Description: A financial management process is used to ensure that the project is completed within the allocated and approved budget. The recommended process includes cost estimating, cost budgeting, cost control, monitoring, and reporting. Application of these principles should be tailored according to the size, complexity and importance of the project. Measure project performance against key project performance scope, schedule, quality, cost and risk criteria. Identify any deviations from the plan. Assess the impact of deviations on the project and overall program, and report results to key stakeholders. Recommend, implement and monitor remedial action, when required, in line with the program and project governance framework.
Course Objectives: How to organize financial reporting throughout the project, tracking and shifting expenditures across budget lines, periods, work packages, and partners. How to satisfy grant requirements for project reporting; writing interim-and final reports.
Learning Outcomes: By the end of the course, students are able to develop a financial plan and operate within the planned budget, know the boundaries of budget plan and the consequences of budget reallocations. They are able to monitor progress and report project success throughout the duration of the project and become familiar with financial tools.