...Project Management Fundamentals Office of the Senior Associate Vice President for Finance Project Management Institute Project Management Fundamentals PMI is an aggregation of best practices from thousands of professional project managers Principles in this training are based on PMI methodologies, there are other methodologies Organizations typically use these as a basis for developing custom project management processes For PMPs, this course counts towards PDUs. Office of the Senior Associate Vice President for Finance www.pmi.org Page 2 GW MS in Project Management Project Management Fundamentals Office of the Senior Associate Vice President for Finance business.gwu.edu/mspm/ Page 3 Outline Project Management Fundamentals 1. Project Issues 2. Project Characteristics – Definition of a Project – Project vs. Operations – Key Elements of Project Management – Project Lifecycle Phases – Project Management Functions Office of the Senior Associate Vice President for Finance 3. Project Participants – – – – Project Stakeholders Project Sponsor & Owner Project Manager Project Team 4. Basic Project Tools – – – – Project Charter Project Management Plan WBS / Schedule Action / Risk / Change Tracking – Document Management Page 4 Project Issues Project Management Fundamentals Office of the Senior Associate Vice President for Finance Page 5 Project Characteristics Project...
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...extra savings will fuel additional growth and expansion to the company, as we are able to fund more research and projects to improve our workplace. Financial Sunshine How has GenRays been doing financially? As you can see from the chart below, our total sales have been climbing. We passed $6M in sales in the final quarter of last year—up from just over $4M in sales the prior year. 8 One new project that you will read about in this newsletter is the possible implementation of a new HRIS system with payroll functions. We are hoping that the HRIS side of this new system will impact your work life at GenRays very positively, allowing you to create a career track for yourself that aligns with your own goals. It will allow for more transparency in hiring, as all employees will be able to see and apply for open positions as they wish. It will also allow management to ensure that applicants for new jobs are well-qualified. The payroll side will ensure that your paychecks and expense reports are processed more or less automatically, which will make it faster and easier for you to be reimbursed or to make changes to your auto-pay options. We have hired a new project manager to lead up this initiative and make recommendations about whether we can move forward and how to go about it. The PM will meet with employees, vendors, and management to identify important parts of the project and make sure we meet our goals. I know you will make our new PM feel welcome and that you will provide your honest...
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...T. Project CEO – Yes, succession planning. Project Manager – How so? President & CEO – I experienced professional growth in the company, and I suspect that others would like to grow in that same manner. I would have liked a defined career path and the ability to track my progress for meeting the requirements. Knowing where the openings are and what skills it takes to fill the positions would have made it much easier to advance. Project Manager – I understand. It seems the system tracks the answers in performance reviews as well as the training courses each employee completes. President & CEO – Yes, exactly. Those records would be entered into the system by the employee. Each employee could see progress in the system and plot a course. I know everyone does not want to be the president of the company and are content in the current role, but those that want to grow will stay with the company instead of leaving to grow elsewhere. Project Manager – I appreciate your time. Is there anything else you would like to share? President & CEO – Yes. We have had great success with the financial integration, and I expect a full six months more of savings than was originally calculated due to the time savings in the automatic calculations. The people time saved with calculation speed in the system was near to six months less time required for reaching the return on the investment point. The automatic calculations make the time a bit more in savings. Project Manager – Thank...
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...2.A.1, 2, 3: HRIS Project Team Roles, Recommended Team Members, and Justification. Role | HRIS Project Organization | Team Member | Justification | HRIS Project Sponsor | PM reports directly to HRIS project sponsor. | Ashley Burrici, Director of Human Resources | Responsible for the HRIS project’s business case, justification of same, is held accountable for realizing the HRIS project benefits. Also required to provide oversight of the HRIS PM and Sr. stakeholder management. | HRIS Project Manager | Reports directly Project Sponsor. | PM | Required to ensure project is executed and delivered on-time and with-in budget. The HRIS PM is responsible for achieving the HRIS project goals as defined by the Project Charter. The HRIS PM role is justified because it is required for planning, executing, and closing the project. Also for managing resource allocations, tracking budgets, resolving issues and mitigating risk. | HRIS Contracting - Procurement | Reports to PM | Drew (Procurement) | Required to ensure the HRIS system procurement portion is defined and implemented correctly. Drew is experienced in leading procurement efforts for previous successful projects. | HRIS Programming | Reports to Ashton’s HRIS Engineering Team | Kendall (IT) | Required to review HRIS Vendor software from a code perspective to ensure compatibility with existing GenRay software, ease-of-use, and stability. Ashton’s MS Engineering degree should provide the project with graduate level...
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... Project Idea A. Executive Steering Committee a. Finance Executives b. HRIS person c. Company Policy/Procedure d. Company IT department B. Project Manager Hired a. Finance Lead on boarded b. Team Leads assessed c. Risk Manager hired II. Project Charter Formed and Validated A. Meetings a. Steering Committee updated b. Finance Lead c. All Team Heads d. HRIS B. Segregation of Duties a. Define time lines b. Add project assessment dates c. Written understanding of duties C. Time Structure a. IT time line b. Cost of not meeting IT time line c. Training 1. Train the trainers III. Scope of Project A. IT Department Head a. Development in house b. Purchase necessary B. HRIS a. Employee involvement b. Training/Coaching c. Roll out C. Finance a. Cost b. Funds disposition D. Vision a. Buy in b. Expectations IV. Presentation To Steering Committee A. Project Manager a. All reports compiled for presentation b. Finance expectations presented c. Review of total project for approval V. Project Start...
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...communication 1.1 Regular meeting The project team will hold regular meeting throughout the project development period in order to improve the communication between project team members. |Type |Attendee |Frequency of meeting |Purpose |Meeting leader | |Management |All managers |Weekly |Ensuring the proper progress of the |Project manager | |meeting | | |project and resolving possible problem | | | | | |related with the project. | | |Departmental |All members of the |Weekly |Ensuring the proper progress of the |Department manager | |meeting |department | |work of the department and resolving | | | | | |problems faced. | | 1.2 Project report All department managers will deliver work report regularly to present the outcome of their works to ensure the proper quality and progress of the work of all departments. |Type |Reporter |Purpose |Frequency of the report | |Project progress report |Project manager |Reporting the overall progress...
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...making for the financial manager of any firm. Most new projects take time in developing because of the research analysis required in opening a new addition to the company. The cash flow is a huge factor in making the decision of a project. For instance, capital expenditures require firms to outlay large sums of funds to initialize the project. Second, firms will need to formulate ways of generating and repaying these funds once they are initiate. Third, there must be a good since of timing and critical finance decision to make it all happen. The importance of Capital Budgeting, Cash Flows & New Project Capital budgeting requires that any new projects become infused to save money. This can happen by retaining inventory that would lead to outflow of goods and services. Generally, when a project terminates, the working capital is recovered and there is an inflow of working capital. However, the sunk cost cash flow has already occurred which cannot be undone. Managers need to be aware of the importance of cash flow if a new project is lining up with their business. There is critical analyzing of research information to insure that the cash flow is not affected by the new project. For example, if the project is rejected would the cash flow continue to balance out? Or would the cash flow continue to balance if the project is accepted? These are some of the things that managers would have to critically decide in the creation of a new project. On the other hand, the...
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...of Western Cape School of Business and Finance MAN620/ADM720 Project Management Lecture Session 1 : 26th January 2010 An introduction into project management with some history of project management and some contextual information. How project management has permeated almost all aspects of working life. The evolution of the project management context. Why and under what circumstances project management is used. What characterizes projects and differentiates them from other forms of management. Examples of projects – large medium and small. Chapter 1 - An Introduction to Project Management The Project Management Book of Knowledge (PMBoK) defines Projecy Management as “the application of knowledge, skills, tools and techniques to project activities to meet project requirements”. In the course outline we make the following statements with regard to what this course promises you engineering students. In the engineering environment, Project Management can be practiced either a stand-alone professional discipline or as an integral part of the delivery mechanism for engineering services. Either way, all engineers need a thorough understanding of Project Management theory, principles, practices, tools and techniques. This course has been structured to stimulate the interest of student engineers in the discipline of Project Management and to equip them with sufficient knowledge of the discipline to meaningfully participate in project work at an early stage. Many organisations...
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...CORPORATE FINANCE HONOURS 2011-2012 Topic: Behavioural corporate finance Lecturer: Yue (Lucy) Liu E-mail: Yue.Liu@ed.ac.uk Outline Psychological phenomena Biases Heuristics Framing effects Impact on corporate finance Valuation Capital Budgeting Capital structure Dividend policy Mergers and acquisitions Yue (Lucy) Liu 2011/2012 Corporate Finance 2 Psychological phenomena Bias Excessive optimism Overconfidence Confirmation bias Illusion of control Heuristics Representativeness Availability Anchoring and adjustment Affect Heuristic Framing effects Loss aversion Aversion to a sure loss Yue (Lucy) Liu 2011/2012 Corporate Finance 3 Biases Bias A predisposition toward error. – Excessive optimism People overestimate how frequently they will experience favorable outcomes and underestimate how frequently they will experience unfavorable outcomes. – Overconfidence People make mistakes more frequently than they believe and view themselves as better than average. – Confirmation bias People attach too much importance to information that supports their views relative to information that runs counter to their views. – Illusion of control People overestimate the extent to which they can control events. Yue (Lucy) Liu 2011/2012 Corporate Finance 4 Heuristics Heuristic A rule of thumb used to make a decision. – Representativeness People make judgments based on stereotypic thinking, asking how representative...
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...all affect the finances of the company. The elements of financial management direct the health care organizations in terms of financial management. Knowledge of what is acceptable like accounting principles, general finances, and ethical standards will help the company run successfully. The ethical issues can be avoided with proper preparation. Finanacial managers play an important part in maintaining a successful organization. Includes a summary of the four elements of financial management The four elements of financial management are planning, controlling, organizing and directing, and decision-making. These four elements construct the way financing and reporting are ran. Financial manager make different choices for projects and keep the projects on track. These four elements build the foundation for financial reporting. The information the financial managers provide is essential to the reporting process. Planning The inital step of any financial project is planning. Financial managers are responsible for communicating the goals of the project. The company overall will set goals for the year or specific goals for an upcoming project. It is the financial managers responsibility to inform the organization of the plan of action to keep the organization on track. The steps that need to be taken to achieve theses goals are also set by the financial manager. Controlling Controlling is the second step in financial management. The financial manager has to make sure...
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...PROJECT FEASIBILITY DOCUMENT |Project name |insert project name | |Release |Draft/Final | | |Date: | |Author: | | |Project | | |Director: | | |Project | | |Champion: | | |Accountable | | |Body: | | |Executive Summary ...
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...Standard Operating Procedure Personal Finance Project Team Author/s: | Lucille Olivier | Document Ref: | SOP | Creation Date: | 13 September 2011 | Version: | 1.0 | Last Updated: | 13 September 2011 | Table of Contents 1. Introduction 1.1 Introduction 1.2 Purpose 1.3 Project Framework 1.4 Project definition, prioritisation and approval 1.5 Project Process 2. Initiation Phase – The Needs Analysis Process 2.1 Initiating a Project 2.2 Stakeholder Analysis 2.3 Kick Off Meeting 2.4 Functional Specification 2.5 Initiation Phase Overview 3. Validation and Feasibility Phase 3.1 Technical Specification 3.2 Costing 3.3 Reporting Analysis 3.4 Pre Project Plan 3.5 Communication Plan 3.6 Risk Register 4. The Approval Phase * The business case * Motivational Documents 5. The Prioritisation Phase 5.1 The priority matrix 5.2 Resource Scheduling 5.3 The Prioritisation Phase Overview 6. The Execution Phase 6.1 Training plan 6.2 Operations plan 6.3 Communication plan 6.4 The Execution Phase Overview 7. Monitoring and Controlling Phase 7.1 The Monitoring and Controlling Phase Overview 8. The Closure Phase 8.1 Administrative Closure 8.2 Preparing project closeout and lessons learnt 8.3 Recognize and celebrate outstanding project work 8.4 The Closure Phase Overview Introduction * 1.1 Introduction A Standard Operating...
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...Accounting & Finance Department Plan Human Resources Department Plan Melanie Hanson Patrick Blessinger Bus3011 Spring 2014 Table of Contents 3. Executive Summary 4. Human Resources Description 4. Accounting and Finance Description 4. Human Resources Purpose Statement 4. Accounting and Finance Purpose Statement 5. Human Resources Goals and Activities 5. Accounting and Finance Goals and Activities 5. Management Goals and Activities 6. Human Resources Organizational Structure 6. Accounting and Finance Organizational Structure 6. Management Organizational Structure 7. Human Resources Interview 7. Accounting and Finance Interview 7. Management Interview 8. Human Resources Performance Standards 8. Accounting and Finance Performance Standards 8. Management Performance Standards 9. Conclusion 10. Accounting and Finance Organizational Chart 11. Human Resources Organizational Chart 12. Accounting and Finance Strategic Alignment Worksheet 15. Human Resources Strategic Alignment Worksheet Executive Summary The Atha Corporation is a company based on strong ethical standards and beliefs. In order to ensure these beliefs are enforced we have taken measures to revamp our company for the better. With the extra funds we have received from a partner, we will be able to expand our company to double the previous year’s sales. To do this we will need to make drastic changes in all departments, especially in Human Resources and Accounting and Finance. These changes...
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...Principles of Managerial Finance The Prentice Hall Series in Finance Adelman/Marks Entrepreneurial Finance Andersen Global Derivatives: A Strategic Risk Management Perspective Bekaert/Hodrick International Financial Management Berk/DeMarzo Corporate Finance* Berk/DeMarzo Corporate Finance: The Core* Berk/DeMarzo/Harford Fundamentals of Corporate Finance* Boakes Reading and Understanding the Financial Times Brooks Financial Management: Core Concepts* Copeland/Weston/Shastri Financial Theory and Corporate Policy Dorfman/Cather Introduction to Risk Management and Insurance Eiteman/Stonehill/Moffett Multinational Business Finance Fabozzi Bond Markets: Analysis and Strategies Fabozzi/Modigliani Capital Markets: Institutions and Instruments Fabozzi/Modigliani/Jones/Ferri Foundations of Financial Markets and Institutions Finkler Financial Management for Public, Health, and Not-for-Profit Organizations Frasca Personal Finance Gitman/Joehnk/Smart Fundamentals of Investing* Gitman/Zutter Principles of Managerial Finance* * denotes Gitman/Zutter Principles of Managerial Finance— Brief Edition* Goldsmith Consumer Economics: Issues and Behaviors Haugen The Inefficient Stock Market: What Pays Off and Why Haugen The New Finance: Overreaction, Complexity, and Uniqueness Holden Excel Modeling and Estimation in Corporate Finance Holden Excel Modeling and Estimation in Investments Hughes/MacDonald International Banking:...
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...FINANCIA MANAGEMENT NOTES TOPIC 1 SCOPE OF FINANCE FUNCTIONS The functions of Financial Manager can broadly be divided into two: The Routine functions and the Managerial Functions. Managerial Finance Functions Require skilful planning, control and execution of financial activities. There are four important managerial finance functions. These are: a) Investment of Long-term asset-mix decisions These decisions (also referred to as capital budgeting decisions) relates to the allocation of funds among investment projects. They refer to the firm’s decision to commit current funds to the purchase of fixed assets in expectation of future cash inflows from these projects. Investment proposals are evaluated in terms of both risk and expected return. Investment decisions also relates to recommitting funds when an old asset becomes less productive. This is referred to as replacement decision. b) Financing decisions Financing decision refers to the decision on the sources of funds to finance investment projects. The finance manager must decide the proportion of equity and debt. The mix of debt and equity affects the firm’s cost of financing as well as the financial risk. This will further be discussed under the risk return trade-off. c) Division of earnings decision The finance manager must decide whether the firm should distribute all profits to the shareholders, retain them, or distribute a portion and retain a portion. The earnings must also be distributed...
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