline of projectRelationship between project and organisational strategies/goalsProposed project objectives, outcomes and benefitsProposed project governanceProposed size of the project including budget and staffing. Bottom-up estimation techniques should be used for cost estimations. Stage Two The purpose of this phase is to determine how the project will be executed. This means developing a project management plan based on the project charter. Essentially the preparation of a detailed model of the work required to achieve the project objectives is required and confirmation of the budget and project arrangements suggested in the project charter. Risks are also defined and documented in a risk management plan. A detailed schedule is also prepared. Stage Three The purpose of this phase is to implement the project. Regular reports of the progress of the project should be provided to relevant staff, as well as regular meetings as outlined in the project management plan. Stage Four This is the final phase of the project and is the formal closure of the delivery component of the project. It has two main outcomes: The handover of project outputs to the operational areas responsible for ongoing support and maintenance (if applicable to the project); andThe evaluation of the success of the project The evaluation of the success of the project is important part of the project. The actual project outcomes and cost must be compared with the planned outcomes and determine whether what was achieved by the project was worth the amount invested. Project recommendations to be included in project evaluation report should include a recommendation to close project. All project issues arising must be documented in the project issues register. Project Communication It is expected that the project team meet at least fortnightly, depending on the size of the project. Records of every meeting must be kept. Regular reports must also be sent to senior management and/or the project steering committee regarding project progress. A closure report must be written by the Project Manager within three months of the project’s completion. This report is to be sent to the CFO. All project information must be checked by the Project Manager thoroughly to ensure the quality and accuracy of all project data. Once the project is completed, all project information and communication must be stored in the folder Project Information and Communication for each project. Program Communication A program is a set of interrelated projects, each of which has a project manager. ‘Multiple projects’, or ‘a program of projects’, refers to a number of related projects managed by the same person as a program to achieve organisational objective/s. Program Managers manage a suite of projects, which together constitute a program. The purpose of establishing a program and appointing a Program Manager is to ensure that all projects are mutually beneficial for each other. A Program Communication Plan should be developed to identify stakeholders, their differing interests and engagement methods depending on their communication needs. Project Record Keeping A project folder is to be established for each project. The overall folder should be the name of the project e.g. Human Resources Information System Project and sub-folders should be created including folders for the business case, project management plan, project reports, minutes and any other relevant folders e.g. briefs to contractors. All documents should include the title of document and the date when it was saved. Project Cost Management Plan Introduction Outline the purpose of the cost management plan in relation to the project. Financial Objectives Include the financial objectives of the project and any actions required to maintain the financial objectives. Resource Requirements and Cost Summarise the major resources requirements, including the estimated and maximum allowable costs. Processes and Procedures for Monitoring Actual Expenditure Against the Budget Describe the processes for monitoring the actual expenditure (include recording of expenses). Potential Causes of Increases in Costs Describe at least three factors that need to be considered that would increase costs Project Cost Control Procedures Describe cost control management processes that will be followed. Complete the table below to show allowable variations in costs and approval requirements. Project Financial Report Project:Provide your answers hereDate:Provide the date hereSummary of finances to date: Summarise the financial situation for the project to date.Provide your answers hereCurrent expenditure: Summarise the costs to date.Provide your answers hereVariations: Summarise the variations to estimated costs and explain how you addressed the variation.Provide your answers hereCost management processes review: Review the cost management processes followed to date. What have you done well? How can you improve?Provide your answers here BUDGET TEMPLATE Project Cost Estimates ResourceEstimated CostMaximum Allowed CostQuoted Amount1Provide your answers here$ –$ –$ –2Provide your answers here$ –$ –$ –3Provide your answers here$ –$ –$ –4Provide your answers here$ –$ –$ –5Provide your answers here$ –$ –$ –6Provide your answers here$ –$ –$ –7Provide your answers here$ –$ –$ –8Provide your answers here$ –$ –$ –9Provide your answers here$ –$ –$ –10Provide your answers here$ –$ –$ –Total$ –$ –$ – Project Budget IncomeForecast IncomeActual IncomeVarianceProvide your answers here$ –$ –$ –Provide your answers here$ –$ –$ –Provide your answers here$ –$ –$ –Provide your answers here$ –$ –$ –Provide your answers here$ –$ –$ –Total Income$ –$ –$ –  ExpensesEstimated CostActual CostVariance1Provide your answers here$ –$ –$ –2Provide your answers here$ –$ –$ –3Provide your answers here$ –$ –$ –4Provide your answers here$ –$ –$ –5Provide your answers here$ –$ –$ –6Provide your answers here$ –$ –$ –7Provide your answers here$ –$ –$ –8Provide your answers here$ –$ –$ –9Provide your answers here$ –$ –$ –10Provide your answers here$ –$ –$ –Total Expenses$ –$ –$ –NET PROFIT$ –$ –$ – =================== END OF ASSESSMENT SUBMIT YOUR WORK AS INSTRUCTED MAKE SURE THE COVER PAGE IS SIGNED AND SUBMITTED

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