| It is never too late to do the Project financial planning |
The project financial planning would eventually reflect the proper
budget set for the project and the control that was exercised by the
project manager to maintain the expenses of the project.
You need to consider these two steps before this step:
The Initial Project planning process
Project Team building
Money as usual plays the most important role in life. You might
consider asking for a financial controller for your project if that is
required where lots of cash in and out are involved. For simple
projects, a simple Microsoft Excel might be enough though.
Keep documentation for every invoice and expenses used in the
project. This is important for any post morterm of a project or audit by
your sponsors or management.
Some projects’ financial are examined before the management or
sponsor assigns the project to a project manager for execution. This
is the most common sense to do.
In other cases, the project manager is required to assess the financial
of the project. To do this task, certain financial criteria’s such as the
Net Present Value (NPV), Internal Rate of Return (IRR) must be
investigated. Here is a business case in Microsoft Excel format which
you can download for Free.
Planning your project financial is a very important to measure the
success of the project implementation plan.
Return to the Project management skills page from the project
financial planning page
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