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Practical Project Management
Finance for Project Managers Every organization has its variation on the concept of the “hidden keys to the executive suite.” It refers to the rules, explicit or implicit, that separate those who have or will achieve executive rank from those who won’t. Some of the hidden keys are arbitrary. Some aren’t. And while the keys of every organization vary, one key is universal: no matter how strong your technical skills, no matter what your track record, you will never be considered executive material in any organization unless and until you demonstrate that you speak the language of money in the terms financial professionals use. Finance is the language of senior management; if you don’t speak it, you can’t communicate effectively. While you don’t necessarily need to rush right out and get your MBA in finance (not that it would hurt), you do need to have a basic background in finance and budgeting for the sake of your project, as well as for the sake of your career. (The Bibliography and Suggested Resources at the back of this book lists several excellent books for honing your finance and budgeting skills.) Budget is always one of the Triple Constraints. Even when budget is the weak constraint, it’s still important. Knowing how and when to use budget flexibility—and how to cope when there is none—is a central project management skill.
