General Information
Technical decision-making in a projectised organisation is typically driven by an analysis of time, money and human resources. This subject explores how costs are managed from the initiation phase of a project or program until its closure phase. Topics covered include estimating techniques, direct and indirect costs, budgeting, cost planning, earned value, and financing. Successful outcomes can occur when value for money is realised.
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Details
Academic unit: Faculty of Society & Design Subject code: SSUD12-111 Subject title: Project Cost Management Subject level: Undergraduate Semester/Year: September 2023 Credit points: 10.000 -
Delivery & attendance
Timetable: https://bond.edu.au/timetable Delivery mode: Standard Workload items: - Seminar: x12 (Total hours: 36) - Weekly Seminar
- Personal Study Hours: x12 (Total hours: 84) - Recommended Study
Attendance and learning activities: Attendance each week is necessary to get the best from this subject. It may be difficult to recover if you miss a week. Attendance at each class may be monitored and non-attendance may impact the final mark in this subject. A shared case study is used between this subject and several other related subjects. -
Resources
Prescribed resources: Books
- Hartley, S. (2018). Project management: a practical guide to planning and managing projects. Edition 4, London (Additional readings such as journal papers will be provided via iLearn or in class) Routledge
Others
- LinkedIn Learning Project management foundations.
- LinkedIn Learning Project management foundations: budgets.
iLearn@Bond & Email: iLearn@Bond is the Learning Management System at Bond University and is used to provide access to subject materials, class recordings and detailed subject information regarding the subject curriculum, assessment, and timing. Both iLearn and the Student Email facility are used to provide important subject notifications.
Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student.
To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au
| Academic unit: | Faculty of Society & Design |
|---|---|
| Subject code: | SSUD12-111 |
| Subject title: | Project Cost Management |
| Subject level: | Undergraduate |
| Semester/Year: | September 2023 |
| Credit points: | 10.000 |
| Timetable: | https://bond.edu.au/timetable |
|---|---|
| Delivery mode: | Standard |
| Workload items: |
|
| Attendance and learning activities: | Attendance each week is necessary to get the best from this subject. It may be difficult to recover if you miss a week. Attendance at each class may be monitored and non-attendance may impact the final mark in this subject. A shared case study is used between this subject and several other related subjects. |
| Prescribed resources: | Books
Others
|
|---|---|
| iLearn@Bond & Email: | iLearn@Bond is the Learning Management System at Bond University and is used to provide access to subject materials, class recordings and detailed subject information regarding the subject curriculum, assessment, and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student. To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au |
Enrolment requirements
| Requisites: |
Nil |
|---|---|
| Assumed knowledge: |
Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge.
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| Restrictions: |
Nil |
Assurance of learning
Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.
At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.
Program Learning Outcomes (PLOs)
Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.
Subject Learning Outcomes (SLOs)
On successful completion of this subject the learner will be able to:
- Practice knowledge needed for effective project cost management on an authentic case study
- Produce a cash flow and use it to develop a means for managing performance
- Demonstrate an ability to prepare a progress payment/claim as a basis for technical decision-making
- Apply new knowledge and skills required for solving problems related to project cost management
Generative Artificial Intelligence in Assessment
The University acknowledges that Generative Artificial Intelligence (Gen-AI) tools are an important facet of contemporary life. Their use in assessment is considered in line with students’ development of the skills and knowledge which demonstrate learning outcomes and underpin study and career success. Instructions on the use of Gen-AI are given for each assessment task; it is your responsibility to adhere to these instructions.
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Assessment details
Type Task % Timing* Outcomes assessed Computer-Aided Examination (Closed) Formal examination 50.00% Final Examination Period 4 Technical Document§ Cash flow: This is the first team assignment to prepare a preliminary cash flow for the entire case study project. You need to find one or two other students to work with. Each team member shares the same mark regardless of their contribution. However, if you are not performing as expected, your remaining team members can agree that you are no longer part of the team and you will need to complete that particular assignment on your own. 25.00% Week 5 1,2 Technical Document§ Progress payment/claim: You will be working within the same group in assignment 1. Each team member shares the same mark regardless of their contribution. However, if you are not performing as expected, your remaining team members can agree that you are no longer part of the team and you will need to complete that particular assignment on your own. 25.00% Week 10 1,3 - § Indicates group/teamwork-based assessment
- * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
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Assessment criteria
Assessment criteria
High Distinction 85-100 Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking. Distinction 75-84 Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas. Credit 65-74 Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above. Pass 50-64 Usually awarded to students whose performance meets the requirements set for work provided for assessment. Fail 0-49 Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines. Quality assurance
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
| Type | Task | % | Timing* | Outcomes assessed |
|---|---|---|---|---|
| Computer-Aided Examination (Closed) | Formal examination | 50.00% | Final Examination Period | 4 |
| Technical Document§ | Cash flow: This is the first team assignment to prepare a preliminary cash flow for the entire case study project. You need to find one or two other students to work with. Each team member shares the same mark regardless of their contribution. However, if you are not performing as expected, your remaining team members can agree that you are no longer part of the team and you will need to complete that particular assignment on your own. | 25.00% | Week 5 | 1,2 |
| Technical Document§ | Progress payment/claim: You will be working within the same group in assignment 1. Each team member shares the same mark regardless of their contribution. However, if you are not performing as expected, your remaining team members can agree that you are no longer part of the team and you will need to complete that particular assignment on your own. | 25.00% | Week 10 | 1,3 |
- § Indicates group/teamwork-based assessment
- * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
Assessment criteria
| High Distinction | 85-100 | Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking. |
|---|---|---|
| Distinction | 75-84 | Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas. |
| Credit | 65-74 | Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above. |
| Pass | 50-64 | Usually awarded to students whose performance meets the requirements set for work provided for assessment. |
| Fail | 0-49 | Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines. |
Quality assurance
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Study Information
Submission procedures
Students must check the iLearn@Bond subject site for detailed assessment information and submission procedures.
Policy on late submission and extensions
A student who has not established a basis for an extension in compliance with University and Faculty policy either by 1) not applying before the assessment due date or 2) by having an application rejected due to failure to show a justifiable cause for an extension, will receive a penalty on assessment submitted after its due date. The penalty will be 10% of marks awarded to that assessment for every day late, with the first day counted after the required submission time has passed. No assessment will be accepted for consideration seven calendar days after the due date. Where a student has been granted an extension, the late penalty starts from the new due date and time set out in the extension.
Academic Integrity
Bond University‘s Student Code of Conduct Policy , Student Charter, Academic Integrity Policy and our Graduate Attributes guide expectations regarding student behaviour, their rights and responsibilities. Information on these topics can be found on our Academic Integrity webpage recognising that academic integrity involves demonstrating the principles of integrity (honesty, fairness, trust, professionalism, courage, responsibility, and respect) in words and actions across all aspects of academic endeavour.
Staff are required to report suspected misconduct. This includes all types of plagiarism, cheating, collusion, fabrication or falsification of data/content or other misconduct relating to assessment such as the falsification of medical certificates for assessment extensions. The longer term personal, social and financial consequences of misconduct can be severe, so please ask for help if you are unsure.
If your work is subject to an inquiry, you will be given an opportunity to respond and appropriate support will be provided. Academic work under inquiry will not be marked until the process has concluded. Penalties for misconduct include a warning, reduced grade, a requirement to repeat the assessment, suspension or expulsion from the University.
Feedback on assessment
Feedback on assessment will be provided to students according to the requirements of the Assessment Procedure Schedule A - Assessment Communication Procedure.
Whilst in most cases feedback should be provided within two weeks of the assessment submission due date, the Procedure should be checked if the assessment is linked to others or if the subject is a non-standard (e.g., intensive) subject.
Accessibility and Inclusion Support
Support is available to students where a physical, mental or neurological condition exists that would impact the student’s capacity to complete studies, exams or assessment tasks. For effective support, special requirement needs should be arranged with the University in advance of or at the start of each semester, or, for acute conditions, as soon as practicable after the condition arises. Reasonable adjustments are not guaranteed where applications are submitted late in the semester (for example, when lodged just prior to critical assessment and examination dates).
As outlined in the Accessibility and Inclusion Policy, to qualify for support, students must meet certain criteria. Students are also required to meet with the Accessibility and Inclusion Advisor who will ensure that reasonable adjustments are afforded to qualifying students.
For more information and to apply online, visit BondAbility.
Additional subject information
This subject is a core unit in the Bachelor of Project Management. It primarily addresses Program Learning Outcome #14: demonstrate competence in cost management tools and techniques for technical decision-making across all phases of the project life cycle.
Subject curriculum
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Overview: cost management
PMBOK Guide; Focus on value; Team allocations.
SLOs included
- Practice knowledge needed for effective project cost management on an authentic case study
- Produce a cash flow and use it to develop a means for managing performance
- Apply new knowledge and skills required for solving problems related to project cost management
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Estimating techniques
Analogous; Parametric; Bottom-up; Three-point estimating methods.
SLOs included
- Practice knowledge needed for effective project cost management on an authentic case study
- Produce a cash flow and use it to develop a means for managing performance
- Apply new knowledge and skills required for solving problems related to project cost management
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Direct and indirect costs
Contingencies; Overheads and profit; Cash flow.
SLOs included
- Practice knowledge needed for effective project cost management on an authentic case study
- Produce a cash flow and use it to develop a means for managing performance
- Apply new knowledge and skills required for solving problems related to project cost management
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Budgeting
Top-down and bottom-up budgeting; Historical data.
SLOs included
- Practice knowledge needed for effective project cost management on an authentic case study
- Demonstrate an ability to prepare a progress payment/claim as a basis for technical decision-making
- Apply new knowledge and skills required for solving problems related to project cost management
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Cost planning
Develop a cost plan; Cost centres.
SLOs included
- Practice knowledge needed for effective project cost management on an authentic case study
- Demonstrate an ability to prepare a progress payment/claim as a basis for technical decision-making
- Apply new knowledge and skills required for solving problems related to project cost management
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Earned value
Earned value technique calculations for current and future project performance.
SLOs included
- Practice knowledge needed for effective project cost management on an authentic case study
- Demonstrate an ability to prepare a progress payment/claim as a basis for technical decision-making
- Apply new knowledge and skills required for solving problems related to project cost management
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Financing
Financial analysis; Discounted cash flow analysis.
SLOs included
- Practice knowledge needed for effective project cost management on an authentic case study
- Demonstrate an ability to prepare a progress payment/claim as a basis for technical decision-making
- Apply new knowledge and skills required for solving problems related to project cost management
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Managing cost: initiation
Feasibility analysis; Progress payment/claim; Constraints and assumptions.
SLOs included
- Apply new knowledge and skills required for solving problems related to project cost management
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Managing cost: planning
Cost baseline.
SLOs included
- Practice knowledge needed for effective project cost management on an authentic case study
- Apply new knowledge and skills required for solving problems related to project cost management
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Managing cost: execution
Coordinating resources; Integrating and performing activities; Assessing progress.
SLOs included
- Practice knowledge needed for effective project cost management on an authentic case study
- Apply new knowledge and skills required for solving problems related to project cost management
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Managing cost: monitoring and controlling
Track, review and regulate progress and performance; Control costs; Reserve management.
SLOs included
- Practice knowledge needed for effective project cost management on an authentic case study
- Apply new knowledge and skills required for solving problems related to project cost management
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Managing cost: closure
Lessons learned for continuous improvement; Budget reconciliation.
SLOs included
- Practice knowledge needed for effective project cost management on an authentic case study
- Apply new knowledge and skills required for solving problems related to project cost management