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Profit from Projects

Method for Improving the Financial Success of Portfolios, Programs and Projects

Paperback Engels 2009 9789490003012
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Samenvatting

Projecten lopen regelmatig uit tijdsplanning en uit budget: hoe vaak bent u onprettig verrast door aangepaste prognoses van grotere projecten in uw organisatie en in de maatschappij? Wilt u leren hoe dit te verbeteren en hoe deze situaties te voorkomen?

Welkom in de dynamische wereld van project financiën in alle facetten: definiëren van projectprofielen, begrijpen van financiële project risico's, optimaliseren van processen en van projectinformatiesystemen en organiseren en opleiden van professionals en stakeholders.
Projectmanagement methoden als PRINCE2 en andere, voorzien ons van een effectieve structuur om projecten, programma's en portfolio's uit te voeren en te besturen. Het terugbrengen van de balans in het managen van tijd, kwaliteit en geld, focussen wij op de geldzijde: de financiële dimensie.

Dit boek is een praktische gids voor iedereen die financieel verantwoordelijk is voor projecten: projecteigenaren (opdrachtgevers), bedrijfs managers, project- en programmaleiders, portfolio managers, project dviseurs, project managementtool leveranciers en financiële experts zoals controllers, auditoren en accountants.

De auteur, Jan Bloem, is senior coach en consultant in het veld van informatiemanagement voor vele projectgestuurde organisaties, in diverse branches en segmenten. Opgeleid als bedrijfseconoom, registeraccountant en gecertificeerd organisatieadviseur, is hij een expert in het professionaliseren van project financiën.

Specificaties

ISBN13:9789490003012
Taal:Engels
Bindwijze:paperback
Aantal pagina's:150
Druk:1
Hoofdrubriek:Projectmanagement

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Inhoudsopgave

1 The Introduction to Project Finance
1.1 No Money - No Projects
The challenge of optimizing business performance and project finance
Unsuccessful projects
Different situations: small and large projects
1.2 Various Types of Projects for Different Industries
Some examples of industries with projects
Project-delivery structures in the professional services industry
1.3 The Bermuda Project Triangle
More examples
Different systems and the reporting dilemma
The black hole: hidden costs & operational cost tsunamis
1.4 Managing Project and Program Expectations
From idea to realization and exploitation
Hydraulic project-law: how time influences cost
Costs of a delay in benefits-delivery
Transparency in communicating goals and strategy
1.5 Budgets, Progress and Valuation
Percentage of completion and completed contract method
Baselines
1.6 Don't Drown in Sunk Costs (by Harvey A. Levine)
Sunk Costs in Projects
Sunk Costs in Project Portfolio Management
Innovation at FrabCo (example)
1.7 CAPEX and OPEX, Tariffs and Work In Progress
Operational Expenditure (OPEX)
Capital Expenditure (CAPEX)
Work-in-progress
1.8 Project Finance for Internal and for External Clients
Optimize finance monitoring to stay in market position
Monitor financial aspects for internal invoicing (or budgeting) of project costs
Benchmarking to improve financial performance of projects and portfolios
1.9 Accounting Department and Project Management Office
Accounting and controlling rules in small and large companies
Financial reporting in the project (portfolio) management office

2 Project Finance Governance
2.1 Why is Project Governance Important?
Effects of poor governance
Good governance
Essence of project governance
2.2 Business Development and Portfolio Alignment
The business plan
Portfolio categorization
Portfolio governance
Monitoring performance
2.3 Successful Monitoring of Finance of Programs
Timing of benefits
The program manager
2.4 Key Roles for Project Finance Control
Transparency in finance control for each role
Separate roles for reliable estimating
Approval techniques at stage-gate toll ports
2.5 Financing programs and projects
Financing techniques
Tax regulation
2.6 Benefits Management (by Pieter van Bijnen)
Benefits Mapping
The Value Management Office
2.7 Earned Value Management (EVM)
Basic EVM elements
Never ending projects ...
2.8 Why Should You Use Earned Value Analysis? (by Harvey A. Levine)
Versatile EVA
Cost Tracking not Required
Baselines

3 Six Key Project Finance Processes
3.1 Overview of Key Program & Project Finance Processes
Visualize and measure
Some basics of process optimization
Quality of estimating and managing earnings and costs
3.2 Selecting and De-selecting Projects and Programs
Procedure
Financial risks
Financial reports and communication
3.3 Managing Business Cases
Procedure
Financial risks
Financial reports and communication
3.4 Funding and Contracting
Procedure
Financial risks
Financial reports and communication
3.5 Planning and Budgeting
Procedure
Financial risk
Financial reports and communication
3.6 Presenting Results
Procedure
Financial risks
Financial reports and communication
3.7 Closing Projects and Programs
Procedure
Financial risks
Financial reports and communication
3.8 Collecting Financial Data
Using a Project Management System (PMS)
Reconciliation of PMS and corporate finance system(s)
3.9 Portfolio- and Multi-Project Financial Reporting
Selection decisions
Delivering projects to the external market

4 Six Trails For Improvement
4.1 No Pain, No Gain
Improving step by step: make a project!
Assessment
Don't forget: Quick Wins
4.2 Maturity of Project Finance Control in the Organization
Stage 1: The beginning
Stage 2: Project-based working 1
Stage 3: Benefits realization
Stage 4: Portfolio optimization
Points of growth
4.3 Creating Awareness and Energy for Improvement
Positives and negatives toward change
Stages of change: from unconsciously inefficient to unconsciously efficient
4.4 Categorizing Projects by Finance Profiles
From small to large projects, a generic classification
Characteristics of the project-classes
Control-elements and performance-indicators for a project-class
4.5 Standardizing Processes for Project Finance Control
Starting with the project types
Process mapping
Defining process information
4.6 Tuning Financial Performance Measurement and Reporting
Presentation formats for decision makers
Presenting trends to decision makers
Personal dashboards
4.7 Architecture of Project Finance Information Systems
Improving integration of systems
Importance of systems for finance information
4.8 Developing Competencies and Roles
Desired project finance discipline and competences
Transformation of culture and skills
Looking back - and forward!

APPENDICES

I Financial Ratios for Investment Decisions
1. PBP - payback period

2. DCF - discounted cash flow, or NPV - net present value

3. IIR - internal rate of return

4. ROI - return on investment

5. EBIT(DA) - earnings before interest, tax (depreciation and amortization)

II Checklist Project Finance Information Domains
1. Strategy and Business Planning

2. Portfolio Alignment
2.1 Classification of Projects
2.2 Portfolio Scenarios
2.3 Portfolio Ranking

3. Demand Management

4. Program Management

5. Delivery Management
5.1 Result Directed Delivery ('Project')
5.2 Time Directed Delivery ('Dossier')
5.3 Milestone Directed Delivery ('Event')
5.4 Client-Object Directed Delivery ('Object')
5.5 Resource Directed Delivery ('Posting')
5.6 Product Directed Delivery ('Trade')

6. Project Planning
6.1 Scheduling
6.2 Performance Appraisal

7. Resources Occupation
7.1 Availability
7.2 Allocation
7.3 Sub-contracting

8. Project Finance
8.1 Business Case
8.2 Contracting
8.3 Calculation
8.4 Project Budgeting
8.5 Project Expenditure
8.6 Project Invoicing
9. Project Risk

10. Result Management
10.1 Specification of requirements
10.2 Issue management
10.3 Logging Scope Changes
10.4 Acceptance
10.5 Project Closing

11. Corporate Finance and Accounting
11.1 Corporate Budgeting
11.2 General Ledger and Cost Control

Literature
Index of Key Words
Table of Figures
About the authors
Author Jan G. Bloem
Guest author Pieter van Bijnen
Guest author Harvey A. Levine

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