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
I’m often asked about ‘the minimum’ for any given project management process – as if the rest of the process is somehow superfluous and anyone who does those extra bits is wasting effort.
I think most project management processes are implemented with ‘the minimum’ in mind – or at least they should be. However, project cost management is a big topic and it got me thinking about the kinds of things I would consider ‘winning’ at managing the project’s financials. What would the minimum be?
Ultimately, if stakeholders are happy and the work is progressing and under control, then I’m winning!
I’ve put what I think the key achievements for project cost management should be in the infographic below. I’m not sure that ‘achievements’ is quite the right term because this is our job we’re talking about, not some kind of badge-collecting exercise. But I couldn’t think of anything better! Leave a comment below if you’ve got a different term I should be using.
These are the things that I consider to be the basics for myself doing cost management on a project. Your ‘minimum’ list might be different. And if it is, let us know in the comments!
The key things are:
- Agree a contingency budget
- Estimate accurately as a team
- Set up good governance
- Create a financial baseline
- Work with suppliers.
Posted on: November 16, 2020 08:00 AM |
Permalink
Community Champion
