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The purpose of this competency is to achieve the goals of budgeting and cost control, i.e. to:
- determine the income and expenditure profiles for the work;
- develop budgets and align with funding;
- implement systems to manage income and expenditure.
You must be able to:
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Cost control systems must reflect the scale and complexity of the work.
On programmes, portfolios and larger projects there will be procedures for setting budgets for component parts and consolidating actual costs across those component parts.
In a portfolio there may be a scheme of delegation for the approval of budgets.
Therefore, multiple competencies may have to be developed in this area to accommodate the responsibility and authority of different roles within the system.
Knowledge and understanding
You need to know and understand: