ITFT- ACCOUNTING FOR MANAGEMENT

Anything that can be measured, …..can be improved

What Is a Project?

A project is “a temporary endeavor undertaken to create a unique product, service, or result.”*

Operations is work done to sustain the business.

A project ends when its objectives have been reached, or the project has been terminated.

Projects can be large or small and take a short or long time to complete.

How customer explained it.

How project leader understood it.

How the analyst designed it.

How the programmer wrote it.

How the business consultant described it.

How the project was documented.

What operations installed.

How the customer was billed.

How it was supported.

What the customer really needed.

Project Attributes• A project:

• Has a unique purpose.• Is temporary.• Is developed using progressive elaboration.• Requires resources, often from various areas.• Should have a primary customer or sponsor. • The project sponsor usually provides the direction

and funding for the project.• Involves uncertainty.

What is Project Management?• Project management is “the application of

knowledge, skills, tools and techniques to project activities to meet project requirements.”

The Project Manager

Project managers can have the responsibility of the planning, execution and closing of any project.

Process Groups

PlanMonitor & Control

ImplementClose

Initiate

• All projects typically go through these five processes

Step 1 Step 2 Step 3 Result

activityinputs outputs

A process is a series of actions directed towards a particular result.

InitiationInitiating processes: These processes initiate the project and establish commitment.

Planning Planning processes: These processes are meant for devising and maintaining a workable scheme to accomplish the business need.

Execution

Executing processes: These processes are used for coordinating people to carry out the plan.

Controlling Controlling processes: These processes monitor and measure progress and take remedial action.

Closing processes: These processes are meant for formalizing acceptance and bringing project to an orderly end.

Closure