Financial Fundamentals - Part 2 - The Financial Basics for Project Management
Upcoming SessionsThere are currently no upcoming sessions scheduled for this course
The course duration is approximately 3 hrs.
OCA Members: $200.
This seminar is intended for the non-financial managers in the industry who have not been exposed to formal accounting training but who are looking to improve their knowledge of key concepts in project management.
Our expert panel will use a real-life example of a contractor's financial statements to illustrate problem areas that management should be addressing such as estimating margins, reviewing work in process, managing cash flow, lowering overhead, etc.
Important concepts to be covered:
Cash flow statement – Understanding the different activities of the cash flow and what is most relevant to an owner. What are red flags vs. timing issues.
WIP (work in progress) calculations and presentation
- Percentage of completion vs completed contract policy choice
- Estimated costs to complete – what is it and what does it mean?
- Purchase orders and change orders
Inventory vs prepaid supplies vs capital equipment – what qualifies as what?
Cost of sales – what types of expenses should be included
Importance of the analysis of past jobs
• bids versus actual
• Knowing your costs
• ensure process changed for any identified issues
• risk perspective
• Industry trends on effect on margins
Discussion of indirect and fixed overhead costs
• payroll burdens to be incorporated