Posted: June 6th, 2021

Project Cost

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Assessment Task 2 Instructions 
Carefully read the following: 
You are the Administration Manager for Manager Networks, an organisation that provides networking events for business people across Australia. 
The company runs regular networking events but has now decided to start an annual conference event focussing on an area of business considered to be of key importance. 
You have been asked to coordinate the conference project as the Project Officer. You have been provided with an initial Conference Plan Brief to assist you in determining the resource requirements. You will use this to develop a preliminary cost estimate, which you will discuss and confirm at a meeting with the project team. 
1. Determine project costs 
Review the case study information and the Conference Plan Brief. 
As set out in the organisation’s policy and procedures, you are required to review the work breakdown structure included in the conference plan brief and, for each of the tasks indicated, determine the resource requirements as well as the associated costs. The organisation’s policy and procedures also stipulate that you are to provide an estimate of costs using a bottom-up estimating technique. 
You will need to use the Internet to research cost of some of the activities included in the work breakdown structure, as well as use the information provided in the conference brief. 
Use the Project Cost Management Plan Template to guide your work. 
You will develop the cost management plan after discussion at a meeting with the project team, so save this version of the document as Draft Project Cost Management Plan 
2. Participate in a meeting with the Project Team 
You are required to meet with the Project Team to discuss and confirm the project scope management plan. 
At the meeting, you will be required to go through your project cost management plan, carefully explaining each part of the project cost management plan, as well as your proposed project budget. Be prepared to answer questions and to note feedback provided so as to inform the final project cost management plan. 
During the meeting, you will need to demonstrate effective communication skills including: 
 Speaking clearly and concisely 
 Using non-verbal communication to assist with understanding 
 Asking questions to identify required information 
 Responding to questions as required 
 Using active listening techniques to confirm understanding 
3. Finalise project cost management plan 
Based on the discussion with the project team, you are now required to finalise your project cost management plan. Use the feedback from the meeting and incorporate this into your project cost management plan. When you have completed the project cost management plan, send it to the Senior Management team for final approval. 
Assessment Task 3 Instructions 
Carefully review the following information: 
The conference project commenced three months ago. 
Budgeted   costs for the conference were finalised as: Expenses 





Speaker fees 


Speakers’ travel and   accommodation 








You have just received the following information: 
 The first choice of venue is unavailable on the day you require. The second-choice venue will require an additional $5,000. 
 One of the speakers has just pulled out. The next best option is another speaker who has advised that his fees will be $3,500 rather than the allocated $2,000 per speaker. 
Monitor project cost 
Review the case study information and analyse the costs to identify current project costs and calculate any cost variations. 
As set out in the organisational procedures, you are required to write a short report to your Senior Management Team on project costs that addresses: 
 Project costs to date 
 Analysis of variations to projected costs and actions required. 
Develop a project change request and analysis 
Prepare a change request and analysis in the format that you identified in your project cost management plan. 
3. Develop a conference finances report. 
Write a short report for the Senior Management Team about project costs from the completed conference. 
Assume that the conference is now completed, and you have been provided with the final costs. Review the information provided to calculate and report on the success of the conference assuming that a 50% profit was required. 
Assume also that Senior Management has identified that, while the conference had a very positive outcome, they would like further recommendations on best practice project cost estimating. Provide at least four recommendations which you consider would improve project estimating for future projects. 
1. Use the Conference Finances Report Template to guide your work. 

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