Project financials are a weakness is many organizations, yet our success with our banking and bonding partners relies heavily on this data. Many are left uncertain when it comes to knowing the outcome of projects while they are occurring and experience significant fade or gain at the end of the job that was not predicted. Financial acumen can be the line in the sand between staff being “project managers” versus “project witnesses.” The solution to this are defined standard practices to set your team up to win. In this session, we will discuss the importance of managing cash flow and how to produce accurate project forecasts.
Following this class, participants will be able to:
- Outline best practices for producing stellar schedule of values
- Discuss billing and collections standards to focus on getting the cash in the door timely
- List the steps required to produce an accurate project forecast
- Show the tremendous affect labor productivity tracking has on the quality of project financial projections