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Course Overview
“There is nothing more difficult to take in hand, more perilous to conduct, or more uncertain in its success, than to take the lead in the introduction of a new order of things.” Machiavelli’s thoughts on project management 500 years are equally relevant to anybody involved delivering high value complex projects today. And when the pressure is on capital funding project managers will increasingly find that they need a good understanding of the financial aspects of project management to cope with the responsibilities placed upon them to deliver value for money. This intensive course provides the opportunity to cover the key financial aspects of project management and apply them to successful project management.

Course Objectives
After completing this course the delegate will be able to understand, analyse and interpret financial statements and use them as tools in assessing the financial strength of project proposals; understand the vital difference between profit and cashflow and how they provide two yardsticks for successful project delivery; master the key financial principles of planning and delivering a successful and profitable project

Course Outline

•Accounting principles and financial statements:

•Accounting concepts and principles

•Preparing and understanding the Profit & Loss Account, the Balance Sheet and the Cashflow Statement

•Measuring project performance objectives:

•The financial and non-financial objectives of project clients and sponsors

•Public sector projects: cost benefit analysis and value for money concepts

•Commercial project objectives: the risk and reward relationship

•Using financial criteria to measure project success

•Identifying Critical Success Factors and developing meaningful KPI’s

•Working capital management and cashflow improvement:

•The vital difference between profit and cashflow

•Understanding business funds flow

•Managing project Work in Progress

•Managing client debtors and the vital role of credit management

•Improving project cashflow – managing WiP and creditors

•Project financial basics:

•The Time-Cost-Quality triangle

•Assigning financial responsibility

•Making a business case for the project

•Project cost estimation: three point method and Monte Carlo simulation