What is the importance of sound financial management in a project?
This online course is for those who want to improve their understanding of the financial consequences of their decisions, whether those relate to an impact on the income statement, balance sheet or cash flow-statement. This programme will provide you with an introduction to annual financial statements and costing, judgmental issues and policies, absorption costing/ cost allocation and marginal costing, working capital management and financial planning and growth and valuation principles and creating value. Through a mixture of online communication and practical exercises and interpretation of financial statements this programme will help candidates to better understand the surrounding financial data environment. The flow of money in a business and how it is accounted for the key financial statements (profit and loss account, balance sheet and cash flow)
In this course you will develop the following program learning outcomes:
- To understand basic terminology and key accounting concepts
- Determine and apply knowledge of complex project management theory, principles and best practice to applied projects to contribute to the profession and discipline of project management
- Apply the specialist knowledge and technical skills required to creatively address the diverse needs of project stakeholders, formulating innovative solutions and demonstrating independent and sound decision making related to your professional practice and the discipline.
- To understand the financial planning process including establishing the relationship, gathering data, evaluating financial statements and cash flow. To develop critical thinking and problem solving competencies, at both the small and big projects, of financial statement analysis, financial planning, capital budgeting and to apply financial theory to analyse real life situations in an uncertain environment with an incomplete data set.
At the end of the programme, you will be able to plan more effectively as to take the financial impact of your decision into consideration; identifying what causes and drives costs gain insight into working capital management and understand growth, cash flow and profitability considerations.
- To make profit
- to operate in the budget requirements of the business
- To spend most of the budget on safety requirements