Project cost and finance management. Financial management by projects What does financial project management include?

Enterprise finance

Topic: Financial management of an enterprise on the example of Sfera LLC

Introduction

Chapter 1. Finance and the financial mechanism

1.1 Functions and concept of finance

1.2 The financial mechanism of enterprise management

1.3 Principles and sources of formation of finance

Chapter 2. Organization of the enterprise financial management system on the example of Sfera LLC

2.1 The financial management system of the enterprise

2.2 Methods for improving the financial management system of Sfera LLC

Conclusion

Bibliography

Introduction

The market economy, with all the variety of its models known to world practice, is characterized by the fact that it is a socially oriented economy, supplemented by state regulation. Finance plays a huge role both in the very structure of market relations and in the mechanism of their regulation by the state. They are an integral part of market relations and at the same time an important tool for the implementation of state policy. Therefore, the relevance of the topic: Organization of financial management of a company in the field of small business is more important than ever. it is necessary to know well the nature of finance, to deeply understand the conditions of their functioning, to see the ways of their fullest use in the interests of effective development of production. In the structure of financial interconnections of the national economy, the finances of enterprises occupy an initial, decisive position, since they serve the main link of social production, where material and intangible benefits are created and the predominant mass of the country's financial resources is formed.

The market economy presupposes the formation and development of enterprises of various organizational and legal forms based on different types private property, the emergence of new owners - both individual citizens and labor collectives enterprises. The main type of economic activity entrepreneurship is economic activity, i.e. activities related to the production and sale of products, the performance of work, the provision of services or the sale of goods needed by the consumer. It has a regular character and is distinguished, firstly, by freedom in choosing directions and methods of activity, independence in decision-making (of course, within the framework of laws and moral norms), and secondly, by responsibility for decisions made and their consequences. Thirdly, this type of activity does not exclude risk, loss and bankruptcy. Finally, entrepreneurship is clearly focused on making a profit, which, in conditions of developed competition, is also achieved by meeting social needs. This is the most important prerequisite and reason for the interest in the results of financial and economic activities. The implementation of this principle in practice depends not only on the independence granted to enterprises and the need to finance their expenses without government support, but also on the share of the profit that remains at the disposal of the enterprise after taxes. In addition, it is necessary to create an economic environment in which it is profitable to produce goods, make a profit, and reduce costs. Financing of an enterprise is understood to mean raising the capital necessary for the acquisition of fixed and circulating assets of the enterprise, in other words, covering the need for capital. The purpose term paper is to analyze the efficiency of the enterprise on the example of LLC "Sphere", to see how economically competently manage its activities. The objectives of the course work are to identify existing potential problems, production and financial risks, determine the impact of the decisions made on the final results of the enterprise.

Chapter 1. Finance and the financial mechanism

Functions and concept of finance

The finances of an enterprise are a system of monetary relations arising from its production and economic activities.

The finances of enterprises, from a material point of view, represent the cash savings of enterprises or financial resources... Financial science does not study resources as such, but the relationships arising from the formation and use of these resources.

The initial formation of financial resources occurs at the time of the establishment of the enterprise, when the statutory fund is formed. Its sources, depending on the organizational and legal forms of management, are: share capital, share contributions of members of cooperatives, sectoral financial resources (while maintaining sectoral structures), long-term credit, budgetary funds. The size of the authorized capital shows the size of those Money- basic and circulating - which are invested in the production process.

The main source of financial resources at operating enterprises is the cost of products sold (services rendered), various parts of which, in the process of distributing proceeds, take the form of cash income and savings. Financial resources are formed mainly from profits (from core and other types of activities) and depreciation charges.

Areas of manifestation of financial relations:

The relationship between enterprises for the supply of raw materials, materials, components, sales of products and services.

Relationships between enterprises and banks arising from the receipt and repayment of a loan, from the purchase and sale of foreign currency, on payments for banking services.

Relations with insurance companies and organizations for property insurance, commercial and financial risks.

Relations with commodity, raw materials, stock exchanges for operations with production assets.

Relations with investment funds and companies for the placement of investments, privatization.

Relations with branches and subsidiaries.

Relations with personnel for the payment of salary, dividends, with shareholders, if they are not members of the labor collective.

Relations with the tax service when paying taxes, with audit firms, with extra-budgetary organizations.

The common element of the listed monetary relations is that they:

1. Expressed in monetary terms

2. Represents a set of payments and receipts

Finance functions:

Reproductive

Distribution

Control

The reproduction function consists in servicing the circulation of fixed and circulating capital in the course of the commercial activity of the enterprise with monetary resources on the basis of the formation and use of monetary income and savings.

Distribution function - the essence of this function is to ensure the optimal proportions of distribution of profits (income) between enterprises and the state, between various funds of enterprises.

The control function is financial control for the production and economic activities of the enterprise in terms of consumption and expenditure of production resources, as well as control over the relationship of the enterprise with banks, the state and other enterprises.

An enterprise acts as a legal entity, which is determined by a set of characteristics: the isolation of property, liability for obligations with this property, the presence of a bank account, and acting on its own behalf. The isolation of property is expressed by the presence of an independent balance sheet, which includes the property of the enterprise.

The financial relations of an enterprise arise when on a monetary basis the formation of the enterprise's own funds, its income, attraction of borrowed sources of financing of economic activities, the distribution of income generated as a result of this activity, and their use for the development of the enterprise takes place.

The organization of economic activity requires appropriate financial support, i.e. initial capital, which is formed from the contributions of the founders of the enterprise and takes the form authorized capital... This is the most important source of the formation of the property of any enterprise. The specific methods of forming the authorized capital depend on the organizational and legal form of the enterprise.

When creating an enterprise, the authorized capital is directed to the acquisition of fixed assets and the formation working capital in the amount necessary for the conduct of normal production and economic activities, is invested in the acquisition of licenses, patents, know-how, the use of which is an important income-generating factor. Thus, the initial capital is invested in production, in the process of which value is created, expressed in the price of products sold. After the product is sold, it takes monetary form- the form of proceeds from the sale of manufactured goods, which goes to the settlement account of the enterprise.

Revenue is not yet income, but a source of reimbursement for the funds spent on the production of goods and the formation of cash funds and financial reserves of the enterprise. As a result of using the proceeds, qualitatively different components of the created value are distinguished from it.

First of all, this is due to the formation of the depreciation fund, which is formed in the form of depreciation deductions after the depreciation of fixed production assets and intangible assets takes on a monetary form. A prerequisite for the formation of a depreciation fund is the sale of manufactured goods to the consumer and the receipt of proceeds.

Since the material basis of the created product is made up of raw materials, materials, purchased components and semi-finished products, their cost, along with other material costs, depreciation of fixed production assets, wages workers are the costs of the enterprise for the production of products, which take the form of cost. Before the receipt of proceeds, these costs are financed from the working capital of the enterprise, which are not spent, but advanced into production. After the receipt of proceeds from the sale of goods, the working capital is restored, and the costs incurred by the enterprise for the production of products are reimbursed.

Separation of costs in the form of cost makes it possible to compare the proceeds received from the sale of products and the costs incurred. The meaning of investing in the production of products is to obtain net income, and if the proceeds exceed the cost, then the company receives it in the form of profit.

Profit and depreciation deductions are the result of the circulation of funds invested in production, and refer to the company's own financial resources, which they manage independently. Optimal use of depreciation and profit for the intended purpose allows you to resume production on an extended basis.

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Date not set.

Workshop-workshop reveals the content of modern effective methods project management. Approaches to building a project management system in its interaction with strategic objectives and the challenges facing the company.
Also, the seminar is devoted to the financial components of project management, namely practical technologies financial management of commercial projects, project financing schemes, technologies for budgeting and financial control of projects, techniques for assessing the effectiveness and cost of a project, as well as the specifics of managing innovative projects.

The target audience

Seminars are intended for executives, managers and professionals involved in improving the activities of enterprises, banks, companies and groups; strategic and organizational development, interested in increasing the control and management of the company.

Target

The main attention is paid to projects for the improvement and development of the organization's activities, as well as practical technologies for goal-setting and project planning; building effective project team, distribution of responsibility and delegation of authority; project execution control, management project risks and changes in the implementation of projects.

Program

1st day

"Project management of development and improvement of the enterprise"

Project management of corporate development
Project concept. What goals and objectives are effectively implemented with the help of projects. How to draw the line between current and project activities. Classification of projects. Approaches, standards and methods of systemic project management. Life cycle and phases of the project. The main objects, processes and procedures for project management.

Organization and project management
The main problems of project management in Russian companies... Project initiation. Goal setting and project planning. Development of a hierarchical structure of work. Building an organizational structure for project implementation. Building network models and calendar plan project. Resource planning. Development of resource and financial plan project. Project implementation and control. Trekking, system of indicators and project reporting. Building and managing a project team. Typical roles and functions of project participants. Completion of the project. Motivation system for project participants.

Creation of a project management system in the company - PMS
Processes and organizational structure SOUP. Communication and interaction with the system strategic management... Planning, evaluation and ranking of projects. Accounting and distribution project resources... Project office. Design regulations. Review and classification software tools project management.

Management of project risks and changes in project implementation
Project analysis and identification project risks... Analysis, assessment and ranking of risks. Typical strategies risk management. Development of a risk management plan. Typical measures for managing changes in the implementation of project results.

2nd day

"Project finance management and investment design"

Financial planning of the project. Business planning. Investment design
Investment and commercial projects. Purpose and preparation of a business plan and other documents. Sections of the business plan. Errors and recommendations. Basic plans, reports, analytical charts for the project. Cash flow plan. Profit and loss plan. Balance plan. Features of financial management of investment projects

Project budgeting and financial control
Budget management scheme. Budgeting contours. Types of budget reports, allocation of income and expense items. The cycle of budget management. Financial Responsibility Centers. Implementation of budgeting.

Evaluating the effectiveness of the project.
Discounting and value for money. Capital structure and price, financing cost estimation. Indicators for measuring the effectiveness of the project. NPV. IRR. NCF. PI. PP. Analysis of indicators. Scenario analysis. Break-even analysis. Sensitivity analysis. Risk analysis and management.

Project cost estimate
Cost aspects. Basic approaches to cost estimation. Assessment methods. Assessment of individual elements of the project. The impact of the project on the value of the company.

Project financing schemes
Sources of financing. Financing schemes. Internal and external financing. Debt and equity financing. Long-term and short-term financing. Mixed finance. Specific financing schemes. Factors in choosing financing schemes.

The process of attracting external financing to the project
Project management cycle to attract external investment.

Features of management of innovative projects
Venture funding. The cycle of an innovative project. Forms of organization of implementation innovative projects... Protection and valuation of intellectual property.

Additional Information

Information materials:
The participation fee includes meals (2 coffee breaks, lunch), teaching aids and CD-1 Business Processes. Contains examples of models of business processes from various business sectors and information and methodological materials, as well as chapters of the book "Secrets of Successful Enterprises: Business Processes and Organizational Structure" corresponding to the topics of the seminar.

Only for seminar participants there is a 15% discount on the purchase of the organizer book "Secrets of Successful Enterprises: Business Processes and Organizational Structure" and CD-solutions.

Location

Russia, Moscow, st. Hotel, 3 (metro Petrovsko-razumovskaya)

1. Project and project-oriented company, economic model.
   • Project (order) as an object of management. Stakeholders of the project. Investment and commercial projects. The goals of the customer and the project executor. Prioritization: timing, cost, quality.
   • The main indicators of the economic efficiency and financial stability of the organization, the levers of their management. The economic model of a project-oriented company.
   • Use of organization resources in projects: project costs and company costs. Areas of responsibility of the project manager and the head of the functional unit.
   • Estimation of the cost of project execution at full and variable costs. Methods for calculating the total cost, variance of fixed cost distribution bases.
   • Cost calculation and usage accounting labor resources and fixed assets of the company in projects.
   • Ensuring the financial feasibility of the project. Sources of financing for the company and the project, the price of capital. Factors affecting the need for working capital.
2. Project cost management for different stages his life cycle.
   • Project life cycle: planning, implementation, completion. Financial management tasks and tools at different stages of the project life cycle: budgeting, accounting, performance optimization and control. Estimate and budget of the project.
   • Budgeting project costs: composition of items, forecasting methods, variability of cost estimates and recognition points for individual budget items. Optimization of costs for the procurement of raw materials and supplies.
   • Cost budget, income and expense budget, project cash flow budget in interrelation. Modeling the impact of management decisions of the project manager on economic efficiency project.
   • Monitoring and control of the budget at the stage of its execution. Earned value method as a tool for assessing the correspondence of project costs and achieved results. Calculation of free funds for the project by the indirect method.
   • Project management reporting. Requirements for the composition of indicators and reporting forms. Relationship between project results and manager's motivation.
3. Calculation of the cost of the project and approaches to pricing.
   • Accounting and economic approaches to cost estimation. Relevant and irrelevant costs. Project selling price: strategic and tactical decision. Taking into account the market situation and the degree of utilization of the company's production capacities when determining the lower limit of the sale price of the project to the customer.
   • The price of money in time. Taking into account the terms of project financing by the customer when pricing.
4. Development projects (investment) - planning and evaluation.
   • Investment and operational phases of the project. Bringing multi-temporal cash flows to comparable values, discounting procedure. The price of capital and the choice of the discount rate. Taking into account the terms of financing when evaluating projects with borrowed funds.
   • Indicators financial efficiency project: payback period, net present value, internal rate of return of the project, return on investment index. Comprehensive assessment of the project.
5. Project risks.
   • Methods for identifying and ranking risks. Qualitative and quantitative risk assessment. Risk response options.
   • Project risk management planning. Scenario budgeting as a risk management tool.
6. Financial management of a project-oriented company.
   • The types of company strategies and financial management objectives to support their implementation. The role of the financial and economic service in the organization of project activities.
   • Financial flows diagram. Balancing flows by project, by type of activity: operating, investment, financial.
   • Optimization of assets and sources of their acquisition. Analysis of aggregate financial result by the stages of its formation.
   • Planning and control levels, scorecard cascading. Internal management reporting system. Accounting policy management accounting and budgeting. Tools for automation of accounting and budgeting in "project" companies.

Certificate of advanced training in the amount of 32 hours (license No. 3053 dated 03/07/2017).

To issue a certificate, you must provide:

• a copy of a diploma of higher or secondary vocational education (if you receive a diploma outside of the Russian Federation, please clarify the need for the procedure for recognizing a foreign diploma in the Russian Federation by contact phone numbers or e-mail)
• a copy of the document confirming the change of surname (if changed).

The participant's package includes:

• training according to the declared program;
• set of information and reference materials;
• excursion program;
• daily lunches and coffee breaks.

You can view the full program of the seminar and register for it on the website.

maybe corporate training (for employees of your company only) or special offers for corporate clients.

The allocation of beginnings into projects implies the application of project management methods to them - integrated management processes occurring within the project. Project management methods differ from operational management techniques primarily in that regular management operates with repetitive processes, and project management - a unique set of tasks that need to be solved in a limited period of time. For example, for a pizzeria, the introduction of shrimp pizza to the menu is unlikely to be a project, because pizza making is an ongoing activity for it and does not require radical changes. technological process... At the same time, for a company that produces frozen pizza in large volumes, the introduction of shrimp products into the assortment will lead to a change in the procurement structure and the technological process as a whole, therefore, it would be advisable to consider this innovation from the standpoint of project management.

Personal experience
Svein Oge Olsen, Chief Financial Officer of OJSC Pharmacy Chain 36.6 (Moscow). In the process of strategic development of the company, we have identified two types of project activities - programs and projects. Programs include areas that are collections of recurring standard projects, for example, a pharmacy opening program, within which there are standard opening projects retail outlets... In individual projects, one-off undertakings are highlighted, such as the introduction of new product categories (for example, optics) into the assortment, a change in the design standard for pharmacies, the introduction of IT systems, etc.
Project management includes such specific methods, such as managing the budget and project schedule, work decomposition, etc. If within a particular company project management methods are used regularly, we can talk about project management and the creation of a project management system (PMS), that is, a set of rules and procedures that ensure the emergence , elaboration, implementation and control of projects within the company in accordance with the methods of project management.

The effectiveness of the project management system

The effectiveness of the EMS in a particular company is determined by the combination of costs and benefits that such a system will bring. The three main parameters that optimize the use of project management are time, cost and quality of work. Consequently, in a company that does not use project management methods when introducing innovations, most likely, there are three types of losses:
- from delays in the implementation of innovations;
- from exceeding budgets due to poor-quality planning or from erroneous execution of unnecessary actions;
- from poor quality work and the need to rework them.

In monetary terms, it is quite easy to estimate the shortening of the project implementation time using statistics on already implemented projects.

Example 1
The company has a typical task of opening a new store. Previously, it took four months to solve it, and after the start of using the project approach and with strict adherence to deadlines, it took three months. In this case, the company will receive additional profit from the earlier launch of the store. With a profitability of 10% and a planned sales volume in the first month of 500 thousand rubles. additional profit from reducing the time of launching the store by one month will amount to 50 thousand rubles.

The situation is similar with project budgets and work quality. Two mistakes are possible here: underestimation of future costs and direct losses associated with erroneous actions. The average cost of such errors is usually 10-20% of the project budget.

The main qualitative advantages of using EMS within the company include:

• a higher degree of control over the selected projects. Each project has a responsible manager, work schedule and budget. The progress of the project, the funds spent on it and the benefits obtained are allocated from the main activities of the company and general reporting, therefore, at any stage of the project, the achieved result is clearly visible;
• ranking projects by degree of importance, goals set, expected result, etc. makes it possible to assign strategically important projects priorities in resources, personnel, financing;
• optimization of the project schedule allows the most efficient allocation of company resources not only within the project, but also between them. At the same time, you can take into account the availability of resources, project priorities, delivery schedules of raw materials and materials, funding restrictions;
• the experience gained during the implementation of individual projects can be used to prevent mistakes in future projects, reduce the time required for planning, choose the best way to implement the project;
• clear planning of work, necessary for project management, allows you to regulate their quality.

Implementation efficiency

There have been no large-scale assessments of the effectiveness of the use of PMS in Russian companies, since there are few companies that effectively use project management as part of regular management. Studies of a similar level are being conducted in the USA and European countries. One survey, prepared by the US Project Management Institute (PMI), includes data from more than 100 North American companies and project management professionals. The diagram shows the results of a survey on the level of efficiency of using the PMC based on the PMBoK project management methodology.

Personal experience
Svein Oge Olsen
Since the introduction of the EMS was gradual in our country, we did not evaluate the alternatives. Nevertheless, the qualitative results of the introduction of project management are obvious: for example, expansion into the regions without formalizing this activity and applying project management methods to it, that is, without a clear separation of powers, structured project implementation schedules, documented standards of business processes and IT support, was would be extremely difficult.

Have this approach there are a number of disadvantages and difficulties. In particular, like any advanced management technique, project management requires additional knowledge and skills of the staff, and leads to the complication of communications. As a result, the costs of training and staff salaries increase.

Place of project activity in the work of the company

The extent to which the EMS is used within a particular organization depends on many factors. For example, if a small company decides to open new shop and the management wants to track the effectiveness of this undertaking, there is no need to talk about the need to create a project management system. It is quite possible to restrict the use of its individual elements, for example, creating working group responsible for solving a specific problem. But when it comes to opening ten stores in different cities(project activity for a given company becomes constant, and its scale increases), a more complex structure for managing this process is needed, that is, individual elements of project management should be formed into a system. In addition, the size of the company, the availability of qualified specialists capable of building and maintaining this system, the willingness of the management to change the established management style, etc. are taken into account.

Rice. 1. Options for the presence of project activities in the company's activities

In fig. 1 in the first case, project management is the main management principle in the company. This situation is typical, for example, for software, consulting, construction companies... The third option applies to companies with established businesses that develop extensively. For them, the introduction of project management will even be harmful, since with the complication of management, it will not bring the benefits that are expected in this case. The second option is the most common, but also the most difficult: projects are carried out along with the main activities of the company. In the future, we will consider just this option for organizing work.

Stages of EMS implementation

The CJS implementation is usually the responsibility of the development director as the person who oversees everything. investment projects and their management. It is he who estimates the scale of the future system, additional needs for specialists, the cost of their maintenance and the effect of implementation.

Stage 1. Changing the organizational structure

On the initial stage a new subdivision is formed in the company - a project office. Often it starts with one specialist, combining current activities with project management functions (this allows you to optimize salary costs), and then can smoothly develop into a whole unit, depending on the company's needs in project management.

The functions of the project office include:

• maintaining electronic models of projects;
• maintaining project archives;
• control over the implementation of projects;
• consolidation of information on projects;
• preparation teaching materials, standards, instructions;
• maintenance of characteristics databases typical works and their fragments by projects and resource requirements;
• training and professional development of employees of other divisions.

At the initial stage of the formation of the system, part of the work to support project activities can be distributed among the already existing specialists. For example, preparation of methodological documents and control of the project budget can be assigned to the planning and economic department, resource management - to the personnel department, etc.

To manage project activities, an investment committee is formed from among the top management and, possibly, shareholders of the company, which usually includes directors of sales, production, security, personnel, IT, less often - general director... The Investment Committee makes decisions on the acceptance, launch and completion of projects and meets on a periodic basis or as questions arise for discussion. The activities of the committee and the status of the decisions taken by it are regulated by the corresponding regulation.

Operational project management is carried out by the curator and project manager. The authority to change the timeline, budget, scope and boundaries of a project belongs to the top level of management and belongs to the project curator, who is often assigned an appropriate top manager. For example, in a store opening project, the sales director will be the curator. Typically, the project curator is approved by the investment committee. The curator, in turn, appoints the project manager and approves the proposed team composition.

The project manager can be a dedicated manager or project initiator who combines this activity with the main job. The manager prepares project documentation, is responsible for operational management the progress of the project, ensures the implementation of planned works, prepares proposals for changes in plans, coordinates technical and human resources.

Personal experience
Svein Oge Olsen
Our company does not have a project office as a separate structure, however, the project management process is formalized. For projects within the framework of programs, the degree of formalization is high, business processes are prescribed for them that determine the tasks that must be solved, responsibility for them and for the decision-making process itself, the timing of projects, typical business plans, cost rates, required productivity, etc. For individual projects, we try to apply the existing standards as widely as possible, but more carefully evaluate the resources required to implement the project and the ways of its implementation.

When setting up the EMS, it is necessary to resolve the issue of dividing the time of employees between the main and project activities. This is especially important when the volume of work allocated to projects begins to take up a significant portion of the staff's time. There are several options for such a division:

• “Buyout” by the project manager of the necessary resources from the functional manager (in the form of a share of the time devoted to the project);
• complete reassignment of personnel to the project manager for the period of its implementation or for the time of the need for this personnel;
• setting the task that arises in the project, not to a specific performer, but to the head of a functional unit.

The first option is difficult from the point of view of implementation, since it requires the development of schemes for remuneration of employees, but it is also closest to the very idea of ​​project management. The second option may turn out to be ineffective due to the underutilization of employees. Therefore, the third option is most often used, when general structure management in the project becomes less mobile, however, there is no double subordination of employees, which usually causes a maximum of problems. The advantages of this method also include the freedom of the functional leader in using the resources of the department to solve the problem.

Stage 2. Development of regulatory documents

In the project management standards of a particular company, it is necessary to very specifically describe: who, when and what should do for the functioning of the EMS. This document should include the following points:

• company policy in the field of project management;
• classification of projects and criteria for highlighting individual undertakings in a project;
• a description of the business process of passing the project in the organization (how the project is started, approved and implemented, and who is responsible for it).

The level of detail of the standard depends on the complexity and number of company projects, as well as the number of employees involved in the process. The company policy in the field of project activities describes the place of project management in the general management of the company. It includes the rules for separating the main activity from the project one and the rules for their interaction, the distribution of responsibility for the project activity, its leaders and performers. So in a separate project can be allocated undertakings with a budget exceeding a certain amount. Another criterion could be the scope of the project. If an undertaking does not require large investments and covers the activities of two divisions of the company, it is not allocated to a separate project, but if it affects three or more divisions, it stands out. An example would be a company restructuring project, automation, implementation of a new incentive system, etc.

Rice. 2. A simplified example of describing the business process of passing the project

Despite the fact that the projects are unique endeavors, the classification allows you to use the existing experience and statistics for similar projects. Depending on the goals, there are projects for:

• assortment development;
• development of sales channels;
• development of production;
• development of support units;
• improving the quality of management;
• business diversification.

The classification can also be hierarchical (first by the scope of the application, then by the content):

a) marketing:

• assortment development;
• development of a sales network;
• development of promotion methods;
• development of logistics;

b) production:

• modernization of existing production facilities;
• creation of new production sites;
• improvement of the production process;

c) providing:

• automation of management processes;
• reorganization of business processes;
• improving the efficiency of the support units.

For each of the selected types of projects, typical work sequences, resource requirements, time, cost of work, should be described, possible problems etc. In addition, the principle of the appointment of the curator and project manager can be described. As projects are implemented in the company, the standard may change.

The next step is to describe the business process of passing the project in the company. An example of a schematic representation of a business process is shown in Fig. 2.

The general structure of a business process can be detailed and complicated, up to the description of individual actions of specific employees.

The decision to create an MSJ means that the company has several simultaneously implemented projects, that is, a portfolio of projects. Most often, projects in the company are carried out in parallel with current activities. The rules for coordinating current and project activities are also prescribed in the standard.

Portfolio management is usually competitive. You can create competition between projects within a portfolio by assigning status and priority to them. For example, the status can take on the following values:

• in developing;
• to launch;
• running;
• suspended;
• completed;
• rejected;
• deferred.

The change in the status of the project occurs after its consideration by the investment committee on the basis of the boundary conditions adopted by the company. For example, a project is accepted for execution, the payback period of which is at least three years, the IRR value is at least 25%, etc. them, then the status is “postponed”, if the project was rejected, then it is transferred to the archive with the status “rejected”, and if the project is sent for revision, the status does not change.

In addition to status, projects are assigned a priority. For example, the default priority is set to three. For projects that are of great importance from the point of view of the strategic goals of the company or more high profitability, the priority is increased to two or one, for others it can be lowered to four or five. In addition, the priority of projects may change during their implementation. This contributes to more effective work project managers, encourages them to compete.

Stage 3. Automation

Despite the fact that the choice software product a huge number of articles are devoted to the automation of the EMS; in practice, one should be guided by the real needs of the company. So much for a large construction organization, which needs a full accounting of materials, shift work, etc., needs a system professional level(Primavera Enterprise, Spider Project). For a smaller company, fit Microsoft Project and OpenPlan Pro. They are rich in capabilities. group work: creation of a single pool of resources, access to projects through a web interface, integration with mail and accounting programs. In Russia, there are also systems that implement the functions of budgeting and management accounting for projects and automate document flow (TU "Project Management" based on "1C: Enterprise 8.0"). However, they are not a full-fledged replacement for an automated EMS, since they are not intended to optimize project schedules and manage project resources.

The minimum requirements to be met by an automated project management system (including adapted for this purpose MS Excel) are as follows:

• the possibility of decomposition of works, planning their duration and connections between them;
• the ability to plan the resources required to complete the work;
• optimization of the resulting work schedule with and without regard to resource constraints;
• risk assessment of changes in the work schedule;
• tracking the execution of the prepared work plan;
• preparation of reports based on plans and facts of work.

When introducing automated system that supports project management, it is required to integrate it with the existing budgeting and management accounting systems in the company. Of course, this leads to additional costs, but in the absence of such integration, the efficiency of the system decreases, since the efficiency of entering actual data on the progress of projects into it decreases.

Changes in financial management

For CFO When setting up a CJS, the most important issue will be the description of the procedure for managing the cost and cash flows of the project. The introduction of these procedures implies a change in the existing rules for budgeting and payments. Most often, the totality of the company's projects is allocated to a separate CFI "Investment Activity" or "Project Center". DFS budgets are consolidated into the budget of the entire company, as if it were a separate unit. Within the DFS, a complete set of budgets is also maintained for each project.

For example, a company starts a project to modernize a production workshop. It is planned to purchase optional equipment, introduce an additional shift and introduce a quality control system. The project is carried out without stopping the work of the shop. When calculating the economic benefit from the project, the additional volume of products that this workshop can produce is taken into account.

However, it is problematic to allocate only an additional volume of products to a separate project. Therefore, from the beginning of the project, the entire workshop is transferred from the main activity to the investment one, and the cost of the workshop is estimated as if it were a separate enterprise. For the CFI, which previously belonged to the shop, income is accrued in the amount of the cost of the shop, for the CFI “Investment Activity” - an expense in the amount of the same amount. After the implementation of the project, the reverse operation is performed. At the same time, the amount of added value created by the shop can remain in the Investment Activity Center, or it can be transferred to the original Center of Financial Institutions.

Another example is a project to increase the production capacity of a company, in which the manufactured products are sold through its own sales network. The full effect of the project will be in the profit that the company will receive from the sale of additional products at retail prices. New volumes of products will be sold in the existing distribution network. The task will be even more complicated if the products are sold through a recent open shops, which are also considered investment projects that are at the payback stage. A common mistake in such a situation is the calculation of the payback of a production project for a group of companies as a whole. This does not allow to separate the effect from the opening of new outlets and modernized production.

To take into account the actual effect of the project, you can use the transfer pricing mechanism. In this case, the price at which production sells products own shops, is set at the level of the existing wholesale price for similar products. The added value of production is attributed to the investment activities of the company and pays for the project to increase production capacity, and the added value of the sales network is attributed to the corresponding stores and projects.

During the implementation of projects, some of the work will be delayed, new, previously unplanned work will appear, in addition, the initial estimate of the cost of work may be adjusted. This will lead to the fact that in new system the results of the usual analysis of planned and actual data will turn out to be unrepresentative, it will be necessary to carry out a factor analysis of deviations in cost and in the scope of work. Therefore, in addition to the report on budget execution, it is necessary to provide additional form(progress report) or combine these two forms.

Example 2
Suppose there are ten jobs planned for a month with a budget of $ 12,000. At the end of the month, it turned out that the utilized budget was 5 thousand US dollars. However, after conducting factor analysis, it became clear that four jobs with a budget of $ 8,000 were postponed until the next month and a new job at a cost of $ 300 appeared. It can be seen that for the initially planned work, the budget was 4 thousand US dollars (12 thousand minus 8 thousand), and taking into account new job the amount will be USD 4.3 thousand. This brings the cost over-budget to $ 700. The total budget deviation of USD 7 thousand is decomposed into a cost variance plus USD 0.7 thousand, and a scope of work variance minus USD 7.7 thousand (8 thousand minus 0.3 thousand) ... Another difficulty is that the project schedule is subject to constant adjustments, and this leads to a shift in the timing of payments and payments attributed in the budget to a single month. Therefore, if within the framework of the monthly budget it is still possible to achieve acceptable planning accuracy, then the annual budget will become obsolete in two to three months. In this situation, it is worth considering introducing a rolling budget in the company, revised at regular intervals.

The procedure for resolving unscheduled payments is also changing. In project management, it is not uncommon for unexpected work to occur or the cost of the work rises. When deciding on such a payment, it should be borne in mind how this change will affect the overall budget of the project. It is quite possible that earlier on the project there were savings and the resulting work fits into the approved budget, but this may not be the case. A way to solve this problem is to introduce a budget overshoot limit (for example, 5%), within which overshoots are allowed after they are approved by the project curator. And only if this limit is exceeded, the procedure for revising the project budget at the investment committee is initiated.

Lack of integration of an automated project management system and systems of management and accounting can lead to a significant decrease in the effectiveness of the use of the EMS. However, due to the specifics of project management, this task becomes not at all trivial. So, when introducing project management, it is necessary to track the relevance of the existing cost codifier - it may well turn out that for some articles it will be necessary to introduce additional detail.

The project budget is formed by importing data on forthcoming payments into the budgeting system used by the company. When creating a project schedule, you must immediately assign cost item codes to the work entered into the project management system in order to establish their clear correspondence with budget items. This task usually falls on the employee. finance department or a project office manager. You can also use a library of ready-made work fragments with assigned codes, performers and configured relationships. The procedure for loading actual payment data into the automated SPC is somewhat more complex. Problems are possible if payments arise that were not provided for in the original work schedule (that is, not contained in the budget loaded at the beginning of the period into the budgeting system). In this case, information about newly arisen jobs has to be entered manually.

Consultant opinion
Grigory Tsipes, Chief Project Management Consultant at IBS.
The change in the work schedule takes place within the framework of change management in accordance with the general methodology of project management. If a schedule change leads to a budget adjustment, it must be agreed with financial service, and, if necessary, with the investment committee. The possibility of changing the schedule and the corresponding powers of employees should be reflected in the rules of project management in the company. Information about payments in real time is entered in the report on the execution of the project budget, and, if necessary, in the company as a whole. No changes are made to the planned indicators, otherwise the analysis of the actual execution of the budget does not make sense.

Personnel resistance

The biggest challenge in implementing project management, as with any other change in the management system, is staff resistance.

Employees of three management levels can initiate the implementation of such a system: top management companies, project management specialists or project executors, that is, ordinary employees. In the first case, the implementation takes place on a directive basis and does not experience a deficit in financing. However, the created system may not take into account the needs of the performers and be ineffective. In the second case, the system will be quite functional, but it can turn out to be extremely complex for the performers and require a large amount of data to be entered. In the third case, the system will be easy to use, but most likely will not meet the needs of the first two levels. The way out of the situation is to try to take into account the needs of three levels, and all of them should take an active part in the development of the system's methodology. For example, initial planning is done by professionals using scheduling, further actions and detailing of work are carried out by the performers, and the management receives information from the entire portfolio of projects.

Another reason for resistance is increasing transparency of work, labor productivity, division of responsibility, and a decrease in the company's dependence on specific specialists. If this happens while maintaining the same level of wages, then it will certainly cause dissatisfaction, therefore it is absolutely necessary to create a system of motivation for personnel involved in projects. As a result, there may even be competition among employees for the opportunity to participate in projects.

When implementing project management, competition for resources (monetary, human, etc.) begins between different projects. This problem can be solved only through a clear prioritization of payments both for projects and for current activities. If this is not done, the issues of resource allocation will be decided only at the level of managers and will depend on the degree of their influence on the CFO or CEO.

Implementing project management in a company is itself a project. Therefore, like any other project, it must have clear goals, responsible persons, a work plan and a result. Only in this case can we say that the methods of project management in the company will be in demand.

Consultant opinion
Grigory Tsipes
We see three main ways to overcome staff resistance when implementing a project management system - agitation, coercion and motivation.
Agitation is an explanation to future project managers and staff who will be involved in its implementation, why project management is needed, and what these staff will gain if it is used. Experience shows that the greatest resistance is caused by the formalization of actions, that is, the need to fill out a large number of documents, and the fear of control over activities. Of course, in a situation where the project is being implemented successfully, such formalization may seem like a waste of time. But if the project does not go as planned (which happens not so rarely), it is the observance of the formalities that allows you to save yourself from troubles and unfair accusations (“I warned about this, here is the reference”). And at the same time, the transparency of the project for all interested parties is sharply increasing, the opportunities for "fishing in troubled waters" are diminishing.
Stimulation(coercion) implies the creation of such rules and procedures that will not allow the implementation of certain actions in the project without observing certain formal requirements (for example, payment is not made without a corresponding application and a CFO visa).
Motivation should be built on the basis of an objective account of the contribution of each employee to the success of the project. We usually offer to reward employees, not only participating in the project, but also those who serve it (financiers, lawyers) in order to avoid unnecessary delays in decision-making. At the stage of the pilot implementation of project management, they receive additional remuneration not even for the success of the project, but simply for agreeing to play by the new rules and implement the project. In the future, the basis for awarding will be the results of the project (including financial), since at this stage it is important not only to get people to work in accordance with the MSA, but also to orient them towards success. And we must not forget about the intangible side of motivation. Project managers are in the past ordinary employees who, after the introduction of project management, acquired a new professional status and dramatically increased their market value.

The effectiveness of use is understood as the assessment of the EMS by the managers of the companies.

In a market economy, the cost factor becomes decisive in the implementation of a project and in assessing its results, therefore cost is one of the main objects in project management.

The cost management function includes a preliminary estimate of the costs associated with the project, determining the cost estimate, funding sources and the project budget, planning cash flows, forecasting income and profits, monitoring the expenditure and receipt of funds and making decisions in cases of cost overruns and other deviations. from financial plans.

The main task of cost management is to comply with the budgetary framework of the project, and to obtain the foreseen profit from its implementation. Cost management should be based on methods for determining the effectiveness of investments in projects in an unstable economy, the formation of which has not yet been completed. Methods

and the technique of managing value in the marketplace has been extensively covered in the literature.

The distribution of the cost of a project throughout its life cycle is uneven and usually structured.

Depending on the stage of the project life cycle and the purpose of the assessment, apply different kinds and methods for estimating the cost of the project. Based on the purpose of the assessments, the accuracy of such assessments is also different.

Cost estimation begins with defining the structure of the resources and work of the project.

These tasks are solved within the framework of project planning, and the results of this process should come to the cost management system (cost estimation module).

The cost of the project is determined by the resources required to carry out the work, including: equipment (purchase, renting, leasing); fixtures, devices and production facilities; labor labor (staff members hired under contract); consumables (stationery, etc.); materials; training, seminars, conferences; subcontracts; transportation, etc.

All costs can be classified as: direct and overhead costs; repetitive and one-time; constant and variable depending on the scope of work; overtime pay.

A project cost estimate is essentially an estimate of all the costs required for the successful and complete implementation of the project. These costs can have different representations, colored by different economic

meanings. Moreover, the differences between such concepts are sometimes very subtle.

There are three types of costs: liabilities; budget costs (estimated cost of work, distributed over time); actual costs (cash outflow).

Based on the structure of the project life cycle, its cost includes

all the following components:

Research and development costs: conducting due diligence studies, cost-benefit analysis, system analysis, detailed design and development of prototypes of products, preliminary assessment of project products, development of design and other documentation for products;

Production costs: production, assembly and testing of project products, maintenance of production facilities, material and technical support, personnel training, etc.;

Construction costs: production and administrative premises (construction of new ones or reconstruction of old ones);

Current expenses: wage, materials and semi-finished products, transportation, information management, quality control, etc .;

Removal of products from production: costs of re-equipment of production facilities, disposal of residues.

The process of managing the company's cash flows is based on certain principles, the main of which are:

The principle of informative reliability. The creation of an information base presents certain difficulties, since the direct financial statements, based on uniform methodological principles of accounting, is absent.

Balancing principle. Cash management

enterprise flows deals with many of their types and varieties, considered in the process of their classification. Their subordination to common goals and objectives of management requires ensuring the balance of cash flows of the enterprise by types, volumes, time intervals and other essential characteristics. The implementation of this principle is associated with the optimization of the company's cash flows in the process of managing them.

The principle of ensuring efficiency. The cash flows of the enterprise are characterized by a significant unevenness of the receipt and expenditure of funds in the context of individual time intervals, which leads to the formation of significant volumes of temporarily free cash assets of the enterprise. In essence, these temporarily free cash balances are in the nature of unproductive assets (until they are used in the business process), which lose their value over time, from inflation and for other reasons.

One of the most important and difficult stages of enterprise cash flow management is their optimization.

Cash flow optimization is a selection process best forms their organization at the enterprise, taking into account the conditions and characteristics of the implementation of its economic activities.

The main goals of optimization are:

Ensuring the balance of the volumes of cash flows;

Ensuring the synchronization of the formation of cash flows in time;

Ensuring the growth of the company's net cash flow. The main objects of optimization are: positive

cash flow; negative cash flow; balance of monetary assets; Net cash flow.

The basis for optimizing the company's cash flows is to ensure a balance between the volumes of positive and negative