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Financial Tracking
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It is essential that Project Managers monitor a project's finances. The level of detail needed may vary depending on the size and complexity of the project. On particularly large projects there may be a person dedicated solely to this role. However, the key areas that should be tracked on all projects includes:
- Expenditure so far
- Total expenditure from previous years (if appropriate)
- Profiled budget for the project and changes to it
- Forecast out-turn (how much you now think you will spend altogether)
- An explanation of steps to address any forecast overspend or under-spend
- The project's resources - including people - profiled on a cash basis
You should discuss with your Directorate Finance Team precisely what tracking your project should have, and how often it should be updated.
The next section discusses an area that can have a massive impact on the project's finances; Risk Management.
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