1. Future status any major changes that may occur
2. Status of critical tasks an update on those tasks that are critical to the completion of the project
3. Risk assessment what risks may affect the project timeline, budget or quality
4. Lessons learned information that may be useful to the organization in general or to other projects current or future
5. Limits to review this lists assumptions or limitations that could affect the information presented in the review
Task 4: Comprehensive Project Review
The review should be conducted by a person independent from the project itself. This will remove any biases in the review. The external reviewer should perform the following tasks in this role:
1. Assemble review team
2. Get team familiar with project requirements
3. Review project
4. Debrief the projectEUR(TM)s management team
5. Write a report
6. Distribute report to project manager and team and obtain their response
7. Follow up to see if recommendations have been implemented
A review database should be implemented, and it should house the findings of the review. It should also be accessible as a knowledge base for management and other project managers to see. How the system is set up will depend on the organizationEUR(TM)s policy. PMI PDU Courses, PMP PDU courses, and even PMP Prep course work will include these concepts with examples.
Task 4: Basic Project Accounting
In order to make sound and timely business decisions for a project, accounting knowledge is necessary. Understanding accounting will help the project manager determine the financial wellbeing of his or her project.
Accounting is the practice of collecting, organizing, maintaining, reporting, and understanding the financial activity of a business. Accounting knowledge helps managers make informed financial decisions. Accounting enables an organization to pay taxes, seek credit, and report performance to their stakeholders. Stakeholders should have input into the specific accounting reporting requirements that will meet their needs, and also allow them to make informed decisions with regard to the project.
Project accounting allows the project manager to do the following:
1. Report technical achievements
2. Maintain project schedule
3. Obtain resources
4. Manage costs
Task 4: Basic Project Accounting
In addition, connecting the project to an accounting system enables the following:
1. View of receivables and payables, giving better control over expenses and revenues
2. Track financial errors quickly
3. Ability for project to be audited
There arebasic accounting principles a project manager should know. PMI PDU Courses, PMP PDU courses, and even PMP Prep course work will include these topics with examples.
2. Status of critical tasks an update on those tasks that are critical to the completion of the project
3. Risk assessment what risks may affect the project timeline, budget or quality
4. Lessons learned information that may be useful to the organization in general or to other projects current or future
5. Limits to review this lists assumptions or limitations that could affect the information presented in the review
Task 4: Comprehensive Project Review
The review should be conducted by a person independent from the project itself. This will remove any biases in the review. The external reviewer should perform the following tasks in this role:
1. Assemble review team
2. Get team familiar with project requirements
3. Review project
4. Debrief the projectEUR(TM)s management team
5. Write a report
6. Distribute report to project manager and team and obtain their response
7. Follow up to see if recommendations have been implemented
A review database should be implemented, and it should house the findings of the review. It should also be accessible as a knowledge base for management and other project managers to see. How the system is set up will depend on the organizationEUR(TM)s policy. PMI PDU Courses, PMP PDU courses, and even PMP Prep course work will include these concepts with examples.
Task 4: Basic Project Accounting
In order to make sound and timely business decisions for a project, accounting knowledge is necessary. Understanding accounting will help the project manager determine the financial wellbeing of his or her project.
Accounting is the practice of collecting, organizing, maintaining, reporting, and understanding the financial activity of a business. Accounting knowledge helps managers make informed financial decisions. Accounting enables an organization to pay taxes, seek credit, and report performance to their stakeholders. Stakeholders should have input into the specific accounting reporting requirements that will meet their needs, and also allow them to make informed decisions with regard to the project.
Project accounting allows the project manager to do the following:
1. Report technical achievements
2. Maintain project schedule
3. Obtain resources
4. Manage costs
Task 4: Basic Project Accounting
In addition, connecting the project to an accounting system enables the following:
1. View of receivables and payables, giving better control over expenses and revenues
2. Track financial errors quickly
3. Ability for project to be audited
There arebasic accounting principles a project manager should know. PMI PDU Courses, PMP PDU courses, and even PMP Prep course work will include these topics with examples.
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