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Financial and Strategic Management of Projects - Essay Example
Finance & Accounting
Pages 3 (753 words)
Financial and Strategic Management of Projects Table of Contents Introduction 3 Question 1 3 Question 2 4 Question 3 5 Question 4 5 Question 5 6 Question 6 7 Conclusion 7 Reference 9 Introduction Project management can be defined by explaining the terms ‘project’ and ‘management’…
The financial aspect in a project management is one of the most critical areas that should be managed very carefully is systematic way. This will attempt to present strategic financial management in a project. Question 1 Please discuss cost and financial monitoring systems and their value in project management Financial monitoring and control system includes a number of finical activities like financial planning, accounting, financial reporting, internal financial control etc. In case of a project management, the financial monitoring systems strives to offer effective tools for project appraisal, financial planning & forecasting, budgeting, In order to achieve the goal of a project proper control is necessary for making decisions, increasing the management efficiency and for managing the financial risk (Sears, Clough and Sears, 2008, p.259). The importance of effective financial monitoring is quite significant due to three reasons i.e. to avail necessary financial information which are useful for the supervisors of project; to detect and prevent fraud and corruption through internal control; and proper use of the invested capital and achieve higher return (The World Bank, 1999, p.9). Question 2 Please discuss project risk categories encountered in projects arising from estimation errors, major rework needs, unexpected schedule, logistics problem, etc. ...
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