Cost planning

Learn about the cost planning process and understand the different levels of cost plans.

Planning your project costs

Developing a cost plan helps you understand the funding needed for a project as well as support the assessment of the most appropriate value for money (VFM) solution received from the market.

Depending on the project's size and complexity, you may engage a quantity surveyor to develop the cost plan and assist the TAFE manage project cost.

Similarly, if required, the cost plan should help allocate the budget across sensible project packages or elements, to provide a basis for cost control.

Cost planning and design

The level of detail and accuracy of the cost plan should increase with the continuing refinement of project scope and design development as the project develops.

Cost planning throughout the project lifecycle

The level of detail contained within the cost plan should increase as you progress from developing an initial case for investment through to delivery of the construction works.

For high-value-high-risk (HVHR) projects, section 3.2 Cost Accuracy of the Department of Treasury and Finance (DTF) Investment Lifecycle and HVHR Guidelines outlines best practice expectations for successfully delivering the project on budget. It provides broad guidance on the types of cost estimates, including the level of cost accuracy expected by DTF for the preliminary business case and full business case stages of the project.

The HVHR cost accuracy guidelines can be used as best practice guidance for all project classifications.