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FINANCE CONTROL IN PROJECT MANAGEMENT

Some people consider the biggest challenge in project management is that there are many uncertain factors during the implementation of projects, it is almost an impossible task to ensure the project does not exceed budget, achieves the expected return and finishes on time. But project expenditure is the biggest cost and "cash outflow" item of a company, having effective financial control on the project is essential for the entire operation and financial conditions.
How to perform financial control in the entire project life cycle? How to achieve balance between cost, schedule and effect? How to establish an internal control system that effectively combines project management with financial control? These are the necessary responsibilities for every financial manager. This course will offer the answers to solve the above problems, through combining lectures with trainee participation and case studies with scene simulation.

Training Objectives

Master the core content of financial control in a project
Master the latest and more effective project management and financial control instruments
Improve a project’s cost and budget management and improve the return on investment
Strengthen the management of cash flow, control the risk of the project

Training Attendees

Finance director, finance manager, project auditor, project cost controller, project manager, project team members, high level managers


	Training Outline

	The world of project management
	Difference between project management and daily management
	Three objectives of project management
	Four stages in a project’s life cycle
	The role of financial control in project management
	Thorough understanding of project management
	Financial control in project assessment and selection
	Fundamental factors in initiating a project
	Financial matters in feasibility analysis
	Project selection—Judge from a financial point of view
	Project’s internal rate of return, net present value, and investment payback period
	Numerical method and non-numerical method
	Exercise: investment decision making
	Project planning and cost budget
	Five steps in project planning
	Key factors affecting cost: Determine the scope and milestones of the project
	How to reasonably estimate the budget of each project
	Key factors of budget and schedule control: How to set the schedule of the project plan
	Financial control in project deconstruction and schedule planning
	Job deconstruction—Thoroughly understand the forming process of a project budget

	Factors affecting the acceptance and rejection of cost: Dependency relationship among tasks
	Network chart analysis
	Earliest and latest schedule planning
	Effects of duration, fluctuating time and the critical path on cost decision making
	Exercise: The network chart / critical path and cost decision making
	Project schedule and cost control
	Control project cost and scheduling with the Earned Value Management System
	Cost variance and schedule variance analysis and improvement
	Cost and schedule implementation index
	Three methods of estimate at completion
	Conclude on the project financial result
	Case analysis: What shall we do when the budget is not adequate?
	The effect of “critical chain” on financial control
	“Parkinson’s Law” and “Student Syndrome”
	Application of constraint theory in project management
	The “bottle neck” of the project—Critical chain
	The effects of three kinds of “buffer”
	How to solve conflicts with resources
	Multi-project management
	Integrated excise: How to avoid giving up the project halfway