Project Cost
Set budgets, monitor costs and assess budget implications of projects on operations
Type
Functional
Competency Area
Business and Project Finance
Levels
Assess project budget implications on operations, monitor project costs, as well as identify potential cost issues
Assess project budget implications on operations to prevent cost overruns
Monitor project costs to ensure project objectives are achieved throughout project life cycle
Identify potential cost issues in a timely manner to avoid exceeding the project budgets
Evaluate causes for project cost overruns to identify preventive actions to avoid a similar occurrence in new projects
Develop project budgets, review and manage project costs and make adjustments where required
Develop project budgets in accordance with project specifications and organisational costing policies to provide estimation of total project costs
Monitor project costs to ensure project objectives are achieved throughout the project life cycle
Manage project costs to ensure organisational objectives are achieved
Seek inputs to determine sufficiency of the budgeted amounts to achieve project objectives
Approve project budgets and costs projections in accordance with project plans and timelines
Evaluate project budgets and costs
Advise on cost management strategies
Set directions for budget planning
Align budget plans with organisation’s strategic plans
Evaluate cost implications of alternatives during design development
Apply value methodologies