In this episode, we discuss the first two competencies, 1a. budgetting and cost control, and 1b. financial management. The professional practice criteria for 1A. Budgetting and cost control are; PP1.1 Established estimates for different project costs. PP1.2 Established and gained agreement to a project budget. PP1.3 Set up funding drawdown arrangements based on cash flow forecasts. PP1.4 Applied metrics to establish cost trends within a project. PP1.5 Refined budget allocations based on cost analysis, applying change control processes as required. PP1.6 Produced financial reports for stakeholders based on financial performance monitoring. PP1.7 Upon project closure, produced final financial reports and distributed them to relevant stakeholders.   The professional practice criteria for 1B. Financial management are; PP1.1 Established estimates for different project costs. PP1.2 Established and gained agreement to a project budget. PP1.3 Set up funding drawdown arrangements based on cash flow forecasts. PP1.4 Applied metrics to establish cost trends within a project. PP1.5 Refined budget allocations based on cost analysis, applying change control processes as required. PP1.6 Produced financial reports for stakeholders based on financial performance monitoring. PP1.7 Upon project closure, produced final financial reports and distributed them to relevant stakeholders.   For more guidance on the Association for Project Management Chartered Project Professional (ChPP), or any other project management training, please visit www.parallelprojecttraining.com or call 0118 321 5030.

APM ChPP - Competencies 1a. Budgetting and Cost Control and 1b. Financial Management

These podcasts are part of the parallel project learning system. As an accredited training provider, they are based on the APM Body of Knowledge and can be used standalone or in conjunction with the Parallel study guides, on-line e-learning and workshops. Visit our website, www.parallelprojecttraining.com, for full details.

We're with you all the way

Business

Investing

Careers

Management & Marketing

Business News

Shopping

2.1 Critically Evaluate Tools, Techniques, and Leadership Behaviours Tools and Techniques: The podcast discusses utilizing the Tuckman model (forming, storming, norming, performing) as a framework to understand team development stages. It emphasizes the importance of trust and confidence through practical approaches like kick-off meetings, social events, and fulfilling commitments. Leadership Behaviours: Effective leadership in project management is highlighted through the necessity of establishing trust and confidence. Leaders are advised to under-promise and over-deliver, ensure clear communication of expectations, and actively maintain commitments to build credibility within the team. 2.2 Critically Analyse Response to Changes in Project’s Environment The dialogue explores the adaptation to changes in a project's environment, emphasizing the need for flexibility in leadership styles. It discusses the situational application of leadership models like Hersey and Blanchard, and Max Landsberg's skill-will model to cater to evolving team needs and environmental contexts, ensuring that team requirements and interests are continuously supported. 2.3 Critically Analyse Tools and Techniques for Effective Team Development For maintaining an effective team, the session underscores the importance of clarity in roles and responsibilities through tools like RACI matrices and comprehensive project plans. It also suggests regular updates and adaptations to the project environment, advocating for proactive management of team dynamics and ensuring alignment with project goals through continuous development and training. 2.4 Critically Evaluate the Role of Monitoring and Feedback Monitoring and feedback are framed as crucial for recognizing individual contributions and guiding team progress. The discussion points out that both project-oriented and personal feedback are necessary. The former ensures that the project stays on track, while the latter supports individual development, addressing personal challenges and aligning them with project goals. 2.5 Critically Evaluate Relationship Between Performance Management and Motivation Performance management is linked directly to motivating team members by aligning individual professional growth with project goals. The conversation highlights how performance appraisals, development opportunities, and potentially even financial incentives like bonuses can enhance motivation, leading to successful project outcomes. 2.6 Critically Evaluate the Use of Conflict to Improve Performance The podcast illustrates the concept of 'positive conflict', suggesting that controlled, constructive conflict can be beneficial. It can stimulate innovation, challenge ideas to improve project outcomes, and enhance performance through healthy competition. Moreover, resolving conflicts respectfully can strengthen team cohesiveness and trust among members.

APM PPQ Establish and develop teams to achieve project aims and objectives

1.1 Critically Evaluate Ethical, Flexible, Inspirational, and Collaborative Approaches to the Leadership of Others in Evolving Situations The discussion emphasises the multifaceted nature of leadership within the context of project management, highlighting the need for leaders to exhibit ethical, flexible, inspirational, and collaborative behaviors. Ethical leadership involves openness, honesty, and integrity, ensuring transparency and trust within the team. Flexibility in leadership styles is crucial to adapt to varying team and stakeholder needs, fostering an environment where the project manager's approach evolves based on situational demands. Inspirational leadership focuses on motivating and encouraging team members towards achieving project goals, cultivating a sense of purpose and commitment. Collaborative leadership underlines the importance of engaging with the team in problem-solving and decision-making processes, promoting inclusivity and collective ownership of project outcomes. 1.2 Critically Analyse Ways in Which to Engage with a Diverse Range of Individuals and Teams to Agree Aims and Objectives Which Are Aligned to a Project’s Strategic Goals Effective engagement with a diverse team is central to aligning individual tasks and broader project objectives. This involves utilizing tools like RACI charts to clarify roles and responsibilities, ensuring everyone understands their contribution to the project’s success. The approach requires analysing different methods of engagement, identifying the pros and cons to tailor communication and leadership strategies that resonate with varied team dynamics. This segment also stresses the significance of establishing clear, tangible goals that are communicated effectively, fostering an environment where every team member is bought into the vision and motivated to contribute to the strategic objectives. 1.3 Critically Evaluate Environments Which Encourage and Sustain Empowered and High-Performance Teams Creating an environment conducive to high performance and empowerment involves considering both the physical and cultural aspects of the workplace. This includes decisions on co-location versus virtual collaboration, which hinges on the nature of the team and project requirements. The importance of daily or regular check-ins, such as agile stand-ups, is highlighted as a means to foster communication and accountability. The discussion also touches on the significance of the project manager's role in setting up structures that facilitate performance, including the strategic use of work package descriptions and ensuring alignment with the project's objectives. Lastly, it mentions the need for a supportive culture that encourages innovation, responsibility, and collaborative problem-solving, enabling teams to thrive regardless of their geographical distribution

APM PPQ Provide visionary leadership for a project.

In this podcast, Paul Naybour and Tom O'Shea explore the complexities of benefits management within project governance, with a specific focus on the APM's PPQ qualification. They highlight the critical nature of ensuring that benefits are measurable, meaningful to stakeholders, and align with an organisation's strategic objectives. The conversation delves into developing a benefits management strategy, emphasising the importance of setting priorities, assigning responsibilities, and defining timescales. The significance of prioritising benefits based on their contribution to strategic objectives is a key point of discussion. Naybour and O'Shea also address the creation of a benefits realisation plan, considering factors such as funding, tracking, monitoring, and scheduling. They explore strategies to maximise the achievement of planned benefits, including integrating benefit considerations into project design and management. Throughout the podcast, the importance of project managers' understanding and active involvement in benefits management is underscored despite it not being a routine task. The speakers recommend consulting the APM's guidance on benefits management and suggest embedding benefits planning into various project stages to ensure effective project outcomes and value for the organisation. The podcast concludes with a discussion on the role of benefits management in programmes, emphasising its importance regardless of project scale or complexity.

APM PPQ: Deliver the intended benefits of a project.

In this podcast, Paul Naybour and Tom O'Shea discuss change control in project management, focusing on four key areas: the benefits and features of effective change control processes, methods for capturing, recording, and reviewing change options, implementing and managing approved changes, and the use of trend analysis. They emphasise the importance of understanding change control's rationale, the need for structured management approaches, and the role of trend analysis in project improvement. The discussion also highlights the challenges in adapting change control processes in dynamic project environments, underscoring the necessity of clear communication and documentation updates.

APM PPQ Manage change control  processes and protocols

In the podcast, Tom and Paul explore the APM PPQ assessment criteria related to project reviews and management. They underscore the vital importance of critically evaluating reliable and valid information to assess various project factors across its lifecycle. They also emphasise the significance of aligning reviews with organisational, legal, and regulatory requirements. Furthermore, they analyse scenarios where deviations from the project plan may arise and discuss strategies for resolving them. The podcast underscores the need for accurately documenting deviations and highlights the advantages of doing so. Additionally, they discuss change control processes and protocols, including a critical assessment of their benefits and features. Throughout the conversation, they provide valuable insights into effective project management practices.

APM ChPP - Competencies 1a. Budgetting and Cost Control and 1b. Financial Management

Download our free app to listen on your phone