Budgeting

1. Practical outcomeThe learner should be able to plan and conduct a proportionate review of project-controls data, processes and outputs; test evidence against stated criteria; identify material weaknesses; communicate their consequences; and verify corrective action. They should distinguish…

1. Practical outcomeThe learner should be able to turn a bounded approval into a verified revision of the affected scope, schedule, budget, progress, risk and configuration records. They should preserve previous baselines, maintain relationships between approved, forecast and as-built information,…

1. Practical outcomeThe learner should be able to recognise a potential change, record and define it, assess integrated consequences, identify the correct authority, support an approve/reject/defer decision and track implementation to verified closure. They should distinguish a changed requirement…

1. Practical outcomeThe learner should be able to connect authorised scope, time-phased budget, evidence of accomplishment and incurred cost at a common cut-off. They should calculate and interpret basic Earned Value Management measures, reconcile them to source records, distinguish cost efficiency…

1. Practical outcomeThe learner should be able to turn a project objective and a management decision into a small, coherent set of performance measures. They should define what each measure means, calculate it from controlled evidence, establish an appropriate reference and response threshold,…

1. Practical outcomeBy the end of this section, the learner should be able to establish, explain, govern and reassess cost and schedule provision for uncertainty without hiding it inside the base plan. They should be able to distinguish base budget or duration from contingency and, where the…

1. Practical outcomeBy the end of this section, the learner should be able to produce and challenge a credible cost forecast that explains what the project or package is now expected to cost, why that expectation differs from the authorised baseline or prior forecast, what commercial and delivery…

1. Practical outcomeBy the end of this section, the learner should be able to use the approved cost baseline and the reliable current cost position established in M3.3 to determine where cost performance differs from plan, explain why it differs, judge whether the movement is temporary or…

1. Practical outcomeBy the end of this section, the learner should be able to turn an approved estimate and authorised project scope into a controlled cost budget and time-phased cost baseline that can be used to plan, measure and govern project cost performance. They should be able to allocate…

1. Practical outcomeBy the end of this section, the learner should be able to turn authorised scope and available project information into a traceable cost estimate whose quantities, rates, productivity assumptions, methods, exclusions and uncertainty can be understood, challenged and reproduced.…

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