Nexus Global
  • apm solutions
    • Leadership
    • Strategy Management
    • Work Management
    • Data Management
    • Investigation Management
  • apm software
    • Business Optimizer
    • Data Optimizer
    • Investigation Optimizer
    • Planning Optimizer
    • Strategy Optimizer
  • apm training
  • Home
  • resources
    • blog
    • news & events
  • our company
    • about us
      • awards & recognition
    • careers
    • clients
    • leadership team
    • locations
    • partners
  • contact
    • Contact Us
    • Software Support

Search form

Posted by Andrew Gager | CMRP, CPIM, CRL, CAMA ● Feb 01, 2017

Making the Financial Case for Projects

Part 3 of 3

When formally and professionally presenting the proposal, managers need to include an executive summary of the overall spending, adding details, time frames, and milestones when possible. They also should include the financial spending report with solid, quantifiable analysis. It is important to always get confirmation of the numbers from an independent internal or external financial analyst.

Whenever someone in my organization came to me with a proposal for capital spending, the first person I went to was our CFO to confirm the numbers. If managers can get someone to validate the numbers first, they’ve won half the battle.

They also should include assumptions, as well as an appendix with more details of the project, other similar projects as reference, white papers, or their own analysis that validates the proposal. One proven tactic for success is to review previous proposals that received funding to find ideas on making the strongest case.

Managers can select from among hundreds of readily available articles, white papers, and studies on capital project successes and failures, but three mistakes are consistently mentioned: failing to get accurate time and cost estimates, failing to establish measures, and evaluating and proposing large capital projects without sufficient detail.

One problem rarely ruins a capital project. It usually takes a series of failed steps along the way. The best projects are on time and under budget while meeting everyone’s expectations.

 
Read Part 2 of 3
Understanding Key Financial Management Terms
Read Part 1 of 3
Managers Need To Learn Language of Finance

 

Topics: facilitiesnet, Article, Leadership

  • Share
Andrew Gager | CMRP, CPIM, CRL, CAMA

Written by
Andrew Gager | CMRP, CPIM, CRL, CAMA
Managing Director North America, Nexus Global | Andy has more than 28 years of manufacturing and facilities experience, ranging from warehousing operations to plant management. He is a registered CMRP, CPIM and Six Sigma Green Belt, and he is formally trained in change-management principles.

Never Miss a New Post
 
Topics
 
  • Blog Home
  • Videos
  • Podcasts
  • Articles
  • Case Studies
  • White Papers
  • APM Domains
    • Leadership
    • Strategy Management
    • Work Management
    • Data Management
    • Investigation Management
Comments
 
Related Posts
 
How a Global Mining Company Delivered Optimized Maintenance...
Implementing a Successful Asset Management Program
Strategic Budgeting: The Key to Facility Management Success
How a Major Oil & Gas Company Reduced Maintenance Annual...
PM Optimization: 6X Faster Than RCM
The Benefits of an Asset Management Program
  • apm solutions
  • news & events
  • blog
  • our company
  • contact

© 2019 Nexus Global. All rights reserved.  |  Privacy Policy

OUR LOCATIONS|view

Location map