Managing Internal Controls of the Project

[matong]

Managing Internal Controls of the Project

Managing Internal Controls
We have almost finished reviewing the Implementation phase. However, we have not discussed two of the big constraints of project management very much: schedule and budget. In part, this is because we covered how to monitor and control your schedule and budget in Module 2. Here is a very quick review of what we discussed:

Monitor your Gantt chart throughout the project implementation phase. Pay particular attention to the progress of activities in the critical path of your project.
If you need to shorten your schedule, you can crash it by eliminating activities or fast-track it by doing more than one activity at the same time.
Monitor your budget throughout the project implementation phase. Compare planned expenses to actual expenses.
In reality, however, keeping your budget and schedule under control will require more than just a vigilant project manager. Efficient projects have systems of internal control to ensure that money and resources are protected, fraud and corruption are avoided, and laws and regulations are followed, even when the project manager is not checking.

What do we mean by internal controls? Let's look at an example.

The organization has three vehicles that team members can borrow for project activities. To check out a vehicle, team members have to sign a shared calendar form posted in the office. A separate form is kept in each of the vehicles. Whenever team members drive the vehicle, they record their name, the date, and the starting and ending mileage.

These systems require team members to do a little bit of extra work every time that they use the vehicles. However, they also ensure that the vehicles are accounted for at all times. If something happens to a vehicle, they will know exactly which team member was using the vehicle at that time. This will allow the project manager to protect a very important asset—the vehicles—without personally checking every time that the vehicles are used.

Similar systems of internal control should be used for finances, procurement, inventory, and any other areas that cost time or money. By thoughtfully implementing systems of internal control, you will be able to keep your project on schedule and on budget without checking every single thing that your team members do.

Note, however, that every system of internal control that you add will require a bit of time and effort from you and your team. So, control should be balanced with efficiency.

Quiz: People Management
This section covered a lot of different skills very quickly! To see whether you

1 Reply Last reply

[matong]

Managing Internal Controls
We have almost finished reviewing the Implementation phase. However, we have not discussed two of the big constraints of project management very much: schedule and budget. In part, this is because we covered how to monitor and control your schedule and budget in Module 2. Here is a very quick review of what we discussed:

Monitor your Gantt chart throughout the project implementation phase. Pay particular attention to the progress of activities in the critical path of your project.
If you need to shorten your schedule, you can crash it by eliminating activities or fast-track it by doing more than one activity at the same time.
Monitor your budget throughout the project implementation phase. Compare planned expenses to actual expenses.
In reality, however, keeping your budget and schedule under control will require more than just a vigilant project manager. Efficient projects have systems of internal control to ensure that money and resources are protected, fraud and corruption are avoided, and laws and regulations are followed, even when the project manager is not checking.

What do we mean by internal controls? Let's look at an example.

The organization has three vehicles that team members can borrow for project activities. To check out a vehicle, team members have to sign a shared calendar form posted in the office. A separate form is kept in each of the vehicles. Whenever team members drive the vehicle, they record their name, the date, and the starting and ending mileage.

These systems require team members to do a little bit of extra work every time that they use the vehicles. However, they also ensure that the vehicles are accounted for at all times. If something happens to a vehicle, they will know exactly which team member was using the vehicle at that time. This will allow the project manager to protect a very important asset—the vehicles—without personally checking every time that the vehicles are used.

Similar systems of internal control should be used for finances, procurement, inventory, and any other areas that cost time or money. By thoughtfully implementing systems of internal control, you will be able to keep your project on schedule and on budget without checking every single thing that your team members do.

Note, however, that every system of internal control that you add will require a bit of time and effort from you and your team. So, control should be balanced with efficiency.

Quiz: People Management
This section covered a lot of different skills very quickly! To see whether you

1 Reply Last reply

[matong]

Managing Internal Controls
We have almost finished reviewing the Implementation phase. However, we have not discussed two of the big constraints of project management very much: schedule and budget. In part, this is because we covered how to monitor and control your schedule and budget in Module 2. Here is a very quick review of what we discussed:

Monitor your Gantt chart throughout the project implementation phase. Pay particular attention to the progress of activities in the critical path of your project.
If you need to shorten your schedule, you can crash it by eliminating activities or fast-track it by doing more than one activity at the same time.
Monitor your budget throughout the project implementation phase. Compare planned expenses to actual expenses.
In reality, however, keeping your budget and schedule under control will require more than just a vigilant project manager. Efficient projects have systems of internal control to ensure that money and resources are protected, fraud and corruption are avoided, and laws and regulations are followed, even when the project manager is not checking.

What do we mean by internal controls? Let's look at an example.

The organization has three vehicles that team members can borrow for project activities. To check out a vehicle, team members have to sign a shared calendar form posted in the office. A separate form is kept in each of the vehicles. Whenever team members drive the vehicle, they record their name, the date, and the starting and ending mileage.

These systems require team members to do a little bit of extra work every time that they use the vehicles. However, they also ensure that the vehicles are accounted for at all times. If something happens to a vehicle, they will know exactly which team member was using the vehicle at that time. This will allow the project manager to protect a very important asset—the vehicles—without personally checking every time that the vehicles are used.

Similar systems of internal control should be used for finances, procurement, inventory, and any other areas that cost time or money. By thoughtfully implementing systems of internal control, you will be able to keep your project on schedule and on budget without checking every single thing that your team members do.

Note, however, that every system of internal control that you add will require a bit of time and effort from you and your team. So, control should be balanced with efficiency.

Quiz: People Management
This section covered a lot of different skills very quickly! To see whether you

1 Reply Last reply

[matong]

Managing Internal Controls
We have almost finished reviewing the Implementation phase. However, we have not discussed two of the big constraints of project management very much: schedule and budget. In part, this is because we covered how to monitor and control your schedule and budget in Module 2. Here is a very quick review of what we discussed:

Monitor your Gantt chart throughout the project implementation phase. Pay particular attention to the progress of activities in the critical path of your project.
If you need to shorten your schedule, you can crash it by eliminating activities or fast-track it by doing more than one activity at the same time.
Monitor your budget throughout the project implementation phase. Compare planned expenses to actual expenses.
In reality, however, keeping your budget and schedule under control will require more than just a vigilant project manager. Efficient projects have systems of internal control to ensure that money and resources are protected, fraud and corruption are avoided, and laws and regulations are followed, even when the project manager is not checking.

What do we mean by internal controls? Let's look at an example.

The organization has three vehicles that team members can borrow for project activities. To check out a vehicle, team members have to sign a shared calendar form posted in the office. A separate form is kept in each of the vehicles. Whenever team members drive the vehicle, they record their name, the date, and the starting and ending mileage.

These systems require team members to do a little bit of extra work every time that they use the vehicles. However, they also ensure that the vehicles are accounted for at all times. If something happens to a vehicle, they will know exactly which team member was using the vehicle at that time. This will allow the project manager to protect a very important asset—the vehicles—without personally checking every time that the vehicles are used.

Similar systems of internal control should be used for finances, procurement, inventory, and any other areas that cost time or money. By thoughtfully implementing systems of internal control, you will be able to keep your project on schedule and on budget without checking every single thing that your team members do.

Note, however, that every system of internal control that you add will require a bit of time and effort from you and your team. So, control should be balanced with efficiency.

Quiz: People Management
This section covered a lot of different skills very quickly! To see whether you

1 Reply Last reply

[matong]

Managing Internal Controls
We have almost finished reviewing the Implementation phase. However, we have not discussed two of the big constraints of project management very much: schedule and budget. In part, this is because we covered how to monitor and control your schedule and budget in Module 2. Here is a very quick review of what we discussed:

Monitor your Gantt chart throughout the project implementation phase. Pay particular attention to the progress of activities in the critical path of your project.
If you need to shorten your schedule, you can crash it by eliminating activities or fast-track it by doing more than one activity at the same time.
Monitor your budget throughout the project implementation phase. Compare planned expenses to actual expenses.
In reality, however, keeping your budget and schedule under control will require more than just a vigilant project manager. Efficient projects have systems of internal control to ensure that money and resources are protected, fraud and corruption are avoided, and laws and regulations are followed, even when the project manager is not checking.

What do we mean by internal controls? Let's look at an example.

The organization has three vehicles that team members can borrow for project activities. To check out a vehicle, team members have to sign a shared calendar form posted in the office. A separate form is kept in each of the vehicles. Whenever team members drive the vehicle, they record their name, the date, and the starting and ending mileage.

These systems require team members to do a little bit of extra work every time that they use the vehicles. However, they also ensure that the vehicles are accounted for at all times. If something happens to a vehicle, they will know exactly which team member was using the vehicle at that time. This will allow the project manager to protect a very important asset—the vehicles—without personally checking every time that the vehicles are used.

Similar systems of internal control should be used for finances, procurement, inventory, and any other areas that cost time or money. By thoughtfully implementing systems of internal control, you will be able to keep your project on schedule and on budget without checking every single thing that your team members do.

Note, however, that every system of internal control that you add will require a bit of time and effort from you and your team. So, control should be balanced with efficiency.

Quiz: People Management
This section covered a lot of different skills very quickly! To see whether you

1 Reply Last reply

[matong]

Managing Internal Controls
We have almost finished reviewing the Implementation phase. However, we have not discussed two of the big constraints of project management very much: schedule and budget. In part, this is because we covered how to monitor and control your schedule and budget in Module 2. Here is a very quick review of what we discussed:

Monitor your Gantt chart throughout the project implementation phase. Pay particular attention to the progress of activities in the critical path of your project.
If you need to shorten your schedule, you can crash it by eliminating activities or fast-track it by doing more than one activity at the same time.
Monitor your budget throughout the project implementation phase. Compare planned expenses to actual expenses.
In reality, however, keeping your budget and schedule under control will require more than just a vigilant project manager. Efficient projects have systems of internal control to ensure that money and resources are protected, fraud and corruption are avoided, and laws and regulations are followed, even when the project manager is not checking.

What do we mean by internal controls? Let's look at an example.

The organization has three vehicles that team members can borrow for project activities. To check out a vehicle, team members have to sign a shared calendar form posted in the office. A separate form is kept in each of the vehicles. Whenever team members drive the vehicle, they record their name, the date, and the starting and ending mileage.

These systems require team members to do a little bit of extra work every time that they use the vehicles. However, they also ensure that the vehicles are accounted for at all times. If something happens to a vehicle, they will know exactly which team member was using the vehicle at that time. This will allow the project manager to protect a very important asset—the vehicles—without personally checking every time that the vehicles are used.

Similar systems of internal control should be used for finances, procurement, inventory, and any other areas that cost time or money. By thoughtfully implementing systems of internal control, you will be able to keep your project on schedule and on budget without checking every single thing that your team members do.

Note, however, that every system of internal control that you add will require a bit of time and effort from you and your team. So, control should be balanced with efficiency.

Quiz: People Management
This section covered a lot of different skills very quickly! To see whether you

1 Reply Last reply

[Azou]

Thanks for you point

1 Reply Last reply