Project managers typically deal only with the financial aspects of their projects. But to be really valuable to their firm, and to accelerate their careers, they need to understand some key aspects of financial management in the A/E/C industry. This course presents some of these important concepts, and details how project financial management can affect the firm’s financial performance.
A PM is assigned to each project, not only to manage the project team and to ensure that the project budget is met, but also to ensure:
- The client receives invoices for the scope of services
- Payments are received from the client within the contract payment period
- The project achieves its “as-sold” financial results with no write-offs
In a nutshell, the PM is responsible for the project’s financial management in two primary areas: cash flow and profitability. This means the PM must be familiar with the monthly financial reporting cycles and have the ability to plan, track, and evaluate the fiscal performance of a project. He or she must understand how the project’s total gross revenue relates to the project direct labor and project expenses, including consultants. Plus, the PM must also understand how the planned and actual project performance contributes to the overall profitability of the firm. Topics covered include:
- The PM’s financial responsibilities
- The billing process
- Thirteen ways PMs can make sure they collect their fees
- Accounts payable
- Fee adjustments and change control
- Accounting and financial management
- General accounting
- Project write-offs
- Cost accounting
- Profit does not just matter—it’s a necessity!
- How PMs can improve their firms’ profitability
- Four ways PMs can raise prices
- Fourteen ways PMs can generate cash today
DURATION: One Hour
CREDITS: This e-learning course is approved for 1 PDH.
COST: $95 (Only $47.50 for AECPMA members. Learn more about membership here)
GROUP TRAINING OPTIONS: Do you have a group of individuals who would benefit from this course? Contact us for details on special group pricing and other options to make team learning easy and affordable!
100% MONEY-BACK GUARANTEE: PSMJ’s e-learning courses are built with proven strategies and tactics to make you more successful. If the skills and tools you acquire don’t make a positive difference in the way you manage projects, just let us know and we’ll refund your fee. Every penny. No questions asked.