登录查看更多内容

How can you use EPM to improve project budgeting and financial management?

由人工智能和领英社区提供技术支持

Project budgeting and financial management are crucial aspects of project management that can determine the success or failure of a project. However, many project managers struggle with these tasks due to various challenges, such as lack of visibility, accuracy, and alignment across project stakeholders. That's where enterprise project management (EPM) can help. EPM is a holistic approach to managing projects that integrates strategic, financial, and operational aspects of project delivery. In this article, you'll learn how you can use EPM to improve project budgeting and financial management in four ways.

此文章中的业界达人

由社区从 4 条内容中精选。了解更多

Badr Burshaid ??? ??????

Chapter President of PMI Kingdom of Saudi Arabia ???? | Chairman | Founder | Strategist | PMOGA Fellow | World PMO…
Nora Alghamdi, P3O?, ITIL?, CAPM ?

Senior Associate @ PIF| PMO Governance, Quality, and Performance

1 Align project budget with strategic goals

One of the benefits of EPM is that it helps you align your project budget with the strategic goals and priorities of your organization. By using EPM software, you can link your project budget to the strategic plan, the portfolio, and the programs that support it. This way, you can ensure that your project budget reflects the value and impact of your project, and that it aligns with the available resources and constraints. You can also monitor and communicate the progress and performance of your project budget against the strategic objectives and indicators.

添加您的观点

2 Improve project budget accuracy and reliability

Another advantage of EPM is that it helps you improve the accuracy and reliability of your project budget. By using EPM software, you can leverage historical data, best practices, and artificial intelligence to create more realistic and reliable project estimates. You can also use EPM software to track and manage project costs, revenues, and cash flows in real time, and to automate and streamline the budget approval and revision processes. This way, you can reduce the risk of budget overruns, underestimations, and errors, and increase the confidence and trust in your project budget.

添加您的观点

3 Enhance project budget visibility and transparency

A third benefit of EPM is that it helps you enhance the visibility and transparency of your project budget. By using EPM software, you can create and share interactive dashboards and reports that show the status and performance of your project budget. You can also use EPM software to integrate and consolidate data from various sources, such as accounting, procurement, and resource management systems. This way, you can provide a single source of truth for your project budget, and enable better decision making and collaboration among project stakeholders.

添加您的观点

4 Optimize project budget efficiency and effectiveness

A fourth advantage of EPM is that it helps you optimize the efficiency and effectiveness of your project budget. By using EPM software, you can analyze and compare different scenarios and options for your project budget, and identify the optimal trade-offs and outcomes. You can also use EPM software to adjust and optimize your project budget based on changing conditions, risks, and opportunities. This way, you can maximize the value and return on investment of your project budget, and deliver your project on time and within budget.

添加您的观点

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

添加您的观点

Badr Burshaid ??? ??????

Chapter President of PMI Kingdom of Saudi Arabia ???? | Chairman | Founder | Strategist | PMOGA Fellow | World PMO Leader | Strategy Implementation Winner
举报内容
Enterprise Project Management (EPM) can significantly contribute to budgeting and financial management in several ways. 1. Cost Estimation and Planning: EPM tools can assist in accurately estimating project costs by incorporating historical data and industry benchmarks. 2. Budget Tracking and Control: EPM solutions facilitate real-time monitoring of project expenses and financial performance against the established budget. 3. Financial Forecasting: EPM systems can generate accurate financial forecasts by integrating project schedules, resource utilization, and cost data. 6. Reporting and Compliance: EPM tools provide robust reporting capabilities, enabling project managers to generate financial reports.

已翻译

赞
Nora Alghamdi, P3O?, ITIL?, CAPM ?

Senior Associate @ PIF| PMO Governance, Quality, and Performance
(已编辑)
举报内容
Microsoft EPM provides set of tools and features to support project budgeting and financial management that helps in streamline project financials, control project cost, and improve overall project performance. It supports in Budget Planning by create project budget and allocate costs to project tasks and resources. It also offer the capability to generate Financial Reports and Dashboards that provide insights into projects financial and budget performance that helps in analyzing the cost variances and support decision makers in taking informed decisions to keep project on budget. EPM can also integrate with financial systems to enable seamless data exchange between EPM and the financial systems to help in improving accuracy and efficiency.

已翻译

赞
Samih Ahmed PMP?I PMI-SP?I PMI-RMP?I CCP?I ACIArb I LSSBB?

Dynamic PMO and Projects Development Leader with a proven record of project planning, cost control, and strategic leadership
举报内容
Enterprise Performance Management, can be a powerful tool for improving project budgeting and financial management by offering several key benefits for example: EPM tools offer features for resource allocation, cost control, and performance analysis. This lets you optimize resource utilization, identify cost-saving opportunities, and track project progress against budget allocations. You can also use EPM to identify and address potential risks early on, preventing financial surprises. Overall, EPM can be a valuable tool for organizations looking to improve their project budgeting and financial management practices.

已翻译

赞
Siva Subbiah ????

PMP? | Top Indian LinkedIn Voices’24 | #Project Management & #Business Analysis Thought Leader: Creating Impactful Content with my major niche subject on AI in Project Management & Financial Modelling.
举报内容
1. Automated Workflows: Implement automated workflows within the EPM system to streamline budget approval processes, expense tracking, and financial reporting. This reduces manual errors and accelerates the budgeting and financial management processes. 2.Rolling Forecasts: Move away from static annual budgets and adopt rolling forecasts within the EPM system. This approach allows for continuous updates to financial projections based on actual performance, improving the accuracy of financial planning.

已翻译

赞

Project Management

+ 关注

给文章评分

我们借助人工智能创建了此文章。您认为这篇文章怎么样？

很棒不太好

举报此文章

查看全部

How can you use EPM to improve project budgeting and financial management?

1

2

3

4

5

1 Align project budget with strategic goals

2 Improve project budget accuracy and reliability

3 Enhance project budget visibility and transparency

4 Optimize project budget efficiency and effectiveness

5 Here’s what else to consider

Project Management

给文章评分

感谢您的反馈

更多Project Management相关文章

更多相关阅读内容

How can you use EPM to improve project budgeting and financial management?

1

2

3

4

5

1 Align project budget with strategic goals

2 Improve project budget accuracy and reliability

3 Enhance project budget visibility and transparency

4 Optimize project budget efficiency and effectiveness

5 Here’s what else to consider

Project Management

给文章评分

感谢您的反馈

查看其他技能