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Accounting and Finance principles for Project Management Practitioners
…Manage Your Project's Financial Outlook
Do you often feel that you are using different numbers to track
costs, must support different cost structures and charts of
accounts, and also must meet different time frames? Are you
unclear about the relationship between your project’s costs
system and budget and the accounting and financial systems in
use in your organization?
With the increase in use of the “management-by-project”
concepts, projects today are not just viewed as a cost to
organization but are viewed as an investment. The project
manager now requires a broader focus in order to ensure whether
the project will produce a greater return to the organization.
Each project professional must have a thorough grounding in
principles of accounting and finance in order to economic value
and to ensure that the project results in a competitive
advantage with maximum cash flow.
Learn what you must do in order that any last minute or
unplanned costs, expenses, or allocations do not affect your
project’s financial outlook.
Prerequisite
Basic understanding of project management
Course Level
Intermediate/Advanced
Duration
2 Days
Who should attend?
This program is designed for program managers,
project managers and team members with little or no knowledge of
corporate or project management accounting and finance.
Performance Focus
The goal of the course is to equip you with the
necessary knowledge, skills and techniques so you can control the
finance profitability of your projects and ensure that your projects
meet the financial goals of your organization.
What You Will Learn
- Describe the justifications for doing projects
- Understand the financial basis of project management
- Understand the cost needs of the project team
- Understand the financial needs of the company
- Describe how these two apparent conflicting worlds
(technical and financial) really do reconcile
- Perform simple financial & accounting analysis
- Perform simple project performance analysis
- Understand how cash flow and project performance
baselines are different
- Reconcile and work within those differences
- Focus on what we do … but also what we should be doing
Content
Basic Outline of the Course:
Introduction
Objectives
Benefits of project management
Project focus v/s an organizational focus
Accounting and finance in the organization
The Project Manager’s financial responsibility
The Project Manager World
Financial management
Focus on project management
Project life cycles
Budget cycles
Unified project management methodology
Project decision checkpoints
Filtering / pipeline process
Triple constraints in project management
Project estimating
Project budgeting
The Financial
Management World
Focus on financial management
Financial cycles
Budget cycles
Project decisions checkpoint
Filtering / pipeline process
Triple constraints
Basic financial principles
Example profitability measures
ROI
ROE
PV
IRR
Break-even analysis
Cost versus revenue
Cost types |
Merging the Two Worlds
Budget cycles v/s project life
Financial and project management
The two worlds together
Financial and project management
Project performance
Status reporting
Earned value analysis
Recap & Closing |
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