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I’m not completely positive on the context of your question. If you are addressing the financial planning and budgeting responsibilities of a project manager, then I would view "Financial Modeling" (e.g. Earned Value Analysis) as a subset of "Financial Management" and therefore NOT a mutually exclusive element for comparing pro’s/con’s – as your question suggests.
However, if you are stating "Financial Modeling" in the context of a Project’s Financial Value Proposition then they are different animals, but still not something that should be compared apple-to-apple. If this is your context, then I view both "Financial Modeling for the purpose of the value proposition of the project" as important as the "project managers responsibility to financially manage the project". Without the financial value proposition, you will not likely have a project; and without financial management, you will likely have a failed or distressed project.
Hope this helps.
Financial modeling (in my very limited experience), was all about NPV. That helps select the right projects, understand the most sensitive variables when deciding what/how to change things, and to understand the impact of risk scenarios. The best planning in the world however will not ensure success unless the project outcome is well managed.
In My experience as a PM , Financial Management has been the one that I have done .
creating and managing budgets, forecasting and accruals are generally what I do, along with approaching the board for approval of Business Proposals.
So yes , if you efficiently manage your project's finances including contingencies, you can tick off your cost management side of things.
I haven't been lucky or unlucky to be involved in Modelling as yet . So I only hold basic knowledge that i gained in my PMP studies with regards to NPV or Earned Value Management. no practical experience
I hope you are not using "veteran" as synonim of "old man"....jejejeje. Financial has no sense in isolation. What are we creating with a project?. A solution for a business need. Solution benefits is what determines the success of the project, where benefit it does not mean money only. I can put here my personal experience in project where financial it does not matter at all due to, for example, the solution was intended to capture the market share.
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