Question

Assume you are managing a project involving the implementation of a new computer system. You have received a brief from Senior Management and created your project team and drafted a plan relating to the project. You will need to work closely with team members and stakeholders and you have had several meetings and attended presentations with the Finance Division to gain a full understanding of their policy and processes. What do you consider to be the key attributes of a sound Financial Management Process to ensure the key objectives and KPIs of this project and the organisation are met (Refer to the Financial Management cycle) - Guide: 200 words in length.

Answer 1

To assure that KPIs and Key Objectives are properly defined the strategy is to have excellent communication with the finance team so that in the Financial Management Cycle Stages the decisions are took logically. First in the Planning and Budgeting and Resource Allocation stages the aim is to assign enough economic resources to the plan. In the Operating, monitoring and safeguarding stage the control is the most important aspect and in this is relevant the positive correlation that must exists between KPIs and operation. At the Reporting and evaluating stage the company needs to tell the truth about the execution percentage of those KPIs and Key Objectives.