Business

Business Budget Management

The past is for learning the lesson. The future is for applying lessons learnt.

Business Budget Management Online Course Milestones

Learning for the Future

In many ways a project manager has almost a parental responsibility over a project. They are tasked with carefully charting a path that will guide all stakeholders through the various milestones to safely reach the finalisation of the project. Despite careful planning, deviations will be made along the way and as managers we have the opportunity to learn from these lessons and record them for future projects. 

The five milestones of this module will guide you through the development of key documentation that will eventually form your road map for a smooth project journey.

Business Budget Management Online Course Milestones

Milestone 1 | Initiate the Project

Throughout a project, active listening and questioning skills will play a key role in effectively consulting with key stakeholders. Use this milestone to understand more about the consultation process within a project and how you can use research to create a detailed project plan and make good decisions.

Key Learning Outcomes

  • How to create a Stakeholder Analysis Matrix
  • Develop a RACI Matrix for a project
  • Tips for effective research
  • Research for decision-making
  • Key components of an Integrated Project Plan
  • Understand the need for a scope plan in setting project goals and boundaries

Milestone 2 | Project Planning

The objective of this milestone is to equip you with the ability to plan well for a project. Set overarching goals and confidently convey the scope of the project with all team members.

Key Learning Outcomes

  • Identifying key components of a project to ascertain integration
  • Documentation for defining project parameters
  • Identify the need for communication systems
  • Define key team responsibilities
  • Introduction to Change Management
  • Tools to assist individuals to reach team outcomes
determine-key-milestones

Milestone 3 | Determine Key Milestones

The next stage in creating the roadmap of your project is to determine the key requirements of a nominated project and then document the project plan – including a risk management strategy. Follow the three topics in this milestone to learn how to create sequencing, determine resource constraints, and pull together contingency plans.

Key Learning Outcomes

  • Document a work sequence on a template
  • Define deliverables and create a work breakdown structure
  • Use a Gantt chart to set sequence and dates
  • Determine project quality standards and know how to control them
  • Understanding a Project Governance Plan
  • Define: procedures vs processes
  • Set systems and standards for monitoring project deliverables
  • Determine risks using a range of supplied templates
  • Document contingency plans against milestones

Milestone 4 | Interpret Project Costs

Apply basic accounting, budgeting and cash flow principles when analysing the work and project budget requirements. Finance can be a tricky element to navigate when managing a project and it is important understand the process of forecasting cash flow and how that leads to monitoring expenditure well.

Key Learning Outcomes

  • An introduction to accounting principles
  • How to analyse financial data
  • Understand the process of generating a cash flow forecast
  • Legal requirements of book keeping
  • An introduction to budgeting
  • Maintaining financial records & determine storage requirements

Milestone 5 | Record Lessons Learned

The best way to finalise a project and perform an efficient handover is to use reporting. During this milestone a variety of processes and techniques will be shared to shine a spotlight on the importance of recognising the root causes of problems that arise during a project and how they were overcome. These lessons learnt and recorded go a long way in ensuring that improvements can be made for future projects.

Key Learning Outcomes

  • Determine reporting requirements
  • How to prepare a project status report
  • Highlight  and understand root causes
  • Explore types of ‘root cause and issues management models’
  • Use high level reviews to find achievable solutions to a range of problems
  • How to prepare an “Issues Table”
  • How to prepare quality management reports
  • "They were able to give me more time than first outlined to complete the assessments when I needed it. I would recommend Forme because they went above and beyond to help me."

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    Benjamin Student
  • "I studied at my own pace, didn't feel pressured whilst studying and found it a lot easier than facing deadlines."

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    Miranda Student
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