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Topics: Agile, Cost Management, Organizational Project Management
How do you use Agile in financial management?

Managing scope and time in an Agile way is pretty obvious. Any project needs financial management, reporting etc. Can Agile values be applied to financial control?
For example:

- No documentation, just working software delivered
- No reports (tools), just interactions between PM and Sponsor
- No signed contracts between client/vendor, just collaboration
- No financial planning, just changes to the budget as needed by the project
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I beg to differ . Agile does not say "No Documentation".....It says preference is given to Working software over reams of documentation.

I may run the iterations in an "Agile" way , I can define the scope in an Agile Way , I can be delivering the product in increments but there ends my agility.

I would still need
a signed off contract (The vendor has no obligations if there is no signed off contract)
Justification of my Project - Business Proposal/Business Case in order to ask for the money.
Base-lined scope (Product Backlog) - I can discuss with the Product Manager what is comfortable to delivered in each sprint .

While the product development is undertaken through an iterative approach , I still need to represent the project in a steering committee and if my scope changes, I still need my Change Request for scope to be approved.

You still are not off the hook as a Project Manager to perform Financial Planning/Forecasting/Accruals.

Yes, like Deepesh, not sure where the No [...] came from. The goal is to keep the emphasis toward one side over the other, not instead of.

What do you think an Agile centric Financial department theoretically or potentially look like? Granted, it does seem to take the financial groups longer to adapt to a different outlook on projects, delivery, and budgeting.

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