Organisation cost management procedures to be followed including roles and responsibilities Control thresholds Rules of performance measurement Reporting formats Process descriptions (these could include any two of the following and must be step by step including who is involved and when as well as a description of how this will help you monitor actual vs. budgeted expenditure). Approval processes Financial authorisations and delegated authority Communication and reporting processes Invoice procedures Organisational chart of account links (if applicable) <<<< INSERT ANSWER HERE >>>>> Element 2: Monitor and control project costs Use two cost-analysis methods and tools to demonstrate the cost variations that occurred in your project. <<<< INSERT ANSWER HERE >>>>> Provide a detailed budget performance report showing variances against baseline budget. <<<< INSERT ANSWER HERE >>>>> Provide evidence of replanning to bring project back to original budget including the reason replanning is needed and the options available to bring the project back on budget as well as the option selected. <<<< INSERT ANSWER HERE >>>>> Element 3: Complete cost-management processes Describe in detail a financial completion activity you would need to undertake at the end of the project. <<<< INSERT ANSWER HERE >>>>> Review your project performance in terms of cost management. Would your cost management processes and procedures be considered effective? Why/why not? <<<< INSERT ANSWER HERE >>>>
Organisation cost management procedures to be followed including roles and responsibilities Control thresholds Rules of performance measurement Reporting formats Process descriptions (these could include any two of the following and must be step by step including who is involved and when as well as a description of how this will help you monitor actual vs. budgeted expenditure). Approval processes Financial authorisations and delegated authority Communication and reporting processes Invoice procedures Organisational chart of account links (if applicable) <<<< INSERT ANSWER HERE >>>>> Element 2: Monitor and control project costs Use two cost-analysis methods and tools to demonstrate the cost variations that occurred in your project. <<<< INSERT ANSWER HERE >>>>> Provide a detailed budget performance report showing variances against baseline budget. <<<< INSERT ANSWER HERE >>>>> Provide evidence of replanning to bring project back to original budget including the reason replanning is needed and the options available to bring the project back on budget as well as the option selected. <<<< INSERT ANSWER HERE >>>>> Element 3: Complete cost-management processes Describe in detail a financial completion activity you would need to undertake at the end of the project. <<<< INSERT ANSWER HERE >>>>> Review your project performance in terms of cost management. Would your cost management processes and procedures be considered effective? Why/why not? <<<< INSERT ANSWER HERE >>>>