BCC700 Finance for Project Managers

BCC700 Finance for Project Managers

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Assessment Details - BCC700 Finance for Project Managers

Unit Title:Finance for Project Managers
Module Title:BCC700
Module Code: 
Module Leader:7
Level:Large Scale Infrastructure Projects (2012 London Olympics)
Assessment Title:AE1
Assessment Number:Written Report
Assessment Type:4,000 words
The consequence of not meeting time/word count limit:

There is no penalty for submitting below the word/count limit, but students should be aware that there is a risk they may not maximize their potential mark.

Assignments should be presented appropriately in line with the restrictions stated above; if an assignment exceeds the time/word count this will be taken in account in the marks given using the assessment criteria shown.

Individual/Group:Individual
Assessment Weighting:100%
Issue Date:8th June 2021
Hand In Date:06th July 2021
Planned Feedback Date: 
Mode of Submission: 
Number of copies to be submitted:

 

Anonymous Marking

This assessment:

(a)   Will be marked anonymously or

(b)   Is exempt from anonymous marking.

(delete as appropriate)

 

Assessment Task

  1. a) Large scale infrastructure projects are often criticised for running over budget and not delivering the benefits promised. Using the 2012 London Olympics as your large-scale project, carry out a critical appraisal of the project in respect to the following topics:
  • Budget and cost control
  • Funding
  • Investment appraisal
  • Provider selection and management
  • Procurement
  • sustainability

Students should evaluate issues project managers working on the project experienced.

  1. b) The report should conclude with a clear analysis of the lessons learned relating to the project delivery and how these lessons would assist managers of future large-scale projects.
  2. c) Students should use additional case studies, academic articles, and practical examples to illustrate and develop the ideas.

Assessment criteria

Please also see the assessment grid.

Each criterion below carries equal weighting.

  1. Critical appraisal of the project.
  2. Acknowledgement and reference to application of the PM knowledge and understanding.
  3. Analysis of lessons learned.
  4. Use of case studies, academic articles and practical examples to support arguments.
  5. Presentation of report and effectiveness of arguments.

MARKING SCHEME

 CriterionA1/A2A3/A4B 
 Critical appraisal of the project.Exceptional evaluation sourced from an extensive range of material. Compelling arguments showing exceptional insight and comprehensive understanding of issues.Excellent evaluation sourced from a wide range of material.  Shows deep understanding of relevant factors.Good use of source material, points strongly made on the project. Shows good understanding of relevant issues. 
 

Acknowledgement and reference to application of the PM knowledge and understanding.

Analysis of lessons learned.

 

Evaluation of topic shows outstanding critical ability. In-depth discussion of the application of PM.Critical in-depth evaluation of topic. Thorough and well-argued discussion of the application of PM.Critical ability shown by a good evaluation of the topic. Sensible discussion of the application of PM. 
 Analysis of lessons learnedConvincing arguments show exceptional insight Comprehensive discussion of how lessons can be applied in future to other projects.Analysis clear and insightful. Well-justified recommendations on the application to future projects.A consistent recommendation clearly justified. Shows good understanding of issues facing project managers. 
 Use of case studies, academic articles, and practical examples to support arguments.Exceptional use of a broad range of relevant research to support arguments. Examples cited enhance discussion.Excellent use of a range of relevant research to support and add clarity to the discussion.A good range of relevant research used to support the discussion and provide appropriate context. 
 Presentation of report and effectiveness of argumentsOutstanding presentation, compelling arguments. Exemplary referencing of sources.Excellent presentation, convincing arguments with academic rigour. Comprehensive and accurate referencing.Highly competent presentation.  Referencing largely accurate. 
      

BCC700 Finance for Project Managers: A Comprehensive Guide by MastersAssignmentHelp.com

Finance is a critical aspect of project management. Project managers must have a thorough understanding of finance to ensure that projects are delivered within the budget. In this article, we will discuss the basics of finance for project managers, including key concepts, financial statements, time value of money, and net present value.

We will also cover how to create a project budget, monitor project finances, manage financial risks, and use cost estimation techniques.

Key Concepts

Before we dive into the specifics of finance for project managers, let’s first define some key concepts:

  • Revenue: The income generated from the project.
  • Cost: The expenses associated with the project.
  • Profit: The difference between revenue and cost.
  • Budget: An estimate of the financial resources required to complete a project.
  • Cash Flow: The amount of money going in and out of the project.

Understanding these concepts is crucial for project managers to make informed financial decisions and manage project finances effectively.

Financial Statements

Financial statements provide an overview of the financial status of a project. There are three primary financial statements that project managers should be familiar with:

  • Income Statement: This statement shows the revenue, expenses, and profit of the project over a specific period.
  • Balance Sheet: This statement shows the assets, liabilities, and equity of the project at a specific point in time.
  • Cash Flow Statement: This statement shows the cash inflows and outflows of the project over a specific period.

By regularly reviewing these financial statements, project managers can identify areas where costs can be reduced and make informed financial decisions.

Time Value of Money and Net Present Value

The time value of money is an essential concept in finance. It refers to the idea that money available in the present is worth more than the same amount in the future due to the potential for earning interest.

Net present value (NPV) is a financial concept that takes the time value of money into account. It is used to determine the value of an investment by calculating the present value of the expected future cash flows.

Understanding these concepts is crucial for project managers when making investment decisions and evaluating the financial viability of a project.

Creating a Project Budget

Creating a project budget is a critical step in project management. A project budget is an estimate of the financial resources required to complete a project. The budget includes all the costs associated with the project, such as labor, materials, equipment, and overhead costs.

To create a project budget, project managers must first identify all the tasks and activities required to complete the project. They should then estimate the time and resources required for each task and activity. This information can be used to determine the labor costs associated with the project.

Once the labor costs have been estimated, project managers should then estimate the costs of materials and equipment required for the project. These costs should be added to the labor costs to determine the total cost of the project.

It is essential to ensure that the project budget is realistic and achievable. Project managers should also include a contingency budget to account for unexpected expenses or changes in project requirements.

Monitoring Project Finances

Monitoring project finances is crucial to ensure that the project stays within the budget. Project managers should regularly review the project budget and actual expenses to identify any discrepancies.

If the actual expenses exceed the budget, project managers should identify the reasons for the overspending and take corrective action. This may involve revising the project budget or adjusting the project plan to reduce costs.

It is also essential to keep accurate records of all expenses associated with the project. This information can be used to identify areas where costs can be reduced or to justify additional expenses.

Managing Financial Risks

Financial risks are an inevitable part of any project. Project managers must identify and manage financial risks to ensure that the project stays within the budget.

There are several types of financial risks that project managers should be aware of, including inflation risk, interest rate risk, exchange rate risk, credit risk, and liquidity risk.

To manage financial risks, project managers should first identify the risks associated with the project. They should then develop a risk management plan that outlines the steps to mitigate each risk.

For example, to mitigate inflation risk, project managers may consider inflation-indexed contracts or increasing the project budget to account for inflation.

Cost Estimation Techniques

Cost estimation techniques are used to estimate the costs associated with a project. There are several techniques that project managers can use, including bottom-up estimating, top-down estimating, and analogous estimating.

Bottom-up estimating involves estimating the cost of each task or activity required to complete the project and then adding up the costs to determine the total project cost.

Top-down estimating involves estimating the total cost of the project and then allocating the costs to each task or activity.

Analogous estimating involves using the costs of similar projects to estimate the costs of the current project.

Importance of Finance in Project Management: Expert Assistance from MastersAssignmentHelp.com

Finance is a critical aspect of project management. Project managers must have a thorough understanding of finance to ensure that projects are delivered within the budget. Understanding key concepts, financial statements, time value of money, net present value, creating a project budget, monitoring project finances, managing financial risks, and cost estimation techniques are crucial for effective project management.

At MastersAssignmentHelp.com, we provide online assignment helper guidance and assistance in finance for project managers. Our team of experienced writers and subject matter experts can help you understand the complexities of finance and develop the skills required for effective project management.

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