Financial Controls for Project Managers

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One of the most frustrating parts of any project can be managing the financial components of the triple constraint. The project cost management knowledge area in the PMBOK® Guide is one of the shortest yet most critical – and it does not provide project managers with sufficient detail and context to fully understand the financial demands placed on them.

There are many reasons project managers feel frustrated with cost management, including:

  • a lack of relevant financial information;
  • a lack of comprehension of financial concepts and jargon;
  • a lack of ownership over the financial aspects of the project;
  • the apparent time it takes away from doing ‘actual work’; and
  • a lack of confidence in the accuracy of the estimates on which the budget is built.

This practical workshop outlines the key elements of estimating project costs, developing a project budget and planning for effective cost control. Through attending this workshop you will gain insight and obtain practical tools to improve your capability in all three areas. The workshop is designed to demystify the financial components of projects, and inspire and motivate project managers to take ownership of their budgets, and reap the rewards of financial control.

What You Gain

The workshop includes:

A self-assessment of financial literacy.
An overview of key financial concepts, reinforced by a useful financial glossary which will become an invaluable resource.
A group assessment of challenges and opportunities in the project financial control process.
A project simulation board game which enables attendees to apply the knowledge gained in a practical, hands-on manner.

As an added bonus, attendees will receive valuable tips on how to deal with management and customer attempts to slash budgets, and how to assume or retain control of the financial aspects of projects.

Target Audience:

This workshop is targeted at project managers who are interested in developing their financial and business leadership capabilities.