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Managing the Finances

The financial plan

Financial management controls

Estimating the costs

Authorisation to spend funds

Recording actual costs and committed costs

Financial reporting

Earned value

Just as a schedule plan is used as the baseline for measuring progress in terms of ‘time’, the financial plan is the basis for measuring costs and financial benefits.

‘We haven’t the money, so we’ve got to think.’

LORD RUTHERFORD, 1871–1937

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  • Plan in summary for the full project.
  • Base your costs on the same work breakdown as your schedule.
  • Estimate in detail before you start work on the next stage.
  • Once a budget is agreed, baseline it.
  • Keep ...

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