Back to overview Finance for Project Managers For effective managing any project it is necessary to have sufficient financial background. Of course, you do not need to be experienced controller or a financial analyst, but understanding basic financial terms is quite important. Why? The assigned project manager usually has to frequently explain project plan, budget, business case in front of the Board or Finance department. These people prefer to use numbers and arguments strictly. Many good projects have failed not because of implementation quality but because of mutual misunderstanding between project managers and finance department. In our training „Finance for Project Managers“, we are going focus on explaining most important financial terms and tools on practical examples. Tomáš Kábrt, lecturer, who is currently finishing his doctoral studies of Finance at University of Economics, Prague has experience with financial analysis, company valuation, accounting and taxes. What are the most common problems and mistakes in financial project planning? Over optimistic expectations – the plan is subjective oriented not figure based Lack of information – omitting some costs that should be part of project, like: insurances required by law, employer’s contributions (healthcare, social security), etc. Very technically oriented person can create detailed but incomprehensible analysis where calculations don’t have to be quite so sophisticated, it is far more important that the plan is acceptable and understandable by the others. Training – Finance for Dummies At ICG, participants of this training will be guided in various exercises and cases, develop together their own project plan and financial analysis. You will practice all the routines on an example of a specific company – goal setting, costs and benefits determination, cash flow, risk assessment and evaluating the project as a whole. Finally, the participants will have the opportunity to present their project plan. The result will be a comprehensive overview of various aspects of finance and the importance of knowing how to deal with them. The Schedule of the training is on 9.10.2017 in Prague. More information and application form can be found here. 0 Project Management Related content Insights Financial planning of the project Errors in the "planning phase" can cause implementation of a project that is not profitable. How can we master the Financial planning of the project? Trainings Project management Learn how to lead projects by using not only tools of project manager, but also correct communication, approach and mainly thinking. Training Project financial management Understand financial statements, determine project costs, build a financial plan, and learn how to manage project cash flow.