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Indian Institute of Management Indore

Financial Management of Projects

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Description

Project financial management is a process which combines capital planning, revenue budgeting, costing, project tax planning, internal control, auditing, procurement, etc. and relates it with operational performance of the project with the aim and achieving the desired objectives by managing project resources properly. While timely execution of projects is the prime objective of a project management team, another major area of concern is cost overrun. To address this issue one needs efficient financial management of the project. Efficient financial management of projects result in:

Providing vital information needed by those who manage, implement and supervise projects, as also government or funding agencies the comfort needed by the management and supervisory authorities that funds have been utilised efficiently resulting in value maximisation Providing a tool for preventing misuse of funds and wastage through internal controls and the proper financial management practices. Today, the project managers must not only be aware of the operational techniques of the project management but also have sufficient knowledge of the financial aspects of the project. Cash flow management of the project and budgeting skills are of utmost importance. The project manager also needs to know about process of capital budgeting to understand project profitability. He must have an overview of the contractual details, the tax and legal aspects.

Objectives

While there are many programmes available on project management very few programmes actually do justice to this aspect of project financial management. Keeping this in view, IIMK offers this programme to bridge this gap mentioned above. The three-day long programme will introduce the managers to the basic concepts of capital budgeting and cash flow management techniques. The participants will also be thoroughly exposed to the contracts management and tax related issues of a project. The important relationship between the time and cost aspects of project performance will be explored – and the participants will develop skills in reviewing performance against plan, creating meaningful financial reports and determining appropriate forms of corrective action. Through a mix of expert lectures and case based exercises the participants will have a wholesome learning experience in financial management of projects. At the end of the programme the participants will be equipped with enough tools to efficiently address the financial and contractual aspects of project management.

Content

  • Capital Budgeting (DCF concepts, NPV, IRR, Payback; case to elaborate the effect of timely achievement of milestones in ensuring higher IRR.)
  • Project Costing including parameters like life-cycle cost and NPV, budgeted cost, estimated cost and actual cost, Earned Value concept
  • Budgeting and Cash Flow Management: Elements of budget; budget as a planning and control tool; Cash flow statements; scheduling changes and its effect on budget, etc.
  • Procurement Basics: Procurement Plan, Public vs. private sector procurement, Standard Bidding documents, etc
  • Tax structure of works, goods and service contract, supply vs. erection contracts

Who should attend

This program is designed to help middle and upper level Functional Managers of various Utility, Construction, Engineering, Project engineering & IT organisations. This programme will also be helpful to departmental officers and engineers of public systems responsible for over viewing state funded projects.

Experts

He has done his Ph.D. in Economics from Jadavpur University. His doctoral thesis dealt with the topic ‘Indian Stock Market: Examination of validity of Geometric Brownian Motion (GBM) model to Stock Price Behaviour with particular emphasis on the Black Scholes Option Pricing Model’. He holds a bac...
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