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John P. Reiling, PMP: Keep Project Finance on Your Radar Screen

The PMBOK Guide outlines Knowledge Areas, and you don’t need to look far to find reference to project financial management sprinked throoughout these Knowledge Areas. Financial management is at the core of justifying project and controlling project performance. Project financial considerations come into play as soon as a project is identified and is considered to be a strategic fit.

Here are 5 project success factors related to finance and accounting:

  1. There is a well defined business case for the project, with clear financial parameters justifying the project.
  2. The project must be financially feasible, meaning it’s affordable in the short term and pays for itself in the long term.
  3. Financial expectations must be incorporated into project financial reporting.
  4. Financial considerations need to provide an input for segregating the project into financially discrete “sub-projects” that can either for management of expenditures, risks, and outcomes.
  5. Project financial reporting needs to map back to the objectives and expectations determined in the business case.

Although the PMBOK Guide does specify a project financial management Knowledge Area, it does reference project financial considerations througout the Guide.

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John Reiling, PMP
PM Training Online

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1 comment to John P. Reiling, PMP: Keep Project Finance on Your Radar Screen

  • Today’s world has become a complex mesh of projects. A PMP® certification enables project managers to be ready to meet the complex demands of projects across the globe. PMI offers a comprehensive certification program for project practitioners of all industries and skill levels. PMP® certification helps you get ahead of others and provides a technical and financial edge.