Introduction to Financially Focused Project Management (FFPM)

FFPM aims at getting all members of the project team to think as if they were members of the finance community. By so doing, FFPM enables and empowers every team member to contribute to increased profitability. This is accomplished as follows:

• Educate every team member on the financial information necessary to understand the following:

  1. How the company operates (e.g., how it earns a profit), and how the project team contributes to profitability

  2. What the finance organization is and what it does

  3. How each project team member contributes to the bottom line

  4. How other circumstances (suppliers, customers, other company employees) affect profitability

• Present the FFPM methodology to every employee for analyzing potential changes, purchasing and staffing decisions, process improvements, and corrective actions.

• Stimulate and encourage employees to utilize a "financially focused mindset" when performing daily responsibilities and making decisions.

Financial Training

In order to utilize financial data, employees need to understand the world of finance. The most common method for gaining such an understanding is to embark on formal classes at institutions of higher education. In increasing numbers, working professionals are enrolling in universities designed specifically for adult higher education.

Accredited in 1978, the University of Phoenix was among the first to recognize the need for degree and continuing education programs for adult professionals. As of February 29, 2000, the university had a total enrollment of 74,421 students, with 12,212 of those students enrolled...