A blog that looks at all aspects of project and program finances from budgets, estimating and accounting to getting a pay rise and managing contracts.
Written by Elizabeth Harrin from RebelsGuideToPM.com.
Recent Posts
How to learn AI the sensible way
Making sense of project cost reports
How real PM mentoring actually works
The Accidental Product Manager: What project managers need to know
How healthy are your project finances?
Categories
accounting,
agile,
ai,
appraisals,
Artificial Intelligence,
audit,
Backlog,
Benchmarking,
benefits,
Benefits Management,
Benefits Realization,
Bias,
books,
budget,
Business Case,
business case,
business case,
Career Development,
Career Development,
carnival,
case study,
Change Management,
checklist,
collaboration tools,
communication,
Communications Management,
competition,
complex projects,
Conferences,
config management,
consultancy,
contingency,
contracts,
corporate finance,
corporate finance,
cost,
Cost Management,
cost management,
credit crunch,
CRM,
data,
data security,
debate,
Decision Making,
delegating,
digite,
earned value,
Education,
Energy and Utilities,
Estimating,
events,
FAQ,
financial management,
financial management,
forecasting,
future,
GDPR,
general,
Goals,
Governance,
green,
Information Technology,
Innovation,
insurance,
interviews,
it,
Knowledge Management,
Leadership,
Lessons Learned,
measuring performance,
Mentoring,
merger,
methods,
metrics,
multiple projects,
negotiating,
Networking,
news,
Olympics,
organization,
Organizational Culture,
outsourcing,
personal finance,
Planning,
pmi,
PMO,
PMO,
Portfolio Management,
portfolio management,
presentations,
privacy policy,
process,
procurement,
product management,
productivity,
Program Management,
project closure,
project data,
project delivery,
Project Success,
project testing,
prototyping,
qualifications,
Quality,
quality,
Quarterly Review,
records,
recruitment,
reports,
requirements,
research,
resilience,
Resource Management,
resources,
risk,
Risk Management,
ROI,
salaries,
Schedule Management,
Scheduling,
scope,
Scope Management,
security,
small projects,
Social Impact,
social impact,
social media,
software,
software,
software,
Stakeholder Management,
stakeholders,
Strategy,
success factors,
supplier management,
team,
Teams,
testing,
testing,
timesheets,
tips,
training,
transparency,
trends,
value management,
vendors,
video,
virtual teams,
workflow
Date
Here's the transcription of this video:
Hello! My name is Elizabeth Harrin from the Gantthead blog, The Money Files. And today, I want to talk a bit about some items to include in your project reports, specifically three items to do with financial information.
Firstly, you should include in your project reports a reminder to the stakeholders about the overall budget available to your project and that should be both in terms of what’s available to you this financial year, your budget for this financial period, and your budget overall for the duration of the project or program if it goes into multiple financial periods. Say for example, it’s a program that has a long duration.
You should also include how much you’ve actually spent to date, so your running total. What is it that you’ve incurred cost-wise so far on this particular project?
Finally, you should include a comment around whether or not you are actually on track and that means: Will you hit the budget within tolerance at the time the project closes? So you might think of this as estimate to complete.
You can talk about whether or not you’re on track in your project report with a red, amber or green status or you could specifically mention estimate to complete or you could talk about a percentage of spend. Or you could just a commentary that says: “We feel that with the current progress of the project we will be on track to complete within the current budget.” Your finance department or your project stakeholder might want some more justification behind that. But if they do, they can always ask.
So those are three things that I think you should include in your project reports with relation to financial topics. Thank you for listening.
Posted on: February 16, 2011 04:09 PM |
Permalink
