3 reasons why finance is an essential part of project management
1. One of the main reasons why finance is an essential part of project management is because every project needs to be planned according to a budget. Projects have objectives and are planned accordingly to meet these objectives whilst sticking to a budget. The manager of a project should have budgeting skills that allow them to effectively allocate, forecast and assign costs to different areas of a project, optimising the spend.
2. Another essential part of managing a project is the skill to be able to assess the economic viability, financial stability and commercial profitability of a project through investment appraisals over a period-of-time. This will allow a project manager to forecast the success of a project and determine what value will be returned.
3. Project managers will also need to have skills in managing cash-flow, profit and loss accounts as well as balance sheets in order to be able to monitor and control costs during a project. It is easy to overspend on a budget, destroying a project’s schedule if money runs out. Monitoring spend is essential in ensuring a project can be finished.
London Training for Excellence provide a course, ‘Financial management for project development,’ that is perfect for project managers, general managers, finance and accounting officers wishing to improve and build on their financial skills for project development.
The training course will start off by covering project management basics and will continue on to provide delegates with a systematic understanding of financial approaches to project development as well as the role of finance and financial institutions when implementing projects.
During the course, delegates will develop skills and expertise required for project development planning and budgeting, financial report writing and document preparation, monitoring, interpreting and forecasting costs, assessing and evaluating viability as well as through life costing.
If you would like to learn more about London TFE’s, ‘Financial management for project development,’ please follow the link below or contact firstname.lastname@example.org for more information.