1. Project and project-oriented company, economic model.
   • Project (order) as a management object. Project stakeholders. Investment and commercial projects. Goals of the customer and the project implementer. Determination of priorities: timing, cost, quality.
   • Key indicators of economic efficiency and financial stability of the organization, levers for managing them. Economic model of a project-oriented company.
   • Use of organizational resources in projects: project costs and company costs. Areas of responsibility of the project manager and the head of the functional unit.
   • Estimation of the cost of project execution based on full and variable costs. Calculation methods full cost, variability of fixed cost distribution bases.
   • Costing and usage accounting labor resources and fixed assets of the company in projects.
   • Ensuring the financial feasibility of the project. Sources of financing for the company and project, cost of capital. Factors influencing the need for working capital.
2. Project cost management at different stages of its life cycle.
   • Project life cycle: planning, implementation, completion. Tasks and tools for financial management at different stages of the project life cycle: budgeting, accounting, optimization of execution and control. Project estimate and budget.
   • Budgeting for project costs: composition of items, forecasting methods, variability of cost estimates and recognition moments for individual budget items. Optimization of costs for the purchase of raw materials and materials.
   • Cost budget, income and expense budget, project cash flow budget in interrelation. Modeling the impact of project manager’s management decisions on economic efficiency project.
   • Monitoring and control of the budget at the stage of its execution. The earned value method as a tool for assessing the correspondence of project costs and achieved results. Calculation of free Money according to the project using the indirect method.
   • Management reporting for the project. Requirements for the composition of indicators and reporting forms. The relationship between project results and manager motivation.
3. Calculation of project costs and approaches to pricing.
   • Accounting and economic approaches to cost estimation. Relevant and irrelevant costs. Project selling price: strategic and tactical decision. Taking into account the market situation and the degree of utilization of the company's production capacity when determining the lower limit of the project sale price to the customer.
   • The value of money in time. Taking into account the conditions for financing the project by the customer when setting prices.
4. Development projects (investment) - planning and evaluation.
   • Investment and operational phases of the project. Reduction of cash flows at different times to comparable values, discounting procedure. Cost of capital and choice of discount rate. Taking into account financing conditions when evaluating projects using borrowed funds.
   • Indicators of the financial efficiency of the project: payback period of investments, net present value, internal rate of return of the project, return on investment index. Comprehensive assessment project.
5. Project risks.
   • Methods for identifying and ranking risks. High quality and quantification risks. Options for responding to risks.
   • Project risk management planning. Scenario budgeting as a risk management tool.
6. Financial management of a project-oriented company.
   • Types of company strategies and financial management tasks to support their implementation. The role of the financial and economic service in organizing project activities.
   • Financial flow diagram. Balancing flows in in terms of projects, by type of activity: operating, investment, financial.
   • Optimization of assets and sources of their acquisition. Analysis of the total financial result according to the stages of its formation.
   • Levels of planning and control, cascading system of indicators. Internal management reporting system. Accounting policies of management accounting and budgeting. Tools for automating accounting and budgeting in “project” companies.

Certificate of advanced training in the amount of 32 hours (License No. 3053 dated 07/03/2017).

To obtain a certificate you must provide:

• a copy of a diploma of higher or secondary vocational education (if you received a diploma not in the Russian Federation, please clarify the need for the procedure for recognizing a foreign diploma in the Russian Federation by contact phone numbers or email)
• a copy of the document confirming the change of surname (if it has changed).

The participant package includes:

• training according to the declared program;
• a set of information and reference materials;
• excursion program;
• daily lunches and coffee breaks.

You can view the full seminar program and register for it on the website.

Maybe corporate training (for employees of your company only) or special offers for corporate clients.

Date not set.

The workshop reveals the content of modern effective methods project management. Approaches to building a project management system in its interaction with strategic goals and the challenges facing the company.
Also, the seminar is devoted to financial components project management, namely practical technologies for financial management of commercial projects, project financing schemes, technologies for budgeting and financial control of projects, techniques for assessing the effectiveness and cost of a project, as well as the features of managing innovative projects.

The target audience

Seminars are intended for executives, managers and specialists involved in improving the activities of enterprises, banks, companies and groups; strategic and organizational development interested in increasing control and manageability of the company.

Target

Program

1st day

“Management of enterprise development and improvement projects”

Project management of corporate development
Project concept. What goals and objectives are effectively achieved through projects. How to draw the line between current and project activities. Classification of projects. Approaches, standards and methods system management projects. Project life cycle and phases. Basic objects, processes and procedures of project management.

Organization and project management
The main problems of project management in Russian companies. Project initiation. Goal setting and project planning. Development hierarchical structure works Building an organizational structure for project implementation. Construction of network models and calendar plan project. Resource planning. Development of resource and financial plan project. Project implementation and control. Tracking, system of indicators and reporting for the project. Building and managing a project team. Typical roles and functions of project participants. Completion of the project. Motivation system for project participants.

Creation of a project management system in the company - PMS
Processes and organizational structure SOUP. Communication and interaction with the system strategic management. Planning, evaluation and ranking of projects. Accounting and distribution of project resources. Project office. Project regulations. Review and classification software project management.

Managing project risks and changes during project implementation
Project analysis and identification of project risks. Analysis, assessment and ranking of risks. Typical strategies risk management. Development of a risk management plan. Typical change management activities when implementing project results.

2nd day

“Project financial management and investment planning”

Financial planning of the project. Business planning. Investment design
Investment and commercial projects. Purpose and preparation of a business plan and other documents. Sections of a business plan. Errors and recommendations. Basic plans, reports, analytical charts for the project. Cash flow plan. Profit and loss plan. Balance plan. Features of financial management of investment projects

Budgeting and financial control project
Budget management scheme. Budgeting outlines. Types of budget reports, highlighting items of income and expenses. Budget management cycle. Financial Responsibility Centers. Introduction of budgeting.

Project effectiveness assessment.
Discounting and the value of money. Structure and price of capital, assessment of the cost of financing. Indicators for measuring project effectiveness. NPV IRR. NCF. P.I. PP. Analysis of indicators. Scenario analysis. Break-even analysis. Sensitivity analysis. Risk analysis and management.

Project Cost Estimation
Cost aspects. Basic approaches to cost estimation. Assessment methods. Evaluation of individual project elements. The impact of the project on the value of the company.

Project financing schemes
Sources of financing. Financing schemes. Internal and external financing. Debt and equity financing. Long-term and short-term financing. Mixed financing. Specific financing schemes. Factors in choosing financing schemes.

The process of attracting external financing to a project
Project management cycle for attracting external investment.

Features of innovation project management
Venture financing. Innovation project cycle. Forms of organization of implementation innovative projects. Protection and evaluation of intellectual property.

Additional Information

Information materials:
The cost of participation includes meals (2 coffee breaks, lunch), teaching aids and CD-1 “Business Processes”. Contains examples of business process models from various business sectors and information and methodological materials, as well as chapters of the book “Secrets of Successful Enterprises: Business Processes and Organizational Structure” corresponding to the topics of the seminar.

Only for seminar participants a 15% discount is provided on the purchase of the organizing book “Secrets of Successful Enterprises: Business Processes and Organizational Structure” and CD solutions.

Location

Russia, Moscow, st. Gostinichnaya, 3 (metro station Petrovsko-Razumovskaya)

30. Project cost and financing management

Key Definition

Project cost and financing management(Project Cost and Finance Management)-project management section, including the processes necessary for the formation and control of the implementation of the approved project budget. Comprises resource planning, cost estimation, estimate and budget formation and cost control.

Body of Knowledge

The project cost and financing management process includes:

□ Development of a concept for managing the cost and financing of the project:

Development of a strategy for managing the cost and finances of the project (defining goals and
objectives, criteria for success and failure, limitations 74 assumptions);

Conducting economic analysis and justification of the project (marketing,
assessment of cost and sources of financing, forecast of implementation);

General economic assessment project;

Development of an enlarged financing schedule;

Determining the requirements for the cost and financing management system in
project;

Concept approval.

□ Project cost and financing planning:

Planning resources and determining their quantity required for successful
project implementation;

Estimation of the project cost (based on the developed estimate documentation,
expert assessments, etc.);

Formation of the project budget,

Development of a financing plan that must correspond to the formed
project budget:

Development of a cost and financing management plan for the project.

□ Organization and control of project implementation at cost:

Distribution functional responsibilities and responsibility in accordance with
cost and financing management plan for the project;

Implementation of a cost and financing management system for the project;

Accounting for actual costs in the project;

Generating reports on the status of project costs and financing.

□ Analysis of the status and regulation of the cost of creating a project:

Current audit of the project status in terms of cost and finances;

Determining the degree of project completion based on cost indicators
(carried out on the basis of an analysis of actual costs and estimated costs
executed works);

CHAPTER 1. KNOWLEDGE AND EXPERIENCE

Analysis of deviations in the cost of work performed from the estimate and budget:

Analysis of various factors influencing positive and negative deviations;

Preparation and analysis of corrective actions;

Forecasting the status of project work execution by cost;

Making decisions on regulatory actions to ensure the execution of work
project at a cost in accordance with the budget.

□ Completion of project management for cost and finance:

Economic analysis and evaluation of results;

resolution of claims and conflicts;

Preparation of executive estimates and financial reports;

Final settlements and closing of financing;

Formation of the archive.

Main literature

Voropaev V.I., Galperina Z.M., Razu M.L., Sekletova G.I., Yakutii Yu.V. and others. Program and project management / Edited by M. L. Razu. Module 8. In the 17-module program for managers “Organizational Development Management”. - M.: Infra-M, 1999. - P.392.

Voropaev V.I. Project management in Russia. - M.: Alan, 1995. - P.225.

Mazur I.I., Shapiro V.D. and others. Project Management: A Reference Guide / Edited by AI. Mazura and V.D. Shapiro. - M.: Higher School, 2001. - P.875.

Ilyin N.I., Lukmanova I.G. etc. Project management. - St. Petersburg: DvaTrI, 1996. - P.610.

Lobanova E.N., Limitovsky M.A. Financial management. Module 14. In the 17-module program for managers “Managing Organizational Development”. -M.: Infra-M, 1999.

Guide to the world of project management / Transl. from English - Ekaterinburg: USTU, 1998. - P. 192.

Archibald R.D., Managing High-Technology Programs and Projects. 2nd ed. -New York, NY: John Wiley & Sons, 1992.

Cleland D.I., King W.R., Project Management Handbook. 2nd ed. - New York, NY: Van Nostrand Reinhold, 1988.

ICB - IPMA Competence Baseline. Version 2.0. IPMA Editorial Committee: Caupin G., Knopfel H., Morris P., Motzel E., Pannenbacker O.. - Bremen: Eigenverlag, 1999. - p.l 12.

Ireland L.R., Quality Management for Projects & Programs. - Drexel Hill, PA: PMI, 1991.

Kerzner H., Project Management: A Systems Approach to Planning, Scheduling, and Controlling. 6 th ed. - New York, NY: John Wiley & Sons Inc., 1997.-p. 1200.

Projectmanagement - Fachmann. - Eschbom: GPM und RRW, 1991. - VI, V2, pp.1130.

Turner J.R., The Handbook of Project - Based Management: Improving the Processes for Achieving Strategic Objectives. - Maidehead: McGraw - Hill, 1993. - p.540.

Turner J.R., Grude K.V., Thurloway L. - The Project Manager as Change Agent. - Maidehead: Me Graw-Hill, 1996.

additional literature

Holt R.N. Basics financial management. - M.: Delo Ltd., 1995.

Holt RN, Barnes SB. Investment planning. - M.: Delo Ltd., 1994.

When you have determined the resources needed for the project, the price and the required quantity of each of them, you get the need for money.

Let's leave deep calculations to financiers. You and I need to be able to set a task for them and understand the results of the calculations. Here main questions, that are of interest to the manager.

How much money will we need and when?

Can we afford it?

Where to get the missing funds: the parent company, other projects, attracting external investors, loans?

When will we get back the funds invested in the project?

When will we reach the planned profit level?

Naturally, a project is always a risky undertaking to one degree or another. Therefore, from a financial point of view, it only makes sense if its profit exceeds what we can get by investing in relatively risk-free instruments, such as deposits in large state-owned banks.

The two basic documents in project financial management are the estimate and the budget.

Project estimate- a list of project costs, broken down by item.

Example. Estimate for the renovation of a two-room apartment in a house of the P-44T series of the "Premium Class" category (without the cost of materials) in USD.

Budget- a document representing a schedule of planned expenses and income distributed among items within the project. The main difference between a budget and an estimate is the presence of not only an expenditure part, but also a revenue part, as well as a breakdown by period.

Budget example:

Conference budget

General Director of MegaCon LLC Andreev A.N.

Chief Accountant 000 "MegaCon" Karasev B.C.

We are also interested in cash flow chart (DDS, net cash flow, net financial flow, cash flow) 1 according to the project.

1 Example taken from the website www.profitd.ru.

1 See clause 4.1.2 “Project life cycle”.

How is it formed?

Before we find out, we need one term,

Net Present Value- NPV)- the sum of discounted revenues minus discounted costs received in each year during the life of the project.

EXAMPLE 60. Sergey Baguzin, deputy director for development of a large IT company:“Business has many dimensions. The owner, as a rule, begins with a businessman. By analogy with mechanics (a branch of physics), we can say that profit management is the first dimension of business (one-dimensional space). Further, as developed business the owner (manager) comes to understand the importance of managing finances, personnel, operations, quality... A multidimensional space arises. The more dimensions a manager can manage, the more competent he is.

What does "discounted" mean? The fact is that the value of money changes over time: as a rule, it decreases. A dollar today and a dollar 10 years ago (not to mention the beginning of the 20th century) have completely different weights. Discounted means “taking into account changes in the value of money over time.”

In short projects (usually up to 3 years), the change in the value of money can be neglected 1. In the rest we must take it into account. First we need to determine discount rate. It is asked by the company's financiers. If you have a small company and you do all the calculations yourself, then you can focus on the rate at which you can actually place your funds, for example, in Sberbank.

Discounting the amount of 1000 USD at a rate of 10%:

In the example below, it is assumed that the income and expense figures have already been taken taking into account discounting (Fig. 40). Example of NPV calculation

It is NPV with a cumulative total that is plotted vertically on the DDS chart. The investor is interested in the following main project parameters 1.

NPV which shows us how much money we will earn from the project.

PI (profitability index, profitability index)- the amount of revenue from the project divided by the amount of project costs.

PVR (payback period, payback period), those. the period after which we will return our money invested in the project. It is usually calculated taking into account discounting.

IRR (internal rate of return, internal rate of return)- discount rate
tion, at which NPV is equal to zero 2.

If you compare IRR with any norm, for example, with market rates for attracting loans or with the rate of return of projects adopted in the company, then the IRR value makes it possible to determine whether the analyzed project provides acceptable efficiency in the use of financial resources.

That is, the value of 1000 USD received or spent in the seventh year of project implementation is equal to the value of 51"3.16 USD in the base (initial) period.

Discount factors for various rates and periods can be either calculated independently or determined using special tables provided in financial reference books.

Thus, before taking into account a certain amount in the calculations in a future period, we need to multiply it by the coefficient for a given period. This allows a more realistic assessment of the payback period and profit of the project.

1 Although some companies take into account discounting even within one year: the question of the required accuracy and labor costs.

EXAMPLE 61. Sergey Baguzin, deputy director for development of a large IT company:“We are engaged in distribution and use IRR (in Excel this is the IRR function - internal rate of return) as the main indicator of the effectiveness of product business management. Fantastically capacious indicator! It is sensitive to almost any managerial impact aimed at increasing distribution efficiency: increasing loan deferrals, reducing accounts receivable, reducing warehouse balances, increasing sales margins..."

1 I intentionally provide simplified definitions. For a more in-depth study of the topic, please refer to the special
literature.

2 I understand that the definition is not entirely obvious. However, his explanation goes beyond the scope of the book. Search in other
some stokers.

Figure 40. NPV calculation: by year and by year with cumulative total

Of course, the above indicators depend on the figures that form the basis of the calculations: constant and variable costs project, expected sales volume, etc.

If you act as an investor in any project, the one who approaches you for money must provide you not only with the above indicators, but also the progress of their calculation, as well as the underlying figures. And you and your team have to check them. Here you will need not only a financier, but also a marketer, and possibly other specialists, for example, in economic security.

PRACTICAL TASK 54

Develop a consolidated budget for your project (for the most significant items). Build a cash flow schedule.

How satisfied are you with it?

Enterprise finance

Topic: Enterprise financial management using the example of Sfera LLC

Introduction

Chapter 1. Finance and financial mechanism

1.1 Functions and concept of finance

1.2 Financial mechanism for enterprise management

1.3 Principles and sources of finance formation

Chapter 2. Organization of an enterprise financial management system using the example of Sfera LLC

2.1 Enterprise financial management system

2.2 Methods for improving the financial management system of Sfera LLC

Conclusion

Bibliography

Introduction

The market economy, with all the diversity of its models known in world practice, is characterized by the fact that it is a socially oriented economy, supplemented by government regulation. Finance plays a huge role both in the very structure of market relations and in the mechanism of their regulation by the state. They are an integral part of market relations and at the same time an important tool for implementing government policy. Therefore, the relevance of the topic: Organization of financial management of a company in the field of small business is more important than ever because it is necessary to know well the nature of finance, to deeply understand the conditions of their functioning, to see ways of their fullest use in the interests of the effective development of production. In the structure of financial interrelations of the national economy, the finances of enterprises occupy the initial, determining position, since they serve the main link of social production, where material and intangible benefits and the predominant mass of the country's financial resources is formed.

A market economy involves the formation and development of enterprises of various organizational and legal forms based on different types private property, the emergence of new owners - both individual citizens and labor collectives enterprises. The main type of economic activity, entrepreneurship, is economic activity, i.e. activities related to the production and sale of products, performance of work, provision of services or sale of goods needed by the consumer. It is regular in nature and is distinguished, firstly, by freedom in choosing directions and methods of activity, independence in decision-making (of course, within the framework of laws and moral norms), and secondly, by responsibility for decisions made and their consequences. Thirdly, this type of activity does not exclude risk, losses and bankruptcies. Finally, entrepreneurship is clearly focused on making a profit, which, in conditions of developed competition, ensures the satisfaction of social needs. This is the most important prerequisite and reason for interest in the results of financial and economic activities. The implementation of this principle in reality depends not only on the independence granted to enterprises and the need to finance their expenses without government support, but also on the share of profit that remains at the disposal of the enterprise after paying taxes. In addition, it is necessary to create an economic environment in which it is profitable to produce goods, make a profit, and reduce costs. By financing an enterprise we mean attracting the capital necessary for the acquisition of fixed and working capital of an enterprise, in other words, covering the need for capital. Purpose course work is to analyze the efficiency of the enterprise using the example of Sfera LLC, to see how economically competently its activities are managed. The objectives of the course work are to identify existing potential problems, production and financial risks, and determine the impact of decisions made on the final results of the enterprise.

Chapter 1. Finance and financial mechanism

Functions and concept of finance

The finances of an enterprise are a system of monetary relations arising as a result of its production and economic activities.

From a material point of view, enterprise finance represents the monetary accumulations of enterprises or financial resources. Financial science studies not resources as such, but the relationships that arise from the formation and use of these resources.

The initial formation of financial resources occurs at the time of establishment of the enterprise, when the authorized capital is formed. Its sources, depending on the organizational and legal forms of management, are: share capital, share contributions of members of cooperatives, industry financial resources (while maintaining industry structures), long-term credit, budget funds. The size of the authorized capital shows the size of those funds - fixed and working capital - that are invested in the production process.

The main source of financial resources in operating enterprises is the cost of products sold (services provided), various parts of which, in the process of revenue distribution, take the form of cash income and savings. Financial resources are formed mainly from profits (from core and other activities) and depreciation charges.

Areas of manifestation of financial relations:

Relations between enterprises for the supply of raw materials, materials, components, sales of products and services.

Relations between enterprises and banks that arise when receiving and repaying a loan, when buying and selling currency, and when paying for banking services.

Relations with insurance companies and organizations for insurance of property, commercial and financial risks.

Relations with commodity, raw materials, and stock exchanges for transactions with production assets.

Relations with investment funds and companies for investment placement, privatization.

Relations with branches and subsidiaries.

Relations with staff regarding the payment of salaries, dividends, and with shareholders, if they are not members of the workforce.

Relations with the tax service when paying taxes, with audit firms, with non-budgetary organizations.

The common element of the listed monetary relations is that they:

1. Expressed in monetary terms

2. Represent a set of payments and receipts

Finance functions:

Reproductive

Distribution

Control

The reproduction function consists of servicing with monetary resources the circulation of fixed and working capital in the process of commercial activity of an enterprise on the basis of the formation and use of monetary income and savings.

Distribution function - the essence of this function is to ensure optimal proportions of distribution of profit (income) between enterprises and the state, between various enterprise funds.

The control function is financial control over the production and economic activities of an enterprise in terms of consumption and expenditure of production resources, as well as control over the relationship of the enterprise with banks, the state and other enterprises.

An enterprise acts as a legal entity, which is determined by a set of characteristics: isolation of property, liability for obligations with this property, the presence of a current account in a bank, and acting on its own behalf. The isolation of property is expressed by the presence of an independent balance sheet on which the property of the enterprise is listed.

Financial relations of an enterprise arise when, on a monetary basis, the formation of the enterprise’s own funds, its income, the attraction of borrowed sources of financing economic activities, the distribution of income generated as a result of these activities, and their use for the development of the enterprise.

The organization of economic activity requires appropriate financial support, i.e. initial capital, which is formed from the contributions of the founders of the enterprise and takes the form of authorized capital. This is the most important source of formation of property of any enterprise. Specific methods of forming authorized capital depend on the organizational and legal form of the enterprise.

When creating an enterprise, the authorized capital is used to purchase fixed assets and form working capital in the amount necessary to conduct normal production and economic activities, it is invested in the acquisition of licenses, patents, know-how, the use of which is an important income-generating factor. Thus, the initial capital is invested in production, in the process of which value is created, expressed by the price of products sold. After the sale of products, it takes monetary form - the form of proceeds from the sale of manufactured goods, which goes to the company's bank account.

Revenue is not yet income, but a source of reimbursement of funds spent on the production of products and the formation of cash funds and financial reserves of the enterprise. As a result of using the proceeds, qualitatively different components of the created value are separated from it.

First of all, this is due to the formation of a depreciation fund, which is formed in the form of depreciation charges after the depreciation of fixed production assets and intangible assets takes monetary form. A prerequisite for the formation of a depreciation fund is the sale of manufactured goods to the consumer and the receipt of proceeds.

Since the material basis of the created product consists of raw materials, materials, purchased components and semi-finished products, their cost along with other material costs, depreciation of fixed production assets, wages workers constitute the costs of the enterprise for the production of products, which take the form of prime costs. Before the receipt of revenue, these costs are financed from the working capital of the enterprise, which is not spent, but is advanced into production. After receipt of proceeds from the sale of goods, working capital is restored, and the production costs incurred by the enterprise are reimbursed.

Separating costs in the form of prime costs makes it possible to compare the revenue received from the sale of products and the costs incurred. The point of investing in the production of products is to obtain net income, and if the revenue exceeds the cost, then the enterprise receives it in the form of profit.

Profit and depreciation are the result of the circulation of funds invested in production and relate to the enterprise’s own financial resources, which they manage independently. Optimal use of depreciation charges and profits for their intended purpose makes it possible to resume production on an expanded basis.