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.
I put this infographic together to show the various different levels of project financial management maturity, as outlined by the P3O guidance from AXELOS. My view is that most companies should be looking to aim for Level 4. Level 5, with the implications that you are using Monte Carlo simulations and other types of advanced estimating tools, is probably overkill for most smaller projects or businesses without the exposure to risk that this helps mitigate. What are your thoughts? Is Level 5 where we should all be heading?
If you’d like to read more about the different levels, you can in this article.
Simulations are indeed a great way of understanding and visualizing background data processes of each scenario. Major problem which is encountered in project estimation and analysis is, we can never get all the variables when starting a project but thanks to god after experience we get to know what major variables are there which effect a project's success.
Stéphane ParentSelf Employed / Semi-retired| Leader MakerPrince Edward Island, Canada
I suspect you would be hard pressed reaching higher maturity levels in financial management, without matching the maturity in other areas.
Love can sweep you off your feet and carry you along in a way you've never known before. But the ride always ends, and you end up feeling lonely and bitter. Wait. It's not love I'm describing. I'm thinking of a monorail.