1 00:00:00,008 --> 00:00:02,006 - We've talked about many approaches 2 00:00:02,006 --> 00:00:04,006 to establishing and refining your budget 3 00:00:04,006 --> 00:00:07,006 and we've also discussed ways to apply foresight 4 00:00:07,006 --> 00:00:10,003 to managing costs on your projects. 5 00:00:10,003 --> 00:00:12,000 Apply what we've discussed 6 00:00:12,000 --> 00:00:14,000 and you'll have a well-rounded toolkit 7 00:00:14,000 --> 00:00:17,006 for handling the financial aspects of project management. 8 00:00:17,006 --> 00:00:22,003 However, obtaining more knowledge about finance is useful. 9 00:00:22,003 --> 00:00:24,007 Here are substantial resources you could use 10 00:00:24,007 --> 00:00:28,000 to enhance your budget management toolkit. 11 00:00:28,000 --> 00:00:30,004 My first recommendation is a comprehensive 12 00:00:30,004 --> 00:00:33,005 and easy to read book, "Simply Finance: 13 00:00:33,005 --> 00:00:36,007 An Essential Guide to Finance for Non-Financial Managers" 14 00:00:36,007 --> 00:00:38,004 by Susan Hansen. 15 00:00:38,004 --> 00:00:41,001 In addition to in-depth accounting practices 16 00:00:41,001 --> 00:00:44,000 the book provides expanded guidance on budgeting, 17 00:00:44,000 --> 00:00:49,001 evaluating risk and finance related decision making. 18 00:00:49,001 --> 00:00:51,000 We've just scratched the surface 19 00:00:51,000 --> 00:00:53,000 regarding Earn Value Management. 20 00:00:53,000 --> 00:00:56,001 The Project Management Institute's 2020 publication. 21 00:00:56,001 --> 00:00:59,008 "The standard for Earned Value Management" is valuable. 22 00:00:59,008 --> 00:01:02,006 It applies more details on using earned value 23 00:01:02,006 --> 00:01:04,005 and how it can enhance your ability 24 00:01:04,005 --> 00:01:08,000 to manage and forecast costs for your project. 25 00:01:08,000 --> 00:01:10,007 I've also referenced work breakdown structures 26 00:01:10,007 --> 00:01:11,008 in this course. 27 00:01:11,008 --> 00:01:14,008 The Project Management Institute has a practice standard 28 00:01:14,008 --> 00:01:18,002 for work breakdown structures you may want to review. 29 00:01:18,002 --> 00:01:21,005 These standards are applicable across industries 30 00:01:21,005 --> 00:01:23,004 and will expand upon the concepts 31 00:01:23,004 --> 00:01:25,009 I introduced in this course. 32 00:01:25,009 --> 00:01:28,007 The premise of the project management profession 33 00:01:28,007 --> 00:01:31,005 is to deliver value to the business. 34 00:01:31,005 --> 00:01:33,002 With sound budget management 35 00:01:33,002 --> 00:01:34,008 and focusing on the benefits 36 00:01:34,008 --> 00:01:37,001 your projects provide to your organization 37 00:01:37,001 --> 00:01:39,004 you'll enhance your financial prowess 38 00:01:39,004 --> 00:01:41,009 and standing as a project manager, 39 00:01:41,009 --> 00:01:44,000 I wish you all the best.