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Accounting and Finance Principles for PM Practitioners - Manage the Financial Outlook of Your Projects

Accounting and Finance Principles for PM Practitioners - Manage the Financial Outlook of Your Projects


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 Start DateStart TimeEnd Time
Session 1 Monday, April 24, 2017 13:00 EST 16:00 EST
Session 2 Tuesday, April 25, 2017 13:00 EST 16:00 EST
Session 3 Wednesday, April 26, 2017 13:00 EST 16:00 EST
Session 4 Thursday, April 27, 2017 13:00 EST 16:00 EST

Course TitleDurationDelivery NamePriceQty 
Accounting and Finance Principles for PM Practitioners - Manage the Financial Outlook of Your Projects 12:00Virtual ClassroomUSD $850.00
 
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Four 3-hour sessions (N) Mon/Tues
Hours: 12
Location: Virtual
Language: English


Prerequisites


As a Project Management Institute (PMI)® Registered Education Provider (R.E.P.), IIL has agreed to abide by PMI®-established quality assurance criteria.


Prerequisites

Basic understanding of project management standard practices

Course Level

Intermediate/Advanced

Description

Do you manage both project schedules and budgets, but do not have insight into how actual results relate to the approved budget? Do you desire to have more clarity about the relationship between your project’s performance and the accounting and financial systems in use in your organization? Do you want to understand financial and accounting terminology to bridge the gap between the project world and the financial world?

With the need to manage-by-projects and because projects are the means to deliver on strategic goals and objectives, the project manager must have a perspective into the financial world of investments to ensure expected returns. Therefore, each project manager should have a thorough grounding in the principles of accounting and finance to understand the project’s contribution to economic value and to ensure that the benefits give organizations a competitive advantage. 

Learn what you must do to give your organization assurance that its investment will be properly planned, expensed, and/or allocated to realize gains.

Who Should Attend

This program is designed for program managers, project managers, and team members with little or no knowledge of corporate accounting and finance and how it links to project management.

Performance Focus

The goal of this course is to expose the project manager to the “world of accounting and finance” in an effort to enhance a(n):

  • Understanding of how accounting and finance effects the selection of a project
  • Appreciation for economic value added (EVA) decision making throughout the project life
  • Awareness of one’s financial responsibility
  • Comprehension on project financial controls and how they impact profitability
What You Will Learn

You’ll learn how to: 

  • Explain the aspects of classical corporate accounting and finance effects on managing projects
  • Determine how your project fits into the corporate income statement, balance sheet, and cash flow statement
  • Analyze the financial aspects of managing projects
  • Use EVA as the basis for decision making throughout the project life cycle
  • Recognize the importance of the project manager’s financial responsibilities 
  • Focus on what PMs do … and also on what the project managers should be doing 
  • Use financial information within a project environment to forecast and influence the financial results
  • Track and analyze the project’s financial status and forecast with the goal of realizing planned financial benefits
  • Apply financial controls to ensure a project’s outcome impacts profitability
Course Overview

Foundation Concepts

  • Apply the basic language of finance and accounting
  • Differentiate between cost accounting and financial accounting
  • Articulate the different cost types
  • Describe the different types of financial statements
  • Speak about corporate budgeting and financial metrics

Accounting and Financial Essentials

  • Understand the “two worlds” of accounting and finance and project management
  • Speak about the different roles and responsibilities of a business project manager and a technical project manager
  • Articulate how the “two worlds” complement each other in business
  • Associate project selection with investments decision making and project portfolio management
  • Articulate the need for a project manager to establish and understand the purpose of financial metrics

Accounting and Financial Policies, Practices, and Standards

  • Articulate on the basics of capital budgeting
  • Associate the corporate budget planning cycle with the project budget
  • Understand the relationship of capital budgeting to project selection
  • Recognize a few accounting and finance policies, practices, and standards

Establishing Financial Metrics and the Business Case

  • Understand the term financial metrics in a project context
  • Calculate Present Value (PV), Net Present Value (NPV), Cost-benefit and Return on Investment (ROI)
  • Compare and contrast the benefit of calculating financial metrics for projects
  • Associate the business case to financial metrics
  • Develop a business case using a standard template

Accounting and Finance in the Project Management World

  • Understand how project controls ensure financial controls
  • Apply basic concepts of earned value management (EVM) to assess a project’s status and forecast
  • Interpret the results of EMV calculations to identify corrective action to re-align the project with the plan
  • Control a project using both EVM and reporting



PMI Professional Development Units (PDUs)

Technical Leadership Strategic Total
PMI - PMP 0 12.00 0 12.00
PMI - PgMP 0 12.00 0 12.00
PMI - ACP 0 12.00 0 12.00
PMI - SP 0 12.00 0 12.00
PMI - RMP 0 12.00 0 12.00
PMI - PfMP 0 12.00 0 12.00
PMI - PBA 0 12.00 0 12.00

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