Project management in the financial sector. Financial management in the project. Efficiency of the project management system

1. Project and project-oriented company, economic model.
   • Project (order) as a management object. Project stakeholders. Investment and commercial projects. Goals of the customer and the project implementer. Determination of priorities: timing, cost, quality.
   • Key indicators of economic efficiency and financial stability of the organization, levers for managing them. Economic model of a project-oriented company.
   • Use of organizational resources in projects: project costs and company costs. Areas of responsibility of the project manager and the head of the functional unit.
   • Estimation of the cost of project execution based on full and variable costs. Methods for calculating the total cost, variability of fixed cost distribution bases.
   • Costing and usage accounting labor resources and fixed assets of the company in projects.
   • Ensuring the financial feasibility of the project. Sources of financing for the company and project, cost of capital. Factors influencing the need for working capital.
2. Project cost management at different stages life cycle.
   • Project life cycle: planning, implementation, completion. Tasks and tools for financial management at different stages of the project life cycle: budgeting, accounting, optimization of execution and control. Project estimate and budget.
   • Budgeting for project costs: composition of items, forecasting methods, variability of cost estimates and recognition moments for individual budget items. Optimization of costs for the purchase of raw materials and supplies.
   • Cost budget, income and expense budget, project cash flow budget in interrelation. Modeling the impact of project manager’s management decisions on economic efficiency project.
   • Monitoring and control of the budget at the stage of its execution. The earned value method as a tool for assessing the correspondence of project costs and achieved results. Calculation of free Money according to the project using the indirect method.
   • Management reporting for the project. Requirements for the composition of indicators and reporting forms. The relationship between project results and manager motivation.
3. Calculation of project costs and approaches to pricing.
   • Accounting and economic approaches to cost estimation. Relevant and irrelevant costs. Project selling price: strategic and tactical decision. Taking into account the market situation and the degree of utilization of the company's production capacity when determining the lower limit of the project sale price to the customer.
   • The value of money in time. Taking into account the conditions for financing the project by the customer when setting prices.
4. Development projects (investment) - planning and evaluation.
   • Investment and operational phases of the project. Reduction of cash flows at different times to comparable values, discounting procedure. Cost of capital and choice of discount rate. Taking into account financing conditions when evaluating projects using borrowed funds.
   • Indicators of the financial efficiency of the project: payback period of investments, net present value, internal rate of return of the project, return on investment index. Comprehensive assessment of the project.
5. Project risks.
   • Methods for identifying and ranking risks. Qualitative and quantitative risk assessment. Options for responding to risks.
   • Project risk management planning. Scenario budgeting as a risk management tool.
6. Financial management of a project-oriented company.
   • Types of company strategies and financial management tasks to support their implementation. The role of the financial and economic service in the organization project activities.
   • Financial flow diagram. Balancing flows by project, by type of activity: operating, investment, financial.
   • Optimization of assets and sources of their acquisition. Analysis of the total financial result according to the stages of its formation.
   • Levels of planning and control, cascading system of indicators. Internal management reporting system. Accounting policy management accounting and budgeting. Tools for automating accounting and budgeting in “project” companies.

Certificate of advanced training in the amount of 32 hours (License No. 3053 dated 07/03/2017).

To obtain a certificate you must provide:

• a copy of a diploma of higher or secondary vocational education (if you received a diploma not in the Russian Federation, please clarify the need for the procedure for recognizing a foreign diploma in the Russian Federation by contact phone numbers or email)
• a copy of the document confirming the change of surname (if it has changed).

The participant package includes:

• training according to the declared program;
• a set of information and reference materials;
• excursion program;
• daily lunches and coffee breaks.

You can view the full seminar program and register for it on the website.

Maybe corporate training (for employees of your company only) or special offers for corporate clients.

Once you have determined the resources needed for the project, the price and required amount each of them, you get the need for money.

Let's leave deep calculations to financiers. You and I need to be able to set a task for them and understand the results of the calculations. Here main questions, that are of interest to the manager.

How much money will we need and when?

Can we afford it?

Where to get the missing funds: the parent company, other projects, attracting external investors, loans?

When will we get back the funds invested in the project?

When will we reach the planned profit level?

Naturally, a project is always a risky undertaking to one degree or another. Therefore, from a financial point of view, it only makes sense if its profit exceeds what we can get by investing in relatively risk-free instruments, such as deposits in large state-owned banks.

The two basic documents in project financial management are the estimate and the budget.

Project estimate- a list of project costs, broken down by item.

Example. Estimate for the renovation of a two-room apartment in a house of the P-44T series of the "Premium Class" category (without the cost of materials) in USD.

Budget- a document representing a schedule of planned expenses and income distributed among items within the project. The main difference between a budget and an estimate is the presence of not only an expenditure part, but also a revenue part, as well as a breakdown by period.

Budget example:

Conference budget

General Director of MegaCon LLC Andreev A.N.

Chief Accountant 000 "MegaCon" Karasev B.C.

We are also interested in cash flow chart (DDS, net cash flow, net financial flow, cash flow) 1 according to the project.

1 Example taken from the website www.profitd.ru.

1 See clause 4.1.2 “Project life cycle”.

How is it formed?

Before we find out, we need one term,

Net Present Value- NPV)- the sum of discounted revenues minus discounted costs received in each year during the life of the project.

EXAMPLE 60. Sergey Baguzin, deputy director for development of a large IT company:“Business has many dimensions. The owner, as a rule, begins with a businessman. By analogy with mechanics (a branch of physics), we can say that profit management is the first dimension of business (one-dimensional space). Further, as developed business the owner (manager) comes to understand the importance of managing finances, personnel, operations, quality... A multidimensional space arises. The more dimensions a manager can manage, the more competent he is.

What does "discounted" mean? The fact is that the value of money changes over time: as a rule, it decreases. A dollar today and a dollar 10 years ago (not to mention the beginning of the 20th century) have completely different weights. Discounted means “taking into account changes in the value of money over time.”

In short projects (usually up to 3 years), the change in the value of money can be neglected 1. In the rest we must take it into account. First we need to determine discount rate. It is asked by the company's financiers. If you have small company and you do all the calculations yourself, you can focus on the rate at which you can actually place your funds, for example, in Sberbank.

Discounting the amount of 1000 USD at a rate of 10%:

In the example below, it is assumed that the income and expense figures have already been taken taking into account discounting (Fig. 40). Example of NPV calculation

It is NPV with a cumulative total that is plotted vertically on the DDS chart. The investor is interested in the following main project parameters 1.

NPV which shows us how much money we will earn from the project.

PI (profitability index, profitability index)- the amount of revenue from the project divided by the amount of project costs.

PVR (payback period, payback period), those. the period after which we will return our money invested in the project. It is usually calculated taking into account discounting.

IRR (internal rate of return, internal rate of return)- discount rate
tion, at which NPV is equal to zero 2.

If you compare IRR with any norm, for example, with market rates for attracting loans or with the rate of return of projects adopted in the company, then the IRR value allows you to determine whether the analyzed project provides acceptable efficiency in the use of financial resources.

That is, the value of 1000 USD received or spent in the seventh year of project implementation is equal to the value of 51"3.16 USD in the base (initial) period.

Discount factors for various rates and periods can be either calculated independently or determined using special tables provided in financial reference books.

Thus, before taking into account a certain amount in the calculations in a future period, we need to multiply it by the coefficient for a given period. This allows a more realistic assessment of the payback period and profit of the project.

1 Although some companies take into account discounting even within one year: the question of the required accuracy and labor costs.

EXAMPLE 61. Sergey Baguzin, deputy director for development of a large IT company:“We are engaged in distribution and use IRR (in Excel this is the IRR function - internal rate of return) as the main indicator of the effectiveness of product business management. Fantastically capacious indicator! It is sensitive to almost any management influence aimed at increasing distribution efficiency: increasing the deferment of loans, reducing accounts receivable, reducing warehouse balances, increasing sales margins...”

1 I intentionally provide simplified definitions. For a more in-depth study of the topic, please refer to the special
literature.

2 I understand that the definition is not entirely obvious. However, his explanation goes beyond the scope of the book. Search in other
some stokers.

Figure 40. NPV calculation: by year and by year with cumulative total

Of course, the above indicators depend on the figures that form the basis of the calculations: constant and variable costs project, expected sales volume, etc.

If you act as an investor in any project, the one who approaches you for money must provide you not only with the above indicators, but also the progress of their calculation, as well as the underlying figures. And you and your team have to check them. Here you will need not only a financier, but also a marketer, and possibly other specialists, for example, in economic security.

PRACTICAL TASK 54

Develop a consolidated budget for your project (for the most significant items). Build a cash flow schedule.

How satisfied are you with it?

Isolating initiatives into projects implies applying methods to them project management— comprehensive management of processes occurring within the project. Project management methods differ from operational management techniques primarily in that regular management operates with repetitive processes, while project management operates with a unique set of tasks that need to be solved in a limited period of time. For example, for a pizzeria, introducing shrimp pizza to the menu is unlikely to be a project, because preparing pizza is an ongoing activity for it and does not require a fundamental change technological process. At the same time, for a company producing frozen pizza in large volumes, the introduction of products with shrimp into the product range will lead to a change in the purchasing structure and the technological process as a whole, so it would be advisable to consider this innovation from the perspective project management.

Personal experience
Svein Aage Olsen, Chief Financial Officer of OJSC Pharmacy Chain 36.6 (Moscow). In the process of strategic development of the company, we identified two types of project activities - programs and projects. Programs include areas that are sets of repeating standard projects, for example, a program for opening pharmacies, within which there are standard opening projects retail outlets. Individual projects include one-time initiatives, such as the introduction of new product categories(for example, opticians), changing the standard of pharmacy design, introducing IT systems, etc.
Project management includes such specific methods as budget and project schedule management, work breakdown, etc. If project management methods are used regularly within a particular company, we can talk about project management and the creation of a project management system (PMS), that is, a set of rules and procedures ensuring the emergence, development, implementation and control of projects within the company in accordance with project management methods.

Efficiency of the project management system

The effectiveness of an EMS in a particular company is determined by the totality of costs and benefits that such a system will bring. The three main parameters that allow you to optimize the use of project management are time, cost and quality of work. Consequently, in a company that does not use project management methods when introducing innovations, there are most likely three types of losses:
- from delaying the implementation of innovations;
- from exceeding budgets due to poor planning or from erroneously performing unnecessary actions;
- from poor quality work and the need to redo it.

IN in monetary terms The reduction in project implementation time is quite easy to assess using statistics on already implemented projects.

Example 1
The company has a typical task of opening a new store. Previously, it took four months to solve it, and after the start of using the project approach and with strict adherence to deadlines, it took three. In this case, the company will receive additional profit from the earlier launch of the store. With a profitability of 10% and a planned sales volume in the first month of 500 thousand rubles. additional profit from reducing the launch time of the store by one month will be 50 thousand rubles.

The situation is similar with project budgets and the quality of work execution. There are two possible mistakes here: underestimating future expenses and direct losses associated with erroneous actions. The average cost of such errors is usually 10-20% of project budget.

The main qualitative advantages of using an EMS within a company include:

• higher degree of control over allocated projects. Each project has a manager responsible for it, a work schedule and a budget. The progress of the project, the funds spent on it and the benefits received are separated from the main activities of the company and general reporting, therefore, at any stage of the project the achieved result is clearly visible;
• ranking projects by degree of importance, set goals, expected results, etc. makes it possible to assign strategically important projects priorities in resources, personnel, financing;
• optimizing the project schedule allows you to most effectively distribute company resources not only within the project, but also between them. In this case, one can take into account the availability of resources, project priorities, supply schedules for raw materials and materials, funding restrictions;
• the experience gained during the implementation of individual projects can be used to prevent errors in future projects, reduce the time required for planning, and select the optimal path for project implementation;
• Clear planning of work, necessary for project management, allows you to regulate their quality.

Implementation efficiency

Large-scale evaluations of the effectiveness of the use of EMS in Russian companies was not carried out, since there are few companies that effectively use project management as part of regular management. Research of a similar level is being conducted in the USA and European countries. One survey, prepared by the US Project Management Institute (PMI), includes data from more than one hundred North American companies and project management professionals. The diagram shows the results of a survey on the level of efficiency of using EMS based on management methodology PMBoK projects PMI Institute.

Personal experience
Svein Aage Olsen
Since our implementation of the EMS was gradual, we did not evaluate alternatives. Nevertheless, the qualitative results of the introduction of project management are obvious: for example, expansion into the regions without formalizing this activity and applying project management methods to it, that is, without a clear division of powers, structured project implementation schedules, documented business process standards and IT support, was would be extremely difficult.

This approach has a number of disadvantages and difficulties. In particular, like any advanced management technique, project management requires additional knowledge and skills of personnel and leads to more complex communications. As a result, the costs of training and paying employees increase.

The place of project activities in the company’s work

The extent to which an EMS is used within a particular organization depends on many factors. For example, if small company decides to open new shop and management wants to track the effectiveness of this undertaking, there is no need to talk about the need to create a project management system. It is quite possible to limit ourselves to using its individual elements, for example, creating a working group responsible for solving a specific problem. But if we're talking about about the opening of ten stores in different cities (project activities for this company become permanent and their scale increases), more complex structure management of this process, that is, individual elements of project management must form a system. In addition, the size of the company, the availability of qualified specialists capable of building and maintaining this system, the willingness of management to change the existing management style, etc. are taken into account.

Rice. 1. Options for the presence of project activities in the company’s activities

In Fig. 1 in the first case, project management is the main principle of management in the company. This situation is typical, for example, for software, consulting, construction companies. The third option applies to companies with an established business that is developing extensively. For them, the introduction of project management will even be harmful, since if management becomes more complex, it will not bring the benefits that are expected in this case. The second option is the most common, but also the most difficult: projects are carried out along with the main activities of the company. In the future, we will consider just this option for organizing work.

Stages of implementation of the EMS

The development director is usually responsible for the implementation of the EMS as the person who oversees everything investment projects and their management. It is he who assesses the scale of the future system, the additional needs for specialists, the costs of their maintenance and the effect of implementation.

Stage 1. Changing the organizational structure

On initial stage A new division is being formed in the company - the project office. It often starts with one specialist who combines current activities with project management functions (this allows optimizing wage costs), and then can smoothly develop into an entire division depending on the company’s needs for managing project activities.

Go to functions project office include:

• maintaining electronic models of projects;
• maintaining project archives;
• control over project implementation;
• consolidation of information on projects;
• preparation of teaching materials, standards, instructions;
• maintaining databases of characteristics of standard work and their fragments for projects and resource requirements;
• training and advanced training of employees of other departments.

At the initial stage of system formation, part of the work to support project activities can be distributed among existing specialists. For example, the preparation of methodological documents and control of the project budget can be entrusted to the economic planning department, resource management to the personnel department, etc.

To manage project activities, an investment committee is formed from among the top management and, possibly, shareholders of the company, which usually includes directors of sales, production, security, personnel, IT, and less often - CEO. The Investment Committee makes decisions on the acceptance, launch and completion of projects and meets on a periodic basis or as issues arise for discussion. The activities of the committee and the status of the decisions it makes are regulated by the relevant regulations.

Operational project management is carried out by the curator and project manager. The authority to change the timing, budget, scope and boundaries of the project belongs to the top level of management and belongs to the project supervisor, who is often assigned the appropriate top manager. For example, in a store opening project, the sales director will be the curator. Typically, the candidacy of a project curator is approved by the investment committee. The curator, in turn, appoints a project manager and approves the team composition proposed by him.

The project manager can be a manager dedicated to this work or a project initiator who combines this activity with the main work. The manager prepares project documentation and is responsible for operational management progress of the project, ensures the implementation of planned work, prepares proposals for changes in plans, coordinates technical and human resources.

Personal experience
Svein Aage Olsen
Our company does not have a project office as a separate structure, however, the project management process is formalized. For projects within the programs, the degree of formalization is high; business processes are prescribed for them, defining tasks that must be solved, responsibility for them and for the decision-making process itself, project deadlines, standard business plans, cost norms, required productivity, etc. etc. For individual projects, we try to apply existing standards as widely as possible, but we take a closer look at the resources needed to implement the project and how it will be implemented.

When setting up a management system, it is necessary to resolve the issue of dividing employees’ time between main and project activities. This is especially important when the volume of work allocated to projects begins to take up a significant portion of staff time. There are several options for this division:

• “buying” by the project manager of the resources he needs from the functional manager (in the form of a share of the time devoted to the project);
• complete reassignment of personnel to the project manager for the duration of its implementation or for the duration of the need for this personnel;
• assigning a task that arises in a project not to a specific performer, but to the head of a functional unit.

The first option is difficult from the point of view of implementation, since it requires the development of employee remuneration schemes, but it is also closest to the very idea of ​​project management. The second option may be ineffective due to underutilization of employees. Therefore, the third option is most often used when general structure management in the project becomes less mobile, but there is no double subordination of employees, which usually causes the most problems. The advantages of this method also include the freedom of the functional manager to use the resources of the department to solve the task.

Stage 2. Development of regulatory documentation

In the project management standards of a specific company, it is necessary to describe very specifically: who, when and what should do for the functioning of the management system. This document should include the following items:

• company policy in the field of project management;
• classification of projects and criteria for identifying individual undertakings in a project;
• description of the business process of the project in the organization (how the project is started, approved and implemented, and who is responsible for it).

The level of detail in the standard depends on the complexity and number of company projects, as well as the number of employees involved in the process. The company's policy in the field of project activities describes the place of project management in the general management of the company. It includes the rules for separating the main activity from the project activity and the rules for their interaction, the distribution of responsibility for the project activity, its managers and performers. Thus, undertakings with a budget exceeding a certain amount can be allocated as a separate project. Another criterion could be the scope of the project. If an undertaking does not require large investments and covers the activities of two divisions of the company, it is not allocated to a separate project, but if it affects three or more divisions, then it is allocated. An example could be a company restructuring project, automation, implementation of a new motivation system, etc.

Rice. 2. A simplified example of a description of the business process of completing a project

Despite the fact that projects are unique endeavors, the classification allows the use of existing developments and statistics for similar projects. Depending on the goals, there are projects for:

• product range development;
• development of sales channels;
• production development;
• development of supporting units;
• improving the quality of management;
• business diversification.

Classification can also be hierarchical (first by area of ​​application, then by content):

a) sales:

• product range development;
• development of a sales network;
• development of promotion methods;
• development of logistics;

b) production:

• modernization of existing production facilities;
• creation of new production sites;
• improvement of the production process;

c) providing:

• automation of management processes;
• reorganization of business processes;
• increasing the efficiency of auxiliary departments.

For each of the identified types of projects, typical work sequences, resource requirements, time, cost of work, possible problems, etc. should be described. In addition, the principle of appointing a curator and project manager can be described. As the company implements projects, the standard may change.

The next step is to describe the business process of the project in the company. An example of a schematic representation of a business process is shown in Fig. 2.

The general structure of a business process can be detailed and complicated, up to the description of individual actions of specific employees.

The decision to create a management system means that the company has several simultaneously ongoing projects, that is, a portfolio of projects. Most often, projects in the company are carried out in parallel with current activities. The rules for coordinating current and project activities are also prescribed in the standard.

Project portfolio management is usually built on a competitive basis. You can create competition between projects within a portfolio by assigning them status and priority. For example, the status can take the following values:

• in developing;
• to launch;
• neglected;
• suspended;
• completed;
• rejected;
• deferred.

A change in the status of a project occurs after its consideration by the investment committee on the basis of the boundary conditions adopted by the company. For example, a project is accepted for execution, the payback period of which is at least three years, the IRR value is not lower than 25%, etc. If the project indicators significantly exceed the specified ones, then it is assigned the status “for launch” if they are close to the limit or less them, then the status is “deferred”; if the project was rejected, then it is transferred to the archive with the status “rejected”, and if the project is sent for revision, the status does not change.

In addition to status, projects are assigned priority. For example, by default the priority is set to three. For projects that are of greater importance in terms of the company's strategic goals or higher profitability, the priority is raised to two or one, for others it can be lowered to four or five. In addition, the priority of projects may change during their implementation. This contributes to more efficient work of project managers and encourages them to compete.

Stage 3. Automation

Despite the fact that the choice software product dedicated to EMS automation great amount articles, in practice one should be guided by the real needs of the company. So for the big one construction organization, which requires full accounting of materials, shift work, etc., needs a professional-level system (Primavera Enterprise, Spider Project). For a smaller company, Microsoft Project and OpenPlan Pro are suitable. They have rich group work capabilities: creating a single pool of resources, access to projects via a web interface, integration with email and accounting programs. In Russia there are also systems that implement the functions of budgeting and management accounting for projects and automate document flow (TU “Project Management” based on “1C: Enterprise 8.0”). However, they are not a complete replacement for an automated management system, since they are not intended to optimize project schedules and manage project resources.

The minimum requirements that an automated project management system (including MS Excel adapted for this purpose) must meet are as follows:

• the possibility of decomposing work, planning their duration and connections between them;
• the ability to plan resources required to perform work;
• optimization of the resulting work schedule with and without resource limitations;
• assessing the risks of changing the work schedule;
• monitoring the execution of the prepared work plan;
• preparation of reports based on plans and facts of work.

Upon implementation automated system, supporting project management, it is required to integrate it with the company's existing budgeting and management accounting systems. Of course, this leads to additional costs, but in the absence of such integration, the efficiency of the system decreases, since the efficiency of entering actual data on the progress of projects into it decreases.

Changes in financial management

For the financial director, when setting up a management system, the most important issue There will be a description of the procedure for managing the cost and cash flow of the project. The introduction of these procedures implies changes to existing budgeting and payment rules. Most often, the totality of a company’s projects is allocated to a separate CFU “Investment activities” or “Project center”. CFU budgets are consolidated into the budget of the entire company, as if it were a separate division. Within the DFU, a complete set of budgets is also maintained for each project.

For example, a company begins a project to modernize a production workshop. It is planned to purchase additional equipment, introduce an additional shift and introduce a quality control system. The project is carried out without stopping the work of the workshop. When calculating the economic benefits of the project, the additional volume of products that a given workshop can produce is taken into account.

However, it is problematic to allocate only an additional volume of products into a separate project. Therefore, from the beginning of the project, the entire workshop is transferred from core activity to investment activity, and the cost of the workshop is assessed as if it were a separate enterprise. For the financial financial reporting unit to which the workshop previously belonged, income is accrued in the amount of the cost of the workshop; for the financial financial institution “Investment activity” - an expense in the amount of the same amount. After the project is completed, the reverse operation is performed. At the same time, the amount of added value created by the workshop may remain in the Investment Activity Facility, or it may go to the original FFU.

Another example would be a project to increase production capacity a company in which manufactured products are sold through its own sales network. The full effect of the project will be the profit that the company will receive from selling additional volumes of products at retail prices. New volumes of products will be sold through the existing sales network. The task will become even more difficult if the products are sold through recently open shops, which are also considered investment projects at the payback stage. A common mistake in this situation is calculating the payback of a production project for a group of companies as a whole. This does not allow us to separate the effect of opening new retail outlets and modernized production.

To take into account the actual effect of the project, you can use the transfer pricing mechanism. In this case, the price at which production sells products own stores, is installed at the level of the existing wholesale price for similar products. The added value of production is allocated to the company's investment activities and pays for the project to increase production capacity, and the added value of the distribution network is allocated to the corresponding stores and projects.

When implementing projects, some work will be delayed, new, previously unplanned work will appear, in addition, the initial estimate of the cost of work may be adjusted. This will lead to new system the results of a conventional analysis of planned and actual data will turn out to be unrepresentative; it will be necessary to conduct a factor analysis of deviations in cost and composition of work. Therefore, in addition to the budget execution report, it is necessary to provide an additional form (work performance report) or combine these two forms.

Example 2
Let's assume that ten jobs were planned for a month with a budget of $12,000. At the end of the month, it turned out that the spent budget amounted to 5 thousand US dollars. However, after factor analysis, it turned out that four jobs with a budget of $8,000 were postponed until next month and a new job costing $300 appeared. It can be seen that for the initially planned work the budget was 4 thousand US dollars (12 thousand minus 8 thousand), and taking into account new job the amount will be 4.3 thousand US dollars. Thus, the excess of the budget due to the increase in price amounted to $700. The total budget variance of $7 thousand is broken down into the cost variance plus $0.7 thousand and the scope of work variance minus $7.7 thousand (8 thousand minus 0.3 thousand) . Another difficulty is that the project schedule is subject to constant adjustments, and this leads to a shift in the timing of payments and payments attributed to a single month in the budget. Therefore, if within the framework of a monthly budget it is still possible to achieve acceptable planning accuracy, then the annual budget will become outdated in two to three months. In this situation, it is worth considering introducing a rolling budget in the company, reviewed at certain intervals.

The procedure for resolving unscheduled payments is also changing. In project management, it is not uncommon for unexpected work to arise or the cost of work to increase. When deciding on such a payment, you should keep in mind how the change will affect the overall project budget. It is possible that savings have previously been observed on the project and the resulting work falls within the approved budget, but this may not be the case. An option to solve this problem is to introduce a limit for exceeding the budget (for example, 5%), within which excesses are allowed after their approval by the project curator. And only if this limit is exceeded, the procedure for revising the project budget at the investment committee is initiated.

Lack of integration of an automated project management system and management and accounting can lead to a significant reduction in the effectiveness of the use of the EMS. However, due to the specifics of project management, this task becomes far from trivial. So, when implementing project management, it is necessary to monitor the relevance of the existing cost codifier - it may well turn out that for some items it will be necessary to introduce additional detail.

The project budget is formed by importing data on upcoming payments into the budgeting system used in the company. When creating a work schedule for a project, you must immediately assign cost item codes to the work entered into the project management system in order to establish their clear correspondence with budget items. This task, as a rule, falls on an employee of the financial department or project office manager. You can also use a library of ready-made work fragments with assigned codes, performers and configured relationships. The procedure for loading actual payment data into an automated EMS is somewhat more complex. Problems are possible when payments arise that are not provided for in the original work schedule (that is, not contained in the budget loaded into the budgeting system at the beginning of the period). In this case, information about newly created work has to be entered manually.

Consultant's opinion
Grigory Tsipes, chief consultant for project management at IBS.
Change calendar plan work takes place within the framework of change management in accordance with the general methodology of project management. If a change in the schedule leads to a budget adjustment, it must be agreed with the financial service, and, if necessary, with the investment committee. The possibility of changing the schedule and the corresponding powers of employees should be reflected in the rules of project management in the company. Information about payments is entered online into the report on the execution of the project budget, and, if necessary, the company as a whole. No changes are made to the planned indicators, otherwise the analysis of actual budget execution is meaningless.

Staff resistance

The main difficulty in implementing project management, as in the case of any other change in the management system, is staff resistance.

The initiator of the implementation of such a system can be employees of three levels of management: the company’s top management, project management specialists or project executors, that is, ordinary employees. In the first case, implementation occurs in a directive manner and does not experience a shortage of funding. However, the created system may not take into account the needs of performers and turn out to be ineffective. In the second case, the system will be quite functional, but may turn out to be extremely complex for performers and require input large quantity data. In the third case, the system will be easy to use, but most likely will not satisfy the needs of the first two levels. The way out of the situation is to try to take into account the needs of three levels, and all of them should take part in the development of the system methodology. For example, initial planning is done by professionals using scheduling, further actions and detailing of work are carried out by the performers, and management receives information from the entire portfolio of projects.

Another reason for resistance is increasing transparency of work, labor productivity, division of responsibilities, and reducing the company’s dependence on specific specialists. If this happens while maintaining the same level of wages, it will certainly cause dissatisfaction, so it is absolutely necessary to create a system of motivation for personnel involved in projects. As a result, there may even be competition between employees for the opportunity to participate in projects.

When implementing project management, competition for resources (monetary, human, etc.) begins between different projects. This problem can only be solved by clearly prioritizing payments both for projects and for current activities. If this is not done, resource allocation issues will be decided only at the executive level and depend on the degree of their influence over the CFO or CEO.

The implementation of project management in a company is itself a project. Therefore, like any other project, it must have clear goals, responsible persons, a work plan and a result. Only in this case can we say that project management methods in the company will be in demand.

Consultant's opinion
Grigory Tsipes
We see three main ways to overcome staff resistance when implementing a project management system - agitation, coercion and motivation.
Agitation is an explanation to future project managers and personnel who will be involved in its implementation why project management is needed and what these employees will gain from using it. As experience shows, the greatest resistance is caused by the formalization of actions, that is, the need to fill out a large number of documents, and the fear of monitoring activities. Of course, in a situation where the project is being implemented successfully, such formalization may seem like a waste of time. But if the project does not go as planned (which happens not so rarely), it is the observance of formalities that allows you to protect yourself from troubles and unfair accusations (“I warned about this, here is a certificate”). And at the same time, the transparency of the project for all interested parties increases sharply, and the opportunities to “fish in troubled waters” decrease.
Stimulation(coercion) implies the creation of rules and procedures that will not allow the implementation of certain actions in the project without complying with certain formal requirements (for example, payment is not made without the appropriate application and visa of the financial director).
Motivation should be built on the basis of an objective account of the contribution of each employee to the success of the project. We usually offer bonuses to employees not only participating in the project, but also those who serve it (financiers, lawyers) in order to avoid unnecessary delays when making decisions. At the stage of pilot implementation of project management, they receive additional rewards not even for the success of the project, but simply for agreeing to play by the new rules and implement the project. In the future, the basis for bonuses becomes the results of the project (including financial ones), since at this stage it is important not only to force people to work in accordance with the SUP, but also to orient them towards success. And we must not forget about the intangible side of motivation. Project managers are formerly ordinary employees who, after the introduction of project management, acquired a new professional status and sharply increased their market value.

Efficiency of use refers to the assessment of EMS by company managers.

30. Project cost and financing management

Key Definition

Project cost and financing management(Project Cost and Finance Management)-project management section, which includes the processes necessary for the formation and control of the implementation of the approved project budget. Comprises resource planning, cost estimation, estimate and budget formation and cost control.

Body of Knowledge

The project cost and financing management process includes:

□ Development of a concept for managing the cost and financing of the project:

Development of a strategy for managing the cost and finances of the project (defining goals and
objectives, criteria for success and failure, limitations 74 assumptions);

Conducting economic analysis and justification of the project (marketing,
assessment of cost and sources of financing, forecast of implementation);

General economic assessment project;

Development of an enlarged financing schedule;

Determining the requirements for the cost and financing management system in
project;

Concept approval.

□ Project cost and financing planning:

Planning resources and determining their quantity required for successful
project implementation;

Estimation of project cost (based on the developed estimate documentation,
expert assessments, etc.);

Formation of the project budget,

Development of a financing plan that must correspond to the formed
project budget:

Development of a cost and financing management plan for the project.

□ Organization and control of project implementation at cost:

Distribution functional responsibilities and responsibility in accordance with
cost and financing management plan for the project;

Implementation of a cost and financing management system for the project;

Accounting for actual costs in the project;

Generating reports on the status of project costs and financing.

□ Analysis of the status and regulation of the cost of creating a project:

Current audit of the project status in terms of cost and finances;

Determining the degree of project completion based on cost indicators
(carried out on the basis of an analysis of actual costs and estimated costs
executed works);

CHAPTER 1. KNOWLEDGE AND EXPERIENCE

Analysis of deviations in the cost of work performed from the estimate and budget:

Analysis of various factors influencing positive and negative deviations;

Preparation and analysis of corrective actions;

Forecasting the status of project work execution by cost;

Making decisions on regulatory actions to ensure the execution of work
project at a cost in accordance with the budget.

□ Completion of project management for cost and finance:

Economic analysis and evaluation of results;

resolution of claims and conflicts;

Preparation of executive estimates and financial reports;

Final settlements and closing of financing;

Formation of the archive.

Main literature

Voropaev V.I., Galperina Z.M., Razu M.L., Sekletova G.I., Yakutii Yu.V. and others. Program and project management / Edited by M. L. Razu. Module 8. In the 17-module program for managers “Organizational Development Management”. - M.: Infra-M, 1999. - P.392.

Voropaev V.I. Project management in Russia. - M.: Alan, 1995. - P.225.

Mazur I.I., Shapiro V.D. and others. Project Management: A Reference Guide / Edited by AI. Mazura and V.D. Shapiro. - M.: graduate School, 2001. - P.875.

Ilyin N.I., Lukmanova I.G. etc. Project management. - St. Petersburg: DvaTrI, 1996. - P.610.

Lobanova E.N., Limitovsky M.A. Financial management. Module 14. In the 17-module program for managers “Managing Organizational Development”. -M.: Infra-M, 1999.

Guide to the world of project management / Transl. from English - Ekaterinburg: USTU, 1998. - P. 192.

Archibald R.D., Managing High-Technology Programs and Projects. 2nd ed. -New York, NY: John Wiley & Sons, 1992.

Cleland D.I., King W.R., Project Management Handbook. 2nd ed. - New York, NY: Van Nostrand Reinhold, 1988.

ICB - IPMA Competence Baseline. Version 2.0. IPMA Editorial Committee: Caupin G., Knopfel H., Morris P., Motzel E., Pannenbacker O.. - Bremen: Eigenverlag, 1999. - p.l 12.

Ireland L.R., Quality Management for Projects & Programs. - Drexel Hill, PA: PMI, 1991.

Kerzner H., Project Management: A Systems Approach to Planning, Scheduling, and Controlling. 6 th ed. - New York, NY: John Wiley & Sons Inc., 1997.-p. 1200.

Projectmanagement - Fachmann. - Eschbom: GPM und RRW, 1991. - VI, V2, pp.1130.

Turner J.R., The Handbook of Project - Based Management: Improving the Processes for Achieving Strategic Objectives. - Maidehead: McGraw - Hill, 1993. - p.540.

Turner J.R., Grude K.V., Thurloway L.-The Project Manager as Change Agent. - Maidehead: Me Graw-Hill, 1996.

additional literature

Holt R.N. Basics financial management. - M.: Delo Ltd., 1995.

Holt RN, Barnes SB. Investment planning. - M.: Delo Ltd., 1994.

In a market economy, the cost factor becomes decisive in the implementation of a project and evaluation of its results, therefore cost is one of the main objects in project management.

The cost management function includes preliminary assessment of costs associated with the project, determination of cost estimates, sources of financing and the project budget, planning cash flows, forecasting income and profits, monitoring the expenditure and receipt of funds and making decisions in cases of cost overruns and other deviations. from financial plans.

The main task cost management is compliance with the budgetary framework of the project, and obtaining the expected profit from its implementation. Cost management should be based on methods for determining the effectiveness of investments in projects in an unstable economy, the formation of which has not yet been completed. Methods

and cost management techniques in market conditions are widely covered in the literature.

The distribution of project costs over its life cycle is uneven and usually has a pattern.

Depending on the stage of the project life cycle and the purpose of the assessment, different kinds and methods for estimating project costs. Based on the purposes of the assessments, the accuracy of such assessments also varies.

Cost estimation begins with determining the resource and work structure of the project.

These tasks are solved as part of project planning, and the cost management system (cost estimation module) should receive the results of this process.

The cost of the project is determined by the resources necessary to complete the work, including: equipment (purchase, rental, leasing); fixtures, devices and production facilities; blue-collar labor (full-time employees hired under contract); consumables (stationery, etc.); materials; training, seminars, conferences; subcontracts; transportation, etc.

All costs can be classified as: direct and overhead costs; recurring and one-time; constants and variables depending on the volume of work; overtime pay.

A project cost estimate is essentially an estimate of all the costs required for the successful and complete implementation of the project. These costs may have different representations, colored by different economic

meanings. Moreover, the differences between such ideas are sometimes very subtle.

There are three types of costs: liabilities; budget costs (estimated cost of work distributed over time); actual costs (cash outflow).

Based on the structure of the project life cycle, its cost includes

all the following components:

Cost of research and development: conducting pre-investment studies, cost-benefit analysis, system analysis, detailed design and development of prototypes of products, preliminary assessment of project products, development of design and other documentation for products;

Production costs: production, assembly and testing of project products, maintaining production capacity, logistics, personnel training, etc.;

Construction costs: production and administrative premises (construction of new ones or reconstruction of old ones);

Current expenses: wage, materials and semi-finished products, transportation, information management, quality control, etc.;

Removal of products from production: costs for re-equipment of production facilities, disposal of residues.

The process of managing an enterprise's cash flows is based on certain principles, the main of which are:

The principle of information reliability. Creation information base presents certain difficulties, since direct financial statements, based on uniform methodological principles of accounting, is missing.

The principle of ensuring balance. Money management

flows of the enterprise deals with many of their types and varieties, considered in the process of their classification. Their subordination to common management goals and objectives requires ensuring a balance of the enterprise's cash flows by type, volume, time intervals and other significant characteristics. The implementation of this principle is associated with the optimization of the enterprise's cash flows in the process of managing them.

The principle of ensuring efficiency. The cash flows of an enterprise are characterized by significant unevenness in the receipt and expenditure of funds in the context of individual time intervals, which leads to the formation of significant volumes of temporarily free cash assets of the enterprise. Essentially, these temporarily free cash balances are in the nature of unproductive assets (until they are used in the economic process), which lose their value over time, from inflation and for other reasons.

One of the most important and difficult stages of managing an enterprise's cash flows is their optimization.

Optimization of cash flows is the process of selecting the best forms of their organization in an enterprise, taking into account the conditions and characteristics of its economic activities.

The main optimization goals are:

Ensuring a balanced volume of cash flows;

Ensuring synchronicity in the formation of cash flows over time;

Ensuring the growth of the enterprise's net cash flow. The main objects of optimization are: positive

cash flow; negative cash flow; balance of monetary assets; Net cash flow.

The basis for optimizing an enterprise’s cash flows is to ensure a balance between the volumes of positive and negative

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