So project priorities need to be determined. Among other things a financial evaluation of prospective projects is needed. Some projects promise a better financial return than other projects. Historically, us project managers have not been too concerned about the reason for a project, but have focused on producing the required deliverables outputs as per specifications, on time and within budget.
This focus is understandable, since achieving these objectives is usually how our project management performance has been assessed. And while these objectives are important, ultimate project success occurs when the project outputs achieve anticipated benefits and sometimes other unanticipated benefits. Contemporary thinking is that us project managers now need to be conversant with the project business case even though we may not have been involved in its preparation.
The business case that identifies project costs and benefits is often prepared by a business analyst or the project sponsor. Our project benefits could be nullified, jeopardized or enhanced by factors both within and beyond our control.
Additional benefits and disbenefits might be identified as our project proceeds. Also, the need for our project might evaporate. Project managers now need to understand their project business case, which is the rationale for their project, and appreciate that project changes variation may impact benefits for better or for worse.
In fact, risks to benefits should be recorded, analysed and responded to as we would for risks to project objectives. Insufficient financial rigor during project evaluation is often identified as a contributing factor to project failure.
At the heart of project evaluation and the project business case or justification is usually a Cost-Benefit Analysis CBAsometimes called a Benefit-Cost Analysis BCAundertaken during project conception and updated periodically during project development and execution phases, where:. CBA is a widely-used financial assessment tool first introduced by a French engineer, Jules Dupuit, in the s.Add excerpts essay
Unless a prospective project promises to add value or resultant benefits sufficiently exceed costs we would not normally proceed with a project. The results of a CBA are often expressed as a payback period — how long before positive cash flows equal the investment. The earlier this breakeven point is achieved the better in most instances.
Some CEOs prefer to see benefits realised during their term of office. And projects with a more attractive cost to benefit ratio would usually be given higher priority.
An exception may be compliance projects necessary to meet new legislative requirements, although the financial consequences or penalties of not doing such projects may well exceed the project cost.
The main limitation of the CBA is that some relevant benefits and costs may defy quantification. It is not usually possible to assign every benefit and cost a monetary value.Project Management in under 8 minutes
The extent or depth of this analysis is usually tailored to the size and risk of the proposed project, since the analysis itself also needs to be cost-effective. For example, options for storage might include:.
Weighted criteria recognise that some selection attributes are more important than others. See The Framework pages — One key selection attribute will be estimated costs and benefits. The estimation of costs should identify whole-of-life costs ie, both capital and maintenance costs for the expected useful life of the product or service and we need to be sure that a benefit is a benefit. The following are not benefits:. For example, improved staff retention may not be due to the improved working environment project, but due to a worsening national economic climate when employees have no option but to remain with their current employer.
Also, on occasions different projects might claim the same benefits. Costs and benefits are best expressed in monetary terms to enable their comparison on a consistent basis.To be a sustainable organisation, it is not enough to only monitor and evaluate your projects, strategic processes, personnel and knowledge. It is essential to also monitor and evaluate your operational and organisational budgets. In doing so, cost efficiency and effectiveness are important to keep in mind along with the allocation of specific financial resources to monitoring, evaluation and learning activities.
In short, financial management entails planning, organising, controlling, monitoring and evaluating the financial resources of an organisation to achieve its overall objectives. In this section, we explain how to ensure the two basic criteria of a quality financial management with a strong MEL dimension:. Below you can find advice and resources for improving your organisational practices related to these two identified criteria in the field of financial management.
In order to have an effective financial management an organisation needs to establish a suitable internal environment. Such environment depends to a large extent on the size of the organisation. Read more about…. There are many tools to use in order to manage financial resources of an organisation and create a sound financial management system that includes monitoring, evaluation and learning.
We have identified the following four tools:. Accounting for the money you have raised as an organisation is a crucial part of the financial management process. This does not solely refer to the accounting or bookkeeping system that an organisation uses, and it is not only about the money itself.
It also refers to the ways to show how the money was spend and, most importantly, if and how it helped the organisation achieve its goals.
The process of budgeting simply entails the following; calculating the expenditures, calculating income, compare income and expenditures and analyse the income and expenditures in order to create a cashflow the total amount of money being transferred into and out of an organisation forecast. Financial control systems are meant to provide sufficient security for the finances and assets of the organisation.
The systems provide checks and balances which helps an organisation to prevent fraud or misappropriation or deviations from accepted policies and procedures. Examples of these systems are inventory controls, which means a system that records assets which are generally consumable or saleable and internal and external audits. In short, if there is a situation of financial control it means that the financial resources are correctly and effectively used.
The final element of a sound Financial monitoring, evaluation and learning scheme is by producing financial reports in order to asses the progress and results of the financial affairs for the organisation.
Remember that a report should be timely, accurate and relevant! How to allocate specific financial resources to monitoring, evaluation and learning activities of the organisation? When you are planning your MEL activities for the entire organisation for example after the Strategic Plan has been finalised or for a specific project or program, make sure that you include a realistic planning of the financial resources needed in order to conduct the MEL activities.
To be as realistic as possible it is helpful to make three different budget lines, for monitoring, evaluation and learning separately. This planning activity reduces the risk that running out of financial resources when the evaluation and reporting phases are starting. It is often challenging to source and secure financial resources for monitoring and evaluation of outcomes of projects and programmes and to use the lessons learned identified.
Since there is often not a specific project were the costs relate to and can be charged to directly. Relevance and innovation 2. Planning and design 3. Monitoring 4. Final Evaluation 5.
Reporting and Accountability For organisations 1. Organisational Culture and Norms 2. Planning and Decision Making 3. Knowledge management 4. Human resources management 5.
Financial management 6.The following points highlight the top four methods of project evaluation in a firm. The methods are: 1. Return of Investment ROI 2. Payback Method 3. The ratio of profit expected from an investment project and the proposed investment for the project is called Return on Investment ROI.
This ROI ratio is used as a criterion for the evaluation of an investment project. The greater the ROI of a project, the greater is its acceptability.
There are three concepts about the amount of investment on a project. The amount of investment may mean the amount of assets, amount of capital invested, or the amount of equity capital. We may obtain three types of ROI on the basis of these three concepts. Here net profit does not include the interest to be paid to the lenders. But, since interest is included in the real return on total assets, an improved form of ROA is.
Here net profit, excluding tax, is expressed as a ratio of the total amount of invested capital.Causes and effects of divorce thesis
The total amount of capital provided by the owner of the firm and the lenders is the total invested capital in this case. First, the total amount of invested capital is the sum total of long-term liabilities and equity of the shareholders. Now the shares of a company may be of two types: preference shares and ordinary shares. Here, if the shares are ordinary shares, then we may write. We may mention here two more measures of the rate at which the owners of ordinary shares may obtain return from their company.
It may be noted here that the share owners may earn at the rate of EPS only when the company actually distributes all the money equal to the numerator of the formula for EPS among the shareholders.
If an investment project is implemented, then the time or the number of years within which the summation of the flow of undiscounted net revenues becomes equal to the total cost of the project is called the payback period. According to this method, if one of a number of projects is to be selected, then the project for which the payback period is minimum, should be implemented. To illustrate the point let us take help of an example.
Let us suppose that the expected flows of net revenue from two different projects and the costs of these projects are given in the table below. From the data given above we see that in the case of project I, the sum total of the net revenue flow in the first two years has been equal to the project cost and, in the case of project II, the sum total of the net revenue flow in the first three years has been equal to the project cost.
In other words, the payback period for the two projects are 2 and 3 years, respectively. According to the payback method, if one of the two projects are to be implemented then the project I should be selected for implementation, for the payback period of this project is shorter than project II.Financial Management means planning, organizing, directing and controlling the financial activities such as procurement and utilization of funds of the enterprise.
It means applying general management principles to financial resources of the enterprise. Investment decisions includes investment in fixed assets called as capital budgeting. Investment in current assets are also a part of investment decisions called as working capital decisions. Financial decisions - They relate to the raising of finance from various resources which will depend upon decision on type of source, period of financing, cost of financing and the returns thereby.
Dividend decision - The finance manager has to take decision with regards to the net profit distribution. Net profits are generally divided into two:. The financial management is generally concerned with procurement, allocation and control of financial resources of a concern.
The objectives can be. To ensure adequate returns to the shareholders which will depend upon the earning capacity, market price of the share, expectations of the shareholders.
To ensure optimum funds utilization. Once the funds are procured, they should be utilized in maximum possible way at least cost. To ensure safety on investment, i.
To plan a sound capital structure-There should be sound and fair composition of capital so that a balance is maintained between debt and equity capital. Estimation of capital requirements: A finance manager has to make estimation with regards to capital requirements of the company. This will depend upon expected costs and profits and future programmes and policies of a concern. Estimations have to be made in an adequate manner which increases earning capacity of enterprise.
Determination of capital composition: Once the estimation have been made, the capital structure have to be decided.
This involves short- term and long- term debt equity analysis. This will depend upon the proportion of equity capital a company is possessing and additional funds which have to be raised from outside parties. Choice of sources of funds: For additional funds to be procured, a company has many choices like- Issue of shares and debentures Loans to be taken from banks and financial institutions Public deposits to be drawn like in form of bonds.
Choice of factor will depend on relative merits and demerits of each source and period of financing.Labor costs associated with labeling will drop and hidden indirect labeling costs like fines, recalls, production shutdowns and shipping delays can essentially be eliminated. Growing companies will be able to streamline labeling outside the enterprise by extending labeling to third parties. Consumers are demanding more customized and attractive label designs, and we expect that to continue next year.
Prior to digital printing, manufacturers relied on smaller individual batch runs to achieve similar levels of personalization found in the market today. We believe that product portfolio will grow even larger in 2017, which will require a greater demand for digitally personalized labels. To accommodate this shift and embrace cutting-edge digital print technology, FLEXcon has developed new topcoats, which can be coated on their industry recognized components so converters can continue to sell into applications with specifications while utilizing the new digital printers currently available in the market.
Top 4 Methods of Project Evaluation | Firm
Our topcoats have all been fully optimized to take advantage of the latest digital print technology, and are compatible with the top printers in the market. The concept of Big Data is not new and has been around for some time already but it is going to stay and be ever-more important for label converters and packaging producers.
How can we use it for sustainable growth.
The amount of data that is available is so huge and its management has never been more important. Our Business Intelligence and Smart Statistics tools will be high in demand over the coming year.
Why not start with virtual reality and 3D technology.
Financial Management - Meaning, Objectives and Functions
I don't think it will be long before the benefits of going digital outweigh the costs associated with getting into that market. While there will always be a place for high production printers within the markets, I think that we will begin to see a lot more small printing companies using digital technology to produce short to medium sized runs. With this increase in the number of small printing companies will come with it an increase in the demand for digital printing solutions (of which there are already many) and digital finishing solutions.
Specifically, I think we will see a move away from knife finishers and a push towards more laser finishing solutions.
This shift is something that is already being addressed by companies like Anytron and others who are creating affordable laser finishing options. Jay Dollries, CEO, Innovative Labeling SolutionsBrands are struggling to engage and retain consumers who are increasingly immune to traditional marketing efforts. Relevancy, speed to market, SKU proliferation and continued consumer demand for customized packaging are a few of the driving forces shaping our predictions for 2017:www.
The trend towards smaller run lengths will continue and I expect this will be the year that the flexible packaging market, which has so far been very much in the early stages of digital adoption, to start making serious strides in exploiting the benefits of shorter runs, shorter lead times, customisation, etc.
The label market will continue to expand, with more automation in the workflow to support that growth. Web-to-print will also rise and printers will offer more and more services such as labels, sleeves and packaging all under one roof.
The effect of this will see some printers consolidating and growing, whilst smaller print houses may struggle to compete unless they can find a way to add value to their services. End-to-end artwork and digital asset management systems will allow packaging companies greater flexibility and more timely response to changing market conditions, including new product development, and to accommodate increasing regulatory change requirements.
We will also see the various digital print technologies continue their push to become the dominant printing technology in the packaging sector. Speeds right now are increasing, extending into what were traditionally conventional print runs. This is evident in all of the high volume branded products printed digitally in the marketplace.
We apologize, our site does not support Internet Explorer 6 or 7. View advertising opportunities Subscribe to our free e-newsletter and receive the latest industry news in your inbox. Stay in touch: Twitter Linkedin youtube RSS Feeds. Link back to: arXiv, form interface, contact. Cornell University Library We gratefully acknowledge support fromthe Simons Foundation and member institutions arXiv.
Hastie, Lamiae Azizi, Michail Papathomas, Sylvia Richardson(Submitted on 12 Mar 2013 (v1), last revised 25 Apr 2014 (this version, v3)) Subjects: Computation (stat. CO) Cite as: arXiv:1303. But better still, its a profitable venture when done with an accurate football prediction website.My thought was the cell phone model: a free Kindle if you buy X number of e-books.
But last week Michael Arrington at TechCruch reported on a rumor which hints at a more clever plan: a free Kindle for every Prime customer of Amazon. It turns out that was just a test run for a much more ambitious program. A reliable source tells us Amazon wants to give a free Kindle to every Amazon Prime subscriber. If the past is any indication of future events, expect an as-if-free Kindle this fall in time for the holidays. UPDATE: I misread the TechCrunch dateline. Not the bog-standard Kindle, but the one with free global data access.
And not just one Kindle, but four Kindles. And not just once, but every year. I keep pointing out to friends that soon the kindles could be free. I was buying quite a lot of book in a year but before I had my kindle, only a fraction of those were bought on Amazon.
Now that every time I finish a book, I can buy a new one in seconds and keep on reading I buy all of my books on Amazon and I probably tripled the number of books I buy. This has been going on for more than a year (availability of the kindle in Canada).
Amazon has a clear picture of how much more money they make with a user once they get a kindle. You then can simply offer to certain customer when they buy a book, to instead ship them a kindle with the ebook preloaded. The customers are the ones fitting the profile of augmented revenues, like me.
My wife has a Kindle. She paid for it. It should be free because it is so booorrring to look at. I was the same way. I had no interest in the device. By happenstance, I came to possess one. I tried a book or two on it, and kept ordering physical books.
5. Financial management
Within 2 months, I was totally on the Kindle for all my books and magazines. I often wish there was some sort of a code in the physical i could type on my kindle to get the digital version and avoid carrying the heavy, hardcopy. And agree to the DRM. And the DRM system is linked to something that works on your chosen platform. There are a lot of these little hoops to jump through and potential incompatibilities. Drat, I just got a kindle this Christmas.
Guess I should have waited on more year. What better method of delivery. Price razors at a really low point and then racketeer customers with the blades. Wilbur: first of all, allow me to congratulate you for the brilliant, witty, and glorious remark.
Thought it might help you not be an ass on the internet the next time you consider quipping your thoughts. Relax, he made a reasonable and valid point.
So yes, it absolutely could happen with some subsidy magic, and the graph is an interesting clue that might indicate as much.Mormonism articles of faith christian football
Which should be about now. Why not just focus on sending free kindle to their biggest ebook subscribers and ebook clubs, I mean common sense tells me that they would more likely purchase ebooks than a movie subscriber. Why would I want a movie along side kindle. I think the goal is to get new customers, or increase purchasing among low-volume users.Janet, United States Highlights of Scandinavia by car, May 2016 We had a great time on our trip.
Jim and Dale, Canada The Natural Wonders of Iceland, May 2016 The tour exceeded our expectations and without a doubt it was one of the greatest vacations we have ever taken. Julee and Matthew, United Kingdom Iceland Grand Tour, May 2016 Booking with Nordic Visitor was a wonderful experience. We absolutely love Iceland. The Iceland Grand Tour was well planned by Helga. Perfect balance on the hotels.
So much really useful information and tips on things not to miss.Essaytyper broken knee replacement therapy recumbent
Really helped to take the stress out of the holiday with regards to booking the hotels and allowed us to focus on seeing the beautiful nature of Iceland. Pam, Canada The Natural Wonders of Iceland, April 2016 Accommodation was better than expected and all the provided meals were top quality and representative of the country's cuisine. Too much to see and not enough time in each destination.Research gateway limited products international group
From the booking agents help to the overall transparency and guidance in the welcome package, we felt very comfortable and safe in a new country. Marcia, United States Iceland Full Circle - Winter, March 2016 Traditionally we book hotels ourselves when we travel. It was so convenient working with Nordic Visitor - having the route planned and the hotels booked.
Great to have the Points of Interest marked as well. We found that 10 days was a nice vacation and overview of Iceland - but not enough time to really "get to know" the country and its people.Literature review on the role of internal audit
That's why we would like to go back. The hospitality at all locations was amazing. We had no problem with finding vegan food either. Everyone was so very accommodating. Thank you for assisting us in making our trip to Iceland a marvelous time.
Stephen, United Kingdom Iceland Winter World, March 2016 Our whole experience of the holiday was one of relaxed efficiency, at each stage the pick up was there on time, the pack of information provided on our arrival by the delivery driver was thorough and comprehensive.
When our northern lights tour was cancelled we were given information via the hotel, a follow up phone call to the NV office was efficiently dealt with. At all stages through the booking process our NV advisor, Audur, was very helpful. It all made our wedding anniversary trip a very enjoyable relaxed holiday. Liz, United Kingdom South Iceland at Leisure - Winter, February 2016 We had a great time in Iceland and a lot of that was down to the email discussions, planning and preparation done by Sigfus on our behalf before the trip.
Everything ran smoothly and the whole trip was a joy. It was a pleasure to be able to meet him and thank him in person when we dropped our mobile phone off at the Nordic Visitor office at the end of our trip.
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