We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Effective Project Financial Management Tools - Case Study Example

Comments (0) Cite this document
Summary to case study on topic "Effective Project Financial Management Tools"
This paper is about using costs estimation and budgets in project financial management. It includes two companies which uses their cost and budget estimation to be able to pursue the project. The NASA has created a management and cost evaluation task force to analyze the budget and cost estimation of the project…
Download full paper
Polish This Essay
Effective Project Financial Management Tools
Read TextPreview

Extract of case study "Effective Project Financial Management Tools"

Download file "Effective Project Financial Management Tools" to see previous pages... However the above mentioned studies will not be discussed in details. This paper will only evaluate the effectiveness of using cost estimations and budget in financial management project of the two companies.
Project financial management is a process which brings together planning, budgeting, accounting,
Let us write or edit the essay on your topic "Effective Project Financial Management Tools" with a personal 20% discount.. Try it now
financial reporting, internal control, auditing, procurement, disbursement and the physical performance of the project with the aim of managing project resources properly and achieving the project's development objectives (world bank group). Financial management is the main character for the success of a project process. An accurate and relevant financial information provides a basis for better decisions, thus speeding up the progress of the project and the availability of the funds. An effective financial management provides the following:
An effective financial management system is vital for projects because of the need to deliver services to target groups quickly over a large geographic area to a wide variety of stakeholders. One of the tools in financial management that is widely used is the Cost estimation and budget. Budgets are the financial work plan for projects, programs and organizations. Budgets that work are based on realistic assumptions, use good cost estimates and come from organizational processes that include board and staff members (J. Rouse, P.Rouse).

Project financial management processes are organized into five groups of one or more processes each:
Initiating processes-authorizing the project or phase.
Planning processes-defining and refining objectives and selecting the best of the alternative courses of action to attain the objectives that the project was undertaken to address.
Executing processes-coordinating people and other resources to carry out the plan.
Controlling processes-ensuring that project objectives are met by monitoring and measuring progress regularly to identify variances from plan so that corrective action can be taken when necessary.
Closing processes-formalizing acceptance of the project or phase and bringing it to an orderly end.

Cost Estimations and Budgets
In the financial management done by the ISS (International Space Station) for NASA has shown that the cost growth is contributed to many factors that are beyond the control of the project manager. The Project Manager was not able to clearly communicate the justification for his budget requests and the rationale for the cost growth because NASA has lacked a single standardized accounting system and the program has not developed and maintained a baseline lifecycle cost estimate. Past efforts to control costs through budgetary constraints have failed to achieve their stated purpose and have probably exacerbated the cost growth.
The Arizona Department of Transportation (ADOT) was not able to determine the reasons for the cost increases because the data is not readily available from the Federal Highway Administration. ...Download file "Effective Project Financial Management Tools" to see next pagesRead More
Cite this document "Effective Project Financial Management Tools"
  • APA
  • MLA
(“Effective Project Financial Management Tools Case Study”, n.d.)
Effective Project Financial Management Tools Case Study. Retrieved from https://studentshare.org/miscellaneous/1514083-effective-project-financial-management-tools
(Effective Project Financial Management Tools Case Study)
Effective Project Financial Management Tools Case Study. https://studentshare.org/miscellaneous/1514083-effective-project-financial-management-tools.
“Effective Project Financial Management Tools Case Study”, n.d. https://studentshare.org/miscellaneous/1514083-effective-project-financial-management-tools.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC "Effective Project Financial Management Tools"
The case study is about a project to open a new Tesco Super Store
The company mainly retails groceries, as well as books, clothing, furniture, software, electronics, and petrol. Apart from retail services, the company has also diversified into telecoms, financial services, internet services, and DVD sales and rentals. Jack Cohen founded the company in 1919, and later renamed it to Tesco in 1924 after he bought a tea shipment from T.
7 Pages(1750 words)Case Study
Project management
ii. Effective Capacity Effective capacity is the actual outcome of plant operations. In the case study, effective capacity can equal or be slightly less than the designed capacity. The effective capacity will be 80% * 20,000 kg = 16,000 kg iii. Actual Output Output as measured which in this case is 60% * 20,000 kg = 12,000kg iv.
6 Pages(1500 words)Case Study
Project Management
The main focus in this is the reduction or crushing of the project activities found within the critical path while shortening the duration of the project (Martin & Karen 220). In the cost-time tradeoffs, the main issue to be considered is the overtime or change in the equipment so as to make the work proceed faster.
4 Pages(1000 words)Case Study
Financial Management
The author considers the economic and market situations of Cash Tell plc while planning the finance and other requirements in order to make appropriate dividend decision. He gives a thorough analysis of almost all areas of business, in order to conclude the applicability of which is beneficial or which is not.
8 Pages(2000 words)Case Study
Xtras Web Based System Project
However due to recession the company has experienced major drops in sale in the recent times. The company was set up in a way to do most of the business from the main office via post. There are administrative personals and marketing department in the current structure of the company.
18 Pages(4500 words)Case Study
Financial Management
This results into the lower surpluses of slightly above $ 1.5 million. As compared to the first four months, the variation is quite wide. 3. The increase in number of vehicles failing inspection is quite positive for the budget as it would lead to
2 Pages(500 words)Case Study
Integrated Project Management Tools
A project is a temporary endeavor used by an organization to create a product or service. On the other hand, project management is the process of control to achievement of the project objective by utilizing the organization structure and resources allocated. The field of project management has evolved.
3 Pages(750 words)Essay
Financial management
The working capital ratio (Current Asses/ Current liabilities) are indicative of the fact that whether a company possesses the short term assets required to cover up its short term debts. If PQ would have a
6 Pages(1500 words)Case Study
Financial Management
The Amalgamated Industries Limited (AIL), require a strategy which would help them to increase their profitability, gain more market share and increase their approval ratings. In order
9 Pages(2250 words)Case Study
Project management
The plan was developed in collaboration with a team of internal collaborators from the three original companies. The main consideration of the plan was to ensure that the ABS Canada was provided with an integrated management systems and processes that could be shared
2 Pages(500 words)Case Study
Let us find you another Case Study on topic Effective Project Financial Management Tools for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us