1 Explain how to carry out a cost-benefit analysis

1 Explain how to carry out a cost-benefit analysis for a project

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Outcome 1 Understand the management of a project

The learner can:

1. explain how to carry out a cost-benefit analysis for a project
2. evaluate the use of risk analysis techniques
3. evaluate project planning and management tools and techniques
4. evaluate the impact of changes to project scope, schedule, finance, risk, quality and resources
5. analyse the requirements of project governance arrangements

Outcome 2 Be able to plan a project

The learner can:

1. analyse how a project fits with an organisation’s overall vision, objectives, plans and programmes of work
2. agree the objectives and scope of proposed projects with stakeholders
3. assess the interdependencies and potential risks within a project
4. develop a project plan with specific, measurable, achievable, realistic and time-bound (SMART) objectives, key performance indicators (KPIs) and evaluations mechanisms appropriate to the plan
5. develop proportionate and targeted plans to manage identified risks and contingencies
6. apply project lifecycle approaches to the progress of a project

Outcome 3 Be able to manage a project

The learner can:

1. allocate resources in accordance with the project plan
2. brief project team members on their roles and responsibilities
3. implement plans within agreed budgets and timescales
4. communicate the requirements of the plans to those who will be affected
5. revise plans in the light of changing circumstances in accordance with project objectives and identified risks
6. keep stakeholders up to date with developments and problems
7. complete close-out actions in accordance with project plans
8. adhere to organisational policies and procedures, legal and ethical requirements when managing a project

Outcome 4 Be able to evaluate the effectiveness of a project

The learner can:

1. conduct periodic reviews of the progress and effectiveness of a project using information from a range of sources
2. evaluate the effectiveness of capturing and managing project-related knowledge
3. report on the effectiveness of plans