Practicing Financial Planning for Professionals, Essay Example

The management of a new project involves a whole new data of analyzing the different needs of the project, the team handling the operations and the operations that need to be funded as well. Considerably, it has been realized for the Wade Senior Project completion that allowable budget is provided for the project manager to work on. Notably, the project manager is given the opportunity to find ways to use the budget effectively, thus mandating the way on how resources are managed according to the demands that the project is dependent upon.

Practically, seeing through how much is allotted for a specific project being completed is a necessary step to consider during the first stages of planning. The project manager, of course, cannot push through the planning phase if the budget allotted for it cannot be completed realized yet. Although the budget may not be in hand, it is expected that an foreseeing the amount needed for the project’s completion and the capacity of the organization to correspond to such need will determine the real value of what the outcome of the project may yield.

Risks in monetary management are inevitable. What project managers should realize is that when it comes to determining and establishing a budget for a specific project, allowable margin of mistake must be considered to make sure that the risks are balanced accordingly. Not every risk could be prepared for, hence, setting an alternative schedule of budget may be necessary to make sure that goals are met, especially in relation to the monetary resource that is given by the organization [who hopes for the project to be completed]. Notably, preparing for such risks need to be concrete. Project managers need to balance the situation, assess the resources and make sure that allowable adjustments are welcome within the plan even during the implementation of operations for the completion of the project.

Scaling the expenses and the supposed earnings from the project need to be properly mapped; this will allow the project manager create a realizable picture that the team could actually depend upon especially in the course of understanding how the project could be developed as well as how it could be implemented for the benefit of the organization to whom the project belongs to. When creating the project plan, financial analysis is then needed. This will make it easier for the project manager and the team members to realize their limitations in consideration with the resources made available for them to use.

Practically, good project managers are able to create effective financial schedules that are easily adjustment especially when emergencies or unforeseen occurrences happen. It could not be denied that with such control on the situation, project managers are able to avoid the option of completely losing the project when specific unwanted situations happen. Managing how situations come out to be and how these occurrences could be managed would of course lessen the expenses and actually allow the team to accomplish as much better outcomes apart from the supposed monetary resources scaled out from budget during the process of completing the project. Notably, an effective financial analysis could help increase the competency of the project manager and the team members to cooperate alongside each other to make sure the goals are reached with minimal waste of monetary resources involved.

Works Cited

Sid Mittra, Anandi P. Sahu, Robert A Crane. “Practicing Financial Planning for Professionals” (Practitioners’ Edition), 10th Edition. (Rochester Hills Publishing, Inc., 2007) sec. 1-3.