This is a quick reference index to our recently concluded series of posts on project management for finance professionals. The series features practical project management advice and tips for driving process change using technology. Project Management for Finance – SERIES INDEX Increasing Demand for Financial Managers with Project Management Skills Technology Drives Key Finance Initiatives, [...]

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This is the last in our series on Project Management for Finance professionals. In conclusion, the remedies for the Top 10 Project Management Challenges can be summarized as follows: Quick List of Forte Financial Project Management Tips Make sure objectives are clearly defined Involve end users – early and often Collaborative requirement definition Plan, plan, [...]

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Ignoring Warning Signals CAUSES Some projects leaders are afraid of failure, or even admitting the possibility of failure, so they do not acknowledge issues as they arise. Wishful thinking often causes project teams and project managers to ignore warning signals. REMEDIES Effective project managers encourage team members to raise potential problems. Fostering a working environment [...]

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Communication Breakdowns CAUSES There are many factors that contribute to communication breakdowns. Large teams are particularly susceptible to incomplete and infrequent information sharing. Cross functional teams are also plagued by poor communication. Inexperienced project leaders often underestimate the level of project communication necessary to guarantee success. A lack of clarity regarding project success criteria and [...]

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Lacking Senior Leadership Support NOTE: This is one of the most common – and critical – challenges. CAUSES Many projects fail not because they lack senior management sponsorship, but because they have only passive senior management support. Conflicting priorities – other projects, regulatory compliance and reporting, etc. – often interfere with senior managers’ ability to [...]

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Poor Design NOTE: This is the only purely technical challenge. CAUSES Poor design is usually caused by vague or incomplete requirements (garbage in, garbage out). But sometimes the problem is simply hubris. REMEDIES Effective design requires talented technical leadership. Business leaders can support their technical colleagues by asking the right questions and promoting a flexible [...]

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Skill Mismatch & Lean Staffing CAUSES It is tempting to tap resources that are available, regardless of individual skills and experience. Yet the wrong choice of team members can seriously hamper process improvement efforts. Managers often choose lower cost resources in order to stay within budget. But less skilled and experienced team members may take [...]

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Poor Cost & Schedule Estimation CAUSES Unattainable deadlines are often imposed on project teams. Unrealistic budget estimates are a direct result of poor planning and vague requirements definition. Some projects are plagued by intentional underbidding by vendors in a competitive RFP. REMEDIES One very effective solution is to phase projects. When early phases include “big [...]

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Failure to Plan CAUSES Many project teams are so eager to get on with the “real work” that they short change the planning phase. Managers that lack experience leading process improvement projects often underestimate the planning effort. Many leaders fear that a realistic plan won’t fulfill a mandated deadline or expected budget so they simply [...]

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Vague Requirements & Scope Creep CAUSES Projects that are too ambitious in scope often fail. Similarly, if project requirements are not detailed enough the effort is spread too thin, lacking focus on core features that drive success metrics. “Scope creep” occurs when project requirements are not specific enough. Features and benefits are gradually added over [...]

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Insufficient User Input NOTE: This is one of the most common project management challenges. CAUSES Often end users are not active project team members. Supervisors and managers provide input rather than employees that have day-to-day responsibility for the process at stake. Every manager or department has one member that is the “go to” person: the [...]

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Unclear Objectives CAUSES Remarkably, many process improvement initiatives fail due to lack of direction. Often, this occurs when the various stakeholders do not agree on project objectives. Projects lack specific goals when difficult compromises are necessary and project leaders delay painful discussions rather than tackling them up front. In the meantime, the project team may [...]

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A dismal history of failed projects The previous post in this series featured depressing statistics demonstrating that most projects fail to meet expectations. They are either over budget, late, or fail to deliver the anticipated functionality and features. What causes projects to fail? Why do so many process improvement efforts utilizing technology fail to meet [...]

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Types of Process Improvement Financial process improvement initiatives touch all aspects of transaction processing and reporting. TYPICAL FINANCE PROCESS IMPROVEMENT AREAS Working Capital Management Order-to-Cash Procure-to-Pay Payroll Risk Management enhancements Business Intelligence /Corporate Performance Management Regulatory compliance & efforts to automate compliance Enhanced reporting via XBRL Others Increasing Reliance on Technology Over the years, finance [...]

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