Monitor finance and profitability of contributions to a project
Overview
This Standard is about maintaining profitability through keeping to schedule and being deliberate and calculating in making changes, solving problems and responding to clients requests for extras. This Standard should apply to anyone who is involved with monitor finance and profitability of projects.
Performance criteria
You must be able to:
plan your work to meet the cost and time requirements for your
part of the workflow
clarify uncertainty over what is expected with relevant people
maintain your schedule against that agreed
consult with relevant colleagues about the impact of any problems
in your work on cost and time requirements
- assess the impact of possible changes on schedule, budget,
profitability and cashflow
- carry out a realistic assessment of the cost and time implications
of any potential changes in schedule or possible improvements to
product
- consult with relevant colleagues on areas that are outside of your
authority
- achieve a balance between loss of profit or reputation and
maintaining client relationships when identifying whether to
charge for or absorb additional costs
- agree decisions that increase or decrease cost or time taken or
affect the product with relevant colleagues
- maintain security of files and other material in line with company
requirements
Knowledge and Understanding
You need to know and understand:
basis of costs, rates, turnover, and profit in the specific project
cashflow and its likely impact at the present state of the business
performance and time demands of different stages of the workflow
for a project
- abilities and ways of working of the different contributors to a
project
- technical requirements and limitations of the project and the
facilities
risks within the project and its workflow and how to mitigate them
ways of improving quality and speed of delivery
how to discuss clients problems with product or workflow
reasons for changes to schedule or product including problems in
a task, extras requested by clients or colleagues, possible
improvements to product identified by yourself or colleagues
- how to weigh costs and benefits of unplanned changes to a
project
- company systems for storage, back up and security