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Manage   »   Resources   »   The Project Money

Let us now concern ourselves with how we optimise the investment made on our project when we look after the project money.

This task involves an appraisal of an original estimate for a project, whether that estimate is current, a review of the estimate or the creation of new estimates. It involves an assessment of the size of the project, whether it is a small or typical sized project.

It also involves the process of funding the project, when a project draws upon those funds, the triggers for the release of funds, mechanisms to ensure a project uses only its allocated budget, mechanisms to ensure that Small Change projects do not seek to use extra funds that exceed a Small Change allocation threshold and techniques to record and group spending types to monitor and manage the project pipeline budget. We will go through all these topics in tailored sections within the Toolkit.

Our objective, however, is to bring project spend, and particularly I.T. project spend, into full business financial scrutiny and responsibility. This is to ensure it serves business appropriately and uses business funds efficiently. Our objective is that each project purchase, each project deliverable, each project assessment, each change, each delivery, each day and each person has a focus on business financial justification. I.T. projects have had legendary scant regard for the added value delivered by project outcomes. Furthermore, it seems strange now, in stretched financial circumstances globally, to imagine business cheerily buying highly expensive equipment that adds little if any value to the business.

I.T. technology and equipment purchases are a huge part of the Project Money and the opportunities for financial mistakes are many and various. Of course, you will manage the supplier portfolio to select the best arrangement for your organisation. You will ask searching questions about costs, discounts, value for money and so on. You will not simply procure from those suppliers that give you the best tickets to the best football matches or a box at the Derby? Managing money is challenging and complex. So, we make the process straightforward. As we said earlier, there are sections dealing with each topic within the Toolkit.

With this in mind, let us look quickly at fit for purpose ways to establish the necessary funds to manage and deliver each project venture as part of our organisational change.


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The Project Money


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