Financial steering and management
The project's financial steering and management start with the order to initiate the project and continue throughout all phases of the project.
The core organization provides the financial resources for the project. The initiation phase constitutes preliminary project goods/services which are financed using the project budget or line budget. The outlay for the initiation phase is included as preliminary goods/services in the project's economic efficiency considerations.
The planning of resource requirements and financing is carried out for the entire project. A master plan is created at the end of the initiation phase, and this is continuously checked and adjusted. The binding implementation and operating costs should be known at the end of the concept phase. These also factor in the costs of covering project risks.
The operating costs are financed using the project budget during project execution and then using the line budget.
With the project release decision, the project budget is approved by the core organization. The project sponsor assumes responsibility for this and releases the financial resources in phases. This release is steered by means of the phase release decision tasks.
The project sponsor is responsible for financial steering. Reporting provides him with all the information he needs to assess the project status and cost developments.
The project sponsor ensures the economic efficiency of the project. Accordingly, he steers the project costs and future operating costs.
If necessary, he appoints an independent quality and risk manager for steering support.
The project manager is responsible for the financial management of the project. He takes care of project accounting and prepares the information for steering.
With the lead change management task, the project manager ensures that changes in requirements and scope as well as their effects on costs, personnel requirements and deadlines are identified, analyzed, applied for and decided upon in good time. The planning is adjusted accordingly.