In this episode, we discuss the first two competencies, 1a. budgetting and cost control, and 1b. financial management. The professional practice criteria for 1A. Budgetting and cost control are; PP1.1 Established estimates for different project costs. PP1.2 Established and gained agreement to a project budget. PP1.3 Set up funding drawdown arrangements based on cash flow forecasts. PP1.4 Applied metrics to establish cost trends within a project. PP1.5 Refined budget allocations based on cost analysis, applying change control processes as required. PP1.6 Produced financial reports for stakeholders based on financial performance monitoring. PP1.7 Upon project closure, produced final financial reports and distributed them to relevant stakeholders.   The professional practice criteria for 1B. Financial management are; PP1.1 Established estimates for different project costs. PP1.2 Established and gained agreement to a project budget. PP1.3 Set up funding drawdown arrangements based on cash flow forecasts. PP1.4 Applied metrics to establish cost trends within a project. PP1.5 Refined budget allocations based on cost analysis, applying change control processes as required. PP1.6 Produced financial reports for stakeholders based on financial performance monitoring. PP1.7 Upon project closure, produced final financial reports and distributed them to relevant stakeholders.   For more guidance on the Association for Project Management Chartered Project Professional (ChPP), or any other project management training, please visit www.parallelprojecttraining.com or call 0118 321 5030.

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