The Ultimate Project Manager, Chapter 16: Project Financial Management

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The Ultimate Project Manager, Chapter 16: Project Financial Management

1 hr. Online Course
Level: Intermediate
Average Rating: (3433)

Item #: RV-10440
SME: Michael D'Alessandro

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SME

Course Applies To

Overview

Course Description

Every design firm is in the business of providing professional consulting services to its clients. To be successful and remain in this business, however, its projects must be profitable (i.e., the revenue must exceed all costs including overhead and profit expectations). In addition, clients must receive invoices in a timely manner, and your firm must receive payment for the completed work within the time specified in the contract.

A PM is assigned to each project, not only to manage the project team and to ensure that the project budget is met, but also to ensure:

The client receives invoices for the scope of services
Payments are received from the client within the contract payment period
The project achieves its “as-sold” financial results with no write-offs

In a nutshell, the PM is responsible for the project’s financial management in two primary areas: cash flow and profitability. This means the PM must be familiar with the monthly financial reporting cycles and have the ability to plan, track, and evaluate the fiscal performance of a project. He or she must understand how the project’s total gross revenue relates to the project direct labor and project expenses, including consultants. Plus, the PM must also understand how the planned and actual project performance contributes to the overall profitability of the firm. In this course we will look at all these responsibilities and concepts in detail.

Learning Objectives

At the conclusion of this course, you will be able to:

Describe the PMs financial responsibilities to a project.
Identify the components of the billing process.
Identify the key financial performance ratios.
Differentiate between accrual and cash accounting.
Recognize the different fee adjustments that can occur within a project.
Explain why profit is a necessity and the steps that can be made to generate profit.

Course Applies To:

This course can be used for CE or applies to the State Licenses and Professional Organizations listed below.

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Subject Matter Expert: Michael D'Alessandro

Biography

Mr. D'Alessandro has been involved with the A/E Design and Construction Industry for more than 20 years. Prior to joining PSMJ Resources, Inc., he was with Parsons Infrastructure and Technology Group as a Principal Project Manager. His responsibilities included project management, proposal preparation, department management, and human resources management.

His extensive project management experience includes engineering, procurement, ranging in capital value from $1 million to $55 million. He has also been responsible for management of fast-track multi-discipline projects involving equity placement for both domestic and international facilities.

During his tenure as a Project/Client Manager, he successfully completed capital projects in 18 different countries. He has worked with some of the largest global companies by consistently demonstrating the ability to accomplish project budget and schedule objectives with a high degree of client satisfaction.

As a consultant, he has provided project management training since 1990 and has been involved in strategic planning for design/build initiatives and work process improvements for small project environments. He has also served as a Quality Council member, leading efforts to measure client satisfaction and improve design productivity.

Michael has a Bachelor of Science degree in Civil Engineering and a Masters Degree in Environmental Engineering. He is also certified by the Project Management Institute as a Project Management Professional (PMP) and is a member of the American Society of Civil Engineers. Michael is also a registered professional engineer in a number of states and is a Diplomate of the American Academy of Environmental Engineers.

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NOTE: State license renewal information is provided as a convenience only and is subject to change at any time. It is the ultimate responsibility of the individual to be sure that he or she is meeting continuing education requirements for each license and corresponding renewal period. Information above was pulled on Thursday, November 21, 2024.