I will start this post with a warning . . . this article focuses on project management!
Now that I have given you “fair warning,” how many project or portfolio managers struggle to get a grasp on the key indicators for their projects? These indicators give advance warning of pending problems or a heads up on an opportunity that you don’t want to miss.
There is so much information coming from so many directions it can be confusing and overwhelming. Yet we all know that if we don’t understand where our projects are at, it is next to impossible to finish them successfully!
While I was a business executive running a large engineering company, I sat through countless project reviews in many different countries all over the world. Through the experience I gained in these reviews, I was able to develop a one-page summary that succinctly shows the status of a project.
For the purposes of this post, I will call it the Financial Update Tool. However, this report goes so much deeper than a financial report. The finances can be a gateway into the rest of the project so this report must be coupled with “common project sense” to drill down and ask some tough operational questions. See this post for more details on great questions for your projects.
So what does the Financial Update Tool look like?