Project Financial Management & Budgetary Control
Project stakeholders expect to get value for money. A significant number of projects have been cancelled or are seen as a failure because they ran too far over budget and with increasing competition and focus on corporate earnings, project and contract managers are held accountable, not just for achieving technical and scheduling goals, but also for meeting profitability targets and other cost related measures.
Expected Training Outcomes.
- Communicate more effectively with accounting and financial personnel
- Read, understand, and analyze accounting and financial data
- Expand work in project scheduling and cost control to encompass additional financial metrics and tools
- Be able to minimize project financial risk
- Understand the benefits of good project cost control for successful project outcomes
- Use best practice to minimize costs and negative impact
- Describe a typical project cost management life cycle
- Explain the action required at each phase of the project cost management life cycle and understand the significance of each phase
- List the key attributes of cost necessary to understand and manage cost effectively
- Explain the key steps required to improve project estimates, budget and cost baselining, performance measurement and analysis, cost monitoring and control during project execution and interpreting and reporting project performance throughout a technical project life cycle
- Specify key quantitative measures for determining the project performance using Earned Value Management (EVM)
- Provide meaningful project progress reports using EVM together with forecasts of likely outcomes and management options to correct where necessary
- Apply this cost management process to a simple case study