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Full Summary Of Financial And Project Management
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Full Summary of the Financial and Project Management course. Not slides only, contains information added during the lectures.
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FINANCIAL AND PROJECT MANAGEMENT: INTRODUCTION AND ORGANIZATION OF THE COURSECourse content
Project management is the practice of initiating, planning, executing, controlling, and closing the
work of a team to achieve specific goals and meet specific success criteria at the specified time.
- Specific topics
o Project scope, stakeholders, work breakdown structure, cost & time estimation,
scheduling, project management methodologies.
Financial management involves planning, directing, monitoring, organizing, and controlling of the
monetary resources of an organization.
- Specific topics
o Finance Capital budgeting, financial ratios
o Management accounting cost structure and calculation, budget and variance
analysis.
o Financial accounting Financial statements
Organizations become more and more project-based, so their financial performance is more and
more the product of project performance.
FINANCIAL AND PROJECT MANAGEMENT: TEMPORARY ORGANIZATIONS
Relevance of FPM
Highly relevant to students, because:
- Societal relevance of course:
o ‘Projectification’ of society / economy (production/innovation/change)
- Professional/personal relevance (what’s in it for you?)
o Professional skill development
o Learn financial & PM language and tools
o High change you will work in projects
o Position: junior project management
o Solo self-employees organize their work in temporary projects
PBO’s and Projects
- Content of today’s lecture
o Introduction: Examples of projects
o What are temporary systems?
o What is PBO?
o What is a project?
o Intra- and inter-organizational management: How are they connected?
- Aim (and one of the learning goals of FPM) Making you sensitive to the notion that
projects and PBO’s are becoming more important in business and society and have financial
implications.
,Intuitive approach
Think-pair-share
- What is a project?
- What are differences between projects and organization?
- What is project management?
A project has a scope, a description of what you will and will not do during the project. If you extend
the scope you do not have enough resources. If projects run well it is to the benefit of the
organization. An organization is there in principle for permanency, a project has a limited time
horizon. Can be long, but it is limited.
Possible intuitive answers
- Project organizational form, distinction among forms reflect social processes and
boundary creation. (An organization is an entity comprising multiple people and resources,
that has a particular purpose/goal/aim.)
- In any organizational form, mainly two aspects of work exist: on-going operations and
projects.
- Projects are defined as unique, temporary endeavors with a specific beginning and end (thus
they are time-bound)
- Operations constitute an organization’s on-going, repetitive activities, such as accounting or
production.
- Permanent vs temporary
- Routine vs unique
Operation versus projects: Some examples
Operations Projects
- Taking class notes - Writing term paper
- Daily entering sales receipts into the - Setting up a sales kiosk for a
accounting ledger professional accounting meeting
- Practicing scales on the piano - Writing a piano piece
- Manufacturing apple iPods - Designing an iPod that 2x4 inches and
can carry 10.000 songs
Project management
- Project management is the process and activity of planning, organizing, motivating and
controlling resources, procedures and protocols to achieve specific goals
- The primary challenge of project management is to achieve all of the project goals and
objective while honoring the preconceived constrains. The primary constrains are scope,
time, quality and budget.
Project management & Social sciences
Mix the technical approach with the more social approach. You can interpret the course between
a mix of these approaches.
, Temporary systems
A temporary system or organization in business, science and society is typically defined as a
collaborative enterprise that is carefully planned to achieve a particular aim. They can be further
defined as temporary rather than permanent social systems that are constituted by teams
(people/organizations) within or across organization to accomplish particular tasks under time
constraints.
- Intra-organizational Project & Project-based Organization
- Inter-organizational Inter-organizational Temporary Organization
o Between two or more organizations
Temporary because organizations use them for specific purposes. They need to innovate because
the environment is innovating as well. It is an answer to, for example, globalization. Also, it is a
flexible way of organizing. What happens to the resources after the project? They are flexible
assets as well so they can be put into new project.
- Projects are there because of dynamic environment and the need to be flexible.
Types of temporary systems
What is a PBO (Intra-organizational)
PBO Project-based Organization
- What is it?
o An independent organizational form (an organization) in which the project (and not a
functional department) is the primary organizational unit for economic or societal
activities (e.g. production, innovation, change and competition)
- Where can we find them?
o In private manufacturing enterprises, also in other organizations public and private
(legal profession, consultancy, marketing, film industry, advertising, aid)
The whole organization exist of projects. So not functional departments. We produce innovate,
change and compete while only using projects. You see it trough out the economy, marketing,
consultancy etc. These new forms are there as a answer to external factors.
, PBO vs. other organizational structures
Functional, R&D , marketing etc. all departments silo’s in organizations.
Project based bottom right. All the others are in between forms.
Functional organization
Project based Organizations
Why are there project based organizations
If you have a complex task, like building
an advanced ship, you need expertise. If you
need to move fast or stay close to your
customer PBO is an effective way of
organizing.
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