Financial Management for Project Management Professionals

Why select this training course?

Effective Financial Management is a significant requirement for successful project execution. Corporations usually allocate a large amount of money to projects. The project manager must ensure the satisfactory use of capital and other financial resources allocated to them while meeting all project goals and objectives. Hence project managers must be equipped with the expertise required in financial management, accounting, managerial accounting, and corporate finance to make effective project decisions.

What is the relevance of financial management to project managers?

Financial Management provides guidelines on how the project will be funded, including the strategies to procure and manage the financial resources for the project.

What are the main steps in managing finances as a project manager?

Financial Management for Project Management encompasses processes such as assessing the project’s feasibility, sourcing project finance, managing the project risk and planning, and monitoring financial resources to ensure that the project’s goals are achieved.

The Financial Management for Project Management Professionals Training Course by Rcademy is comprehensive as it introduces participants to a wide range of management accounting concepts and techniques that can be used to analyze financial statements, organize and monitor project revenue and cash flows, project budgeting, and determine project financing options. It provides participants with a comprehensive approach to understanding the importance of financial management in managing projects and programs. This course will also expose participants to project financial management concepts, implications, limitations, and standards. Finally, this course will expose trainees to the principles of taxation of projects.

Who Should Attend?

The Financial Management for Project Management Professionals Training Course by Rcademy is designed for experts and professionals in project management and persons looking to pursue a career in managing project finances. The following persons should partake in this training course:

• Financial officers, account officers, project finance officers, project accountants, and Financial Management specialists: responsible for managing the finances of an organization’s projects
• Project managers: responsible for managing project budgets or collaborating with finance department staff
• Project managers, project finance officers, and senior project assistants: interested in enhancing their knowledge and expertise in accounting and finance
• Any other professional: involved in the presentation, implementation, or analysis of financial statements concerning the company’s projects
• Interested stakeholders: who ensure that the financial resources allocated to the project are effectively managed

What are the Course Objectives?

This training course by Rcademy will provide participants with the knowledge and skills required to succeed in Financial Management for Project Management. Upon the completion of this course, attendees would have accomplished the following objectives:

• Learn how to monitor and control the finance of a project to ensure its completion within timelines and budgets
• Learn how to assess costs and create contingency plans for financial risks
• Learn about the expertise required to preserve project profitability and performance
• Understand how to control and forecast project finances according to budget
• Understand the overall project management to sustain a project performance and profitability
• Recognize the ways project managers make sound decisions concerning pricing, project risk management, and contracts
• Describe and evaluate the operation of the project finance system, which includes managing stakeholders, obtaining and using financial data, budgeting, mitigating fiduciary risks, and overseeing financial controls
• Learn the rudiments of employing earned value analysis, scheduling, and resource management
• Organise and present the project budget in a way that suits the selected accounting systems
• Understand the workings of the project finance system, which encompasses planning, accounting, budgeting, internal control, financial reporting, auditing, and monitoring procurement and disbursements
• Understand and discuss the financial, legal, and operational impact of project financing on financial reporting

How will this Course be Presented?

This course will be delivered by seasoned professionals who have gained knowledge and expertise in Financial Management for project management. The Rcademy course is offered to ensure a balance of theoretical learning and hands-on practice. The course is delivered through lecture notes, case studies, real-life scenarios, and slides on the concepts. Trainees will also partake in seminar workshops, presentations, quizzes, and constant feedback on lessons taught to test their learning.

What are the Topics Covered in this Course?

Module 1: Overview of Financial Management

• Meaning of Financial Management
• Functions of Financial Management
• The three pillars of Financial Management
  – Operating
  – Investing
  – Financial decisions

Module 2: Scope of Financial Management

• Planning
• Budgeting
• Managing and assessing risk
• Procedures

Module 3: Developing a Strategic Financial Plan And Forecasting

• Overview of financial planning
• Types of financial planning
• Features of a financial plan
• Forecasting the cost of the project

Module 4: Project Management

• Meaning
• Objectives
• Project management types
• Approaches to project management
  – Benefits actualization management
  – Critical chain project management
  – Incremental and Iterative project management
  – Critical path method
  – Earned value management

Module 5: Project Financial Management Processes

• Identify the project
• Identify the feasibility of the project
• Determine sources of project finance and alternatives
• Mitigate the project risk
• Develop financial analysis tools
• Improve project performance and profitability

Module 6: Project Financial Planning and Budgeting

• Financial planning processes
• Functions and types of budgeting in projects
  – Financial reserves
  – Strategic planning and budgeting
  – Budget baseline
  – Cost account characteristics
  – Estimating

Module 7: Project Finance Metrics

• Budget consumption
• Revenue
• Cash cycle management
• Project funding

Module 8: Financial Reporting in Projects

• Meaning
• Importance of financial reporting
• Principles and Objectives of financial accounting
• Types of Accounts
  – Financial Statements
  – Income Statement
  – Balance Sheet
  – Cash Flow Statement
• Measuring Finance Performance

Module 9: Earned Value Management (EVM)

• Earned value analysis
• Earned value calculations
• Earned value forecasting
• Earned value variance analysis
• Application of EVM analysis in monitoring project performance

Module 10: Cost Management

• Use of cost data in decision making
• Types of Costs
• Elements of Cost
• Project cost allocations
• Admin cost allocations

Module 11: Introduction to Financial Analysis

• Financial analysis processes
• Sources of data for financial analysis
• Financial ratios
• Budget monitoring
• Cash flow monitoring and management

Module 12: Project Cost Estimation and Forecasting

• Planning project costs
• Control projects costs
• Estimating and overall costing
• Overall cost management

Module 13: Variance and Forecasting

• Tracking project expenses
• Forecasting expenses
• Cost Variance Reporting