Cash flow & payment milestones - Revision history

Tkokotas at 17:21, 16 November 2018

2018-11-16T17:21:42Z

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			''Developed by Lukasz Marczuk''


	==Abstract==		==Abstract==

S172569: /* Cash Flow Analysis */

2018-02-24T17:35:58Z

Cash Flow Analysis

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	[[File:EasyRedmine.jpg\|center\|thumb\|1000px\|easyREDMINE Gantt chart <ref name="easyredmine" />]]		[[File:EasyRedmine.jpg\|center\|thumb\|1000px\|easyREDMINE Gantt chart <ref name="easyredmine" />]]

	For more tools and explanation of Cash Flow analysis, Iowa State University website can be visited <ref name="Iowa" />, as well as Planning Engineer <ref name="PlanningEngineer" />		For more tools and explanation of Cash Flow analysis, Iowa State University website can be visited <ref name="Iowa" />, as well as Planning Engineer. <ref name="PlanningEngineer" />

	===Payment Milestones in Project Cost Management===		===Payment Milestones in Project Cost Management===

S172569: /* References */

2018-02-24T17:35:01Z

References

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	<ref name="gant"> Website providing information about Gantt charts. http://www.gantt.com/ </ref>		<ref name="gant"> Website providing information about Gantt charts. http://www.gantt.com/ </ref>
	<ref name="SimonA"> Simon A. Burtonshaw-Gunn, "Risk and Financial Management in Construction", Gower Publishing, Ltd., 2009. https://books.google.dk/books?id=sE5BDgAAQBAJ&dq=cash+flow+and+payment+milestones+in+Project+Cost+Management </ref>		<ref name="SimonA"> Simon A. Burtonshaw-Gunn, "Risk and Financial Management in Construction", Gower Publishing, Ltd., 2009. https://books.google.dk/books?id=sE5BDgAAQBAJ&dq=cash+flow+and+payment+milestones+in+Project+Cost+Management </ref>
			<ref name="CivilEng"> Institution of Civil Engineers, "Civil Engineering Procedure", 7th edition, ICE Publishing, 2015.

S172569: /* Milestones definition */

2018-02-24T17:33:04Z

Milestones definition

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	'''Payment milestones''' are another kind of milestones, that are strictly dedicated to finances. They are fixed dates, when certain percent of money is being payed or received. The bigger the project, the bigger the budget, and therefore the more payment milestones present.		'''Payment milestones''' are another kind of milestones, that are strictly dedicated to finances. They are fixed dates, when certain percent of money is being payed or received. The bigger the project, the bigger the budget, and therefore the more payment milestones present.

			Civil Engineering Procedure, 7th edition, published by the Institution of Civil Engineers <ref name="CivilEng"/>, defines the term ‘milestone payment’ or ‘planned progress payment’ as:

			''Payment to a contractor in a series of lump sums, each paid upon his achieving a ‘milestone’ – meaning a defined stage of progress. Use of the word milestone usually means that the payment is based upon progress in completing what the promoter (client) wants. Payment based upon achieving defined percentages of a contractor’s programme of activities is also known as a ‘planned payment’ scheme.''

	==Cash flow and payment milestones in Project Cost Management==		==Cash flow and payment milestones in Project Cost Management==

S172569: /* Annotated Bibliography */

2018-02-24T17:29:19Z

Annotated Bibliography

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	''A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Fifth Edition provides guidelines for managing individual projects and defines project management related concepts. It also describes the project management life cycle and its related processes, as well as the project life cycle.''		''A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Fifth Edition provides guidelines for managing individual projects and defines project management related concepts. It also describes the project management life cycle and its related processes, as well as the project life cycle.''

	''The PMBOK® Guide contains the globally recognized standard and guide for the project management profession. A standard is a formal document that describes established norms, methods, processes, and practices. As with other professions, the knowledge contained in this standard has evolved from the recognized good practices of project management practitioners who have contributed to the development of this standard.''<ref name = "besefi">Project Management Institute (2013). ''A Guide to the Project Management Body of Knowledge (PMBOK® guide)''. Newtown Square, Pennsylvania: Project Management Institute, Inc </ref>		''The PMBOK® Guide contains the globally recognized standard and guide for the project management profession. A standard is a formal document that describes established norms, methods, processes, and practices. As with other professions, the knowledge contained in this standard has evolved from the recognized good practices of project management practitioners who have contributed to the development of this standard.''<ref name = "besefi">Project Management Institute (2013). ''A Guide to the Project Management Body of Knowledge (PMBOK® guide)''. Newtown Square, Pennsylvania: Project Management Institute, Inc. </ref>

	'''Simon A. Burtonshaw-Gunn. "Risk and Financial Management in Construction." Gower Publishing Limited, 2009.'''		'''Simon A. Burtonshaw-Gunn. "Risk and Financial Management in Construction." Gower Publishing Limited, 2009.'''

S172569: /* Abstract */

2018-02-24T17:29:02Z

Abstract

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	==Abstract==		==Abstract==

	Project Cost Management includes the processes involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so that the project can be completed within the approved budget.<ref name = "besefi">Project Management Institute (2013). ''A Guide to the Project Management Body of Knowledge (PMBOK® guide)''. Newtown Square, Pennsylvania: Project Management Institute, Inc </ref>. Two main concerns, that are crucial in Project Cost Management are '''cash flow''' and '''payment milestones'''.		Project Cost Management includes the processes involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so that the project can be completed within the approved budget.<ref name = "besefi">Project Management Institute (2013). ''A Guide to the Project Management Body of Knowledge (PMBOK® guide)''. Newtown Square, Pennsylvania: Project Management Institute, Inc. </ref>. Two main concerns, that are crucial in Project Cost Management are '''cash flow''' and '''payment milestones'''.

	Cash flow, its monitoring and analysis is a subject that has been on the agenda for any existing or conducted project or portfolio. Diversity of scale and scope of the projects makes cash flow rather complex and multidimensional issue. Recommended approach for getting a good understanding of this issue is to study cases, projects and portfolios of relevant scale, scope and area to currently investigated project. Similarly it is with payment milestones, which are part of cash flow organisation and planning.		Cash flow, its monitoring and analysis is a subject that has been on the agenda for any existing or conducted project or portfolio. Diversity of scale and scope of the projects makes cash flow rather complex and multidimensional issue. Recommended approach for getting a good understanding of this issue is to study cases, projects and portfolios of relevant scale, scope and area to currently investigated project. Similarly it is with payment milestones, which are part of cash flow organisation and planning.

S172569: /* Annotated Bibliography */

2018-02-24T17:27:53Z

Annotated Bibliography

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	''A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Fifth Edition provides guidelines for managing individual projects and defines project management related concepts. It also describes the project management life cycle and its related processes, as well as the project life cycle.''		''A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Fifth Edition provides guidelines for managing individual projects and defines project management related concepts. It also describes the project management life cycle and its related processes, as well as the project life cycle.''

	''The PMBOK® Guide contains the globally recognized standard and guide for the project management profession. A standard is a formal document that describes established norms, methods, processes, and practices. As with other professions, the knowledge contained in this standard has evolved from the recognized good practices of project management practitioners who have contributed to the development of this standard.''		''The PMBOK® Guide contains the globally recognized standard and guide for the project management profession. A standard is a formal document that describes established norms, methods, processes, and practices. As with other professions, the knowledge contained in this standard has evolved from the recognized good practices of project management practitioners who have contributed to the development of this standard.''<ref name = "besefi">Project Management Institute (2013). ''A Guide to the Project Management Body of Knowledge (PMBOK® guide)''. Newtown Square, Pennsylvania: Project Management Institute, Inc </ref>

	'''Simon A. Burtonshaw-Gunn. "Risk and Financial Management in Construction." Gower Publishing Limited, 2009.'''		'''Simon A. Burtonshaw-Gunn. "Risk and Financial Management in Construction." Gower Publishing Limited, 2009.'''

S172569: /* Annotated Bibliography */

2018-02-24T17:26:11Z

Annotated Bibliography

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	'''Project Management Institute (2013). ''A Guide to the Project Management Body of Knowledge (PMBOK® guide)'''		'''Project Management Institute (2013). ''A Guide to the Project Management Body of Knowledge (PMBOK® guide)'''

	''A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Fifth Edition provides guidelines for managing individual projects and defines project management related concepts. It also describes the project management life cycle and its related processes, as well as the project life cycle.		''A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Fifth Edition provides guidelines for managing individual projects and defines project management related concepts. It also describes the project management life cycle and its related processes, as well as the project life cycle.''

	The PMBOK® Guide contains the globally recognized standard and guide for the project management profession. A standard is a formal document that describes established norms, methods, processes, and practices. As with other professions, the knowledge contained in this standard has evolved from the recognized good practices of project management practitioners who have contributed to the development of this standard.''		''The PMBOK® Guide contains the globally recognized standard and guide for the project management profession. A standard is a formal document that describes established norms, methods, processes, and practices. As with other professions, the knowledge contained in this standard has evolved from the recognized good practices of project management practitioners who have contributed to the development of this standard.''

	'''Simon A. Burtonshaw-Gunn. "Risk and Financial Management in Construction." Gower Publishing Limited, 2009.'''		'''Simon A. Burtonshaw-Gunn. "Risk and Financial Management in Construction." Gower Publishing Limited, 2009.'''

S172569: /* Annotated Bibliography */

2018-02-24T17:25:45Z

Annotated Bibliography

← Older revision		Revision as of 17:25, 24 February 2018
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	'''Project Management Institute (2013). ''A Guide to the Project Management Body of Knowledge (PMBOK® guide)'''		'''Project Management Institute (2013). ''A Guide to the Project Management Body of Knowledge (PMBOK® guide)'''

			''A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Fifth Edition provides guidelines for managing individual projects and defines project management related concepts. It also describes the project management life cycle and its related processes, as well as the project life cycle.

			The PMBOK® Guide contains the globally recognized standard and guide for the project management profession. A standard is a formal document that describes established norms, methods, processes, and practices. As with other professions, the knowledge contained in this standard has evolved from the recognized good practices of project management practitioners who have contributed to the development of this standard.''

	'''Simon A. Burtonshaw-Gunn. "Risk and Financial Management in Construction." Gower Publishing Limited, 2009.'''		'''Simon A. Burtonshaw-Gunn. "Risk and Financial Management in Construction." Gower Publishing Limited, 2009.'''

S172569: /* Abstract */

2018-02-24T17:24:09Z

Abstract

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	Cash flow, its monitoring and analysis is a subject that has been on the agenda for any existing or conducted project or portfolio. Diversity of scale and scope of the projects makes cash flow rather complex and multidimensional issue. Recommended approach for getting a good understanding of this issue is to study cases, projects and portfolios of relevant scale, scope and area to currently investigated project. Similarly it is with payment milestones, which are part of cash flow organisation and planning.		Cash flow, its monitoring and analysis is a subject that has been on the agenda for any existing or conducted project or portfolio. Diversity of scale and scope of the projects makes cash flow rather complex and multidimensional issue. Recommended approach for getting a good understanding of this issue is to study cases, projects and portfolios of relevant scale, scope and area to currently investigated project. Similarly it is with payment milestones, which are part of cash flow organisation and planning.

	This article will contain two chapters, one for each issue. Apart from diversification of definitions of cash flow <ref> "Cash Flow." Accessed on February 2018 ~~from~~ https://www.investopedia.com/terms/c/cashflow.asp</ref> and payment milestones for project, program and portfolio, this article will focus on practical information for Project Managers, and present some real life relevant techniques and tools. For cash flow, the focus will be set on '''Gantt chart''' method, and for payment milestones, there will be two methods introduced: '''Program Evaluation and Review Technique''' (PERT) and '''Critical Path Method''' (CPM). It will also answer the question "''Why cash flow and payment milestones are so important in Project Cost Management?''" and how to approach them.		This article will contain two chapters, one for each issue. Apart from diversification of definitions of cash flow <ref> "Cash Flow." Accessed on February 2018. https://www.investopedia.com/terms/c/cashflow.asp</ref> and payment milestones for project, program and portfolio, this article will focus on practical information for Project Managers, and present some real life relevant techniques and tools. For cash flow, the focus will be set on '''Gantt chart''' method, and for payment milestones, there will be two methods introduced: '''Program Evaluation and Review Technique''' (PERT) and '''Critical Path Method''' (CPM). It will also answer the question "''Why cash flow and payment milestones are so important in Project Cost Management?''" and how to approach them.

	==Introduction==		==Introduction==