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Title / Apply cost management techniques to a project
Level / 4 / Credits / 5
Purpose / A project team member usually performs the functions required by this unit standard under direction of the project manager and working with other project team members.
People credited with this unit standard are able to: assist with the development of a project budget; monitor project costs; and contribute to cost finalisation process.
Classification / Business Operations and Development > Project Management
Available grade / Achieved
Explanatory notes
1Legislation relevant to this unit standard may include but is not limited to: Health and Safety in Employment Act 1992; Resource Management Act 1991; Human Rights Act 1993; Privacy Act 1993; Employment Relations Act 2000.
2To demonstrate competence in this unit standard a candidate must be able to provide evidence of contributing to the cost management of a project. This will include evidence of working with others to develop a budget for the project; monitoring expenditure within the project against the agreed budget; managing financial completion activities; and reviewing expenditure as part of the review of the project on completion and closure. This contribution may be within the candidate's own area of expertise or across several aspects of the project. Evidence may be gathered from the candidate's contribution to several simultaneous projects, or to one project over an extended period of time.
3Definitions
Organisational requirements refer to instructions to staff on policy and procedures which are documented in memo or manual format and are available in the workplace. These requirements include but are not limited to – site specific requirements and company quality management requirements.
Delegated authority means authority within established organisational framework, procedures and routines; under limited guidance and supervision; within agreed authorisation and limits; in a multi-disciplinary environment subject to frequent change.
Outcomes and evidence requirements
Outcome 1
Assist with the development of a project budget.
Evidence requirements
1.1Estimated costs for tasks and activities are determined and communicated to other parties for inclusion in the project budget in accordance with organisational requirements.
Rangeestimated costs may include – labour; project management overheads; facilities; travel and subsistence; contingency (as outcome of risk assessment); material; application and registration fees for intellectual property and patents.
Other parties may include – project manager, higher project authority, team members, project specialist, or other personnel.
1.2Costs are mapped against duration, effort, and resources allocated, and are communicated to the project manager for inclusion in the project plan, budget, and expenditure flow in accordance with organisational requirements.
1.3Contribution assists with the development of cost management strategies and processes in accordance with delegated authority and financial authorisation.
Outcome 2
Monitor project costs.
Evidence requirements
2.1Income and expenditure are monitored against the agreed project plan and budgets to facilitate cost management throughout the project life cycle.
2.2Cost management methods, techniques and tools are used to identify and report variations in the budget to higher project authority in accordance with organisational requirements.
Rangecost management methods, techniques and tools may include – measurement of actual progress against planned milestones; recording and reporting of variations; implementation of financial control mechanisms; communication with stakeholders, dispute resolution and modification procedures.
2.3Agreed actions are implemented and monitored, and progress is reported to other parties to ensure cost objectives are achieved throughout the project life cycle in accordance with organisational requirements.
Outcome 3
Contribute to cost finalisation process.
Evidence requirements
3.1Assistance is provided in the finalisation and transfer of financial assets, liabilities and records to the client or relevant operational support agency in accordance with organisational requirements.
3.2Assistance is provided in the review of project outcomes by use of project records to determine the effectiveness of initial and subsequent cost management strategies and processes in accordance with organisational requirements.
Rangeproject records may include – lists of potential costs; invoice and payment records; cost verification and validation documentation; input to cost management plans; reports to higher authority; project and/or organisation files and records; cost management lessons learned.
3.3Cost management issues and responses are reported to higher project authority for application in future projects in accordance with organisational requirements.
This unit standard is expiring. Assessment against the standard must take place by the last date for assessment set out below.
Status information and last date for assessment for superseded versions
Process / Version / Date / Last Date for AssessmentRegistration / 1 / 17 April 2009 / 31 December 2018
Rollover and Revision / 2 / 24 October 2014 / 31 December 2020
Review / 3 / 20 July 2017 / 31 December 2020
Consent and Moderation Requirements (CMR) reference / 0113
This CMR can be accessed at
Please note
Providers must be granted consent to assess against standards (accredited) by NZQA, before they can report credits from assessment against unit standards or deliver courses of study leading to that assessment.
Industry Training Organisations must be granted consent to assess against standards by NZQA before they can register credits from assessment against unit standards.
Providers and Industry Training Organisations, which have been granted consent and which are assessing against unit standards must engage with the moderation system that applies to those standards.
Requirements for consent to assess and an outline of the moderation system that applies to this standard are outlined in the Consent and Moderation Requirements (CMR). The CMR also includes useful information about special requirements for organisations wishing to develop education and training programmes, such as minimum qualifications for tutors and assessors, and special resource requirements.
NZQA National Qualifications ServicesSSB Code 130301 / New Zealand Qualifications Authority 2018 / / New Zealand Qualifications Aut