Chapter Name: Control project costs
Description:Control project costs: Learners monitor expenditures, track budget performance, and implement financial controls.
Purpuse:Learners will monitor expenditures, track budget performance, and ensure that financial resources are used efficiently. They will implement controls to prevent cost overruns and adjust as needed to stay within the budget.
Rational:Effective cost control keeps the project within budget and maximises value.
Chapter Assessment
Scope of Practical Skill
Key Requirement 1: Control project costs
Learners need to control the projectβs budget, monitoring costs and implementing cost-saving measures when necessary.
Assessment Questions
Assessment 1 : An understanding of the cost control process, concepts, theory, techniques, and practices is demonstrated
This assessment checks that the cost control processes, concepts, and related techniques are well understood and applied effectively.
Assessment 2 : Cost management policies and procedures are evaluated against governance criteria for completeness and practicability, gaps are identified and corrective measures motivated
This assessment ensures that the cost management policies and procedures are evaluated against governance criteria, identifying any gaps and providing corrective measures.
Assessment 3 : Recorded variance analysis, trends analysis, earned value performance reports demonstrate analytical competence and understanding
This assessment evaluates the competence in performing variance analysis, trend analysis, and earned value analysis, and understanding how these affect project performance.
Assessment 4 : The documented quality requirements are accurate and compiled in the required format
This assessment ensures that the quality requirements are properly documented and meet the necessary formatting standards.