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The currency convention might seem superfluous at first glance however, it is necessary to decide which currencies are used in which circumstances. Although office supplies might be quoted and invoiced in the local currency, it may well be the case that clients in different geographical locations require work to be quoted in different currencies, with different levels of sales tax. The accepted currencies should be listed, although this might be a dynamic list, along with the use for each currency. Where conversions are necessary, the rate source also needs to be established, and the same source for currency conversions used by all staff members when quoting for work toward clients, or requesting budget for items purchased outside the target organization's immediate geographical location. Following currency conventions, there also needs to be a strict set of guidelines that details how values are to be represented, again to ensure that there is no ambiguity or misunderstanding....
Yet quantitative financial gauges used alone are not enough, as they are lagging indicators that often fail to properly capture short-term benefits of certain business initiatives. Rather, translate company strategy into seven to ten business drivers and prioritize the drivers using conjoint analysis to determine their weighted importance. Next, determine the impact of proposed projects on business objectives, and mathematically derive a strategic currency from which one project can be compared to another. Aligning projects to business strategy creates a visible link between the aim of the project and its intended benefits. It also allows all projects to be compared to each other based on a new system, a common currency.
The tender sets out the formal wording which comprises the tenderer's offer to undertake the contract, the tenderer having to enter the sum price he offers. The appendices to tender will contain other matters defining the contract terms and which the tenderer confirms he accepts in making his offer, such as time for completion of the works, damages for failure to complete on time, minimum amount of insurances, completion of bond, etc. There may be other matters concerning the basis of his offer he is required to supply, such as currency exchange rates (for international contracts) or sources of materials.
If you added a non-EMU currency using the Add New Currency Wizard, you might need to change the exchange rate periodically to keep your currencies accurate. On the Euro Currency Converter toolbar, click Edit Custom Currencies. In the dialog box, select the Task or Resource option. Select the field you want to change and then click Modify. The Modify Custom Currency dialog box appears, in which you can update the exchange rate. You can also change the symbol, placement, and decimal digits. You can import custom currency information you've set up in another project. Open the project you want to import from and the project you want to import to. On the Euro Currency Converter toolbar, click Import Custom Currencies. Select the source project and then click OK. Follow the steps to import the currencies from one project to the other.
Our ability to interpret data is heavily influenced by our experience with the data. Travelers often encounter this phenomenon as they move from country to country. Prices become meaningless when quoted in a new currency. Is a hotel room for 20,000 lira in Rome within the 75 day budget you set How about the room in Liverpool for 75 The traveler must translate these prices into a common currency to make decisions. Because projects are unique, executives are often faced with this same problem. Individual project managers invent their own methods for communicating the plan or progress reports, causing confusion for management, who must translate the inconsistent data into meaningful information. As with travelers, executives need a standard currency, one that has the same meaning on every project. The planning techniques described in this chapter serve that purpose.
Determine the cost-estimating category for each element in the WBS. This final step is not always necessary for every project, but it will be important for those that track unit-level costs in a WBS (see Figure 8-3). If this step is not done here, it needs to be done later, during the cost estimating process. Some projects use only one category of costs for simplicity. Typically, only hours are estimated. More complex projects may require more categories because different units are needed. The cost-estimating category determines how the cost for each item will be estimated as shown in Figure 8-12. Things such as capital equipment are usually estimated in currency, whereas effort is usually estimated in hours, weeks, or months of labor, which can readily be translated into units of currency. Overhead items such as project management, change control, and configuration management are estimated by using a proportional add-on to the basic software effort (a percentage).
The PMO was directed to create standard cost tables and a system to collect and distribute the data to teams for planning and budgeting development. The use of commercial databases integrated with the homegrown system was encouraged. The PMO also became responsible for maintaining the currency of the data and responding to requests from the project managers for assistance in the proper use of the data and in the inclusion of additional data elements to facilitate the project budgeting process.
The benefits of a project are notoriously difficult to articulate and quantify. However, to strike a balance between the benefits of the project and the investment needed to fund it, both must be considered on equal terms. This means they must be measured in hard currency which, although difficult, is always desirable if the investment is to be justified. Common examples of (as yet) unquantified benefits include
A key requirement emerging as a critical part of the evolving IT security standards of care is the requirement to get an external review by qualified, neutral parties. These requirements are based on the theory that, no matter how qualified, expert, or well intentioned an organization's IT staff is, it is impossible for them to be truly objective. In addition, there is the ever-present risk of the fox in the hen house, leaving senior management to wonder whether those charged with creating and maintaining IT security can and will fairly and impartially assess the effectiveness of such security. Finally, qualified and experienced outside legal counsel and technical consultants bring perspective, breadth of experience, and currency with the latest technical and legal developments that in-house staff normally cannot provide cost-effectively. This is not a pitch to get you to run out and hire an outside consultant, but the smart people know when to ask for help, and this might be a good...
Integrated financial planning for new products also includes the automatic integration of standard financial data, such as assumptions for cost allocations, currency conversion rates, inflation rates, and the like. By integrating this standard financial data into all financial planning models, a company can assure consistency of financial analysis across all projects. Here again, simply publishing these assumptions periodically and expecting all teams to follow them and update their financial plans accordingly is not as effective as automatically integrating the assumptions into the financial models.
So how do you select the best portfolio of projects given these constraints You could rank-order them based on their strategic value (that is, the common currency defined above) and select them in order until you run out of funds. Yet in most cases, there are multiple constraints, including limited competencies, project dependencies, mandatory projects, and more. In order to optimize a portfolio, organizations should look to maximize the total strategic value their project portfolio can yield in relation to all constraints, and this requires mathematical optimization.
The presumption here is that it is useful to picture how a sequence of activities would go in the front end of a project were products developed in a relative vacuum, in sequence, from scratch. While this is rarely the case, the approach presents a point of departure or framework for looking at the real world of new product development. In the real world, this process will be shaped by the currency of the product concept itself, the culture and processes of the company, the people involved, and the exigencies of the marketplace.
Program planning is also a consultative operation and is provided guidelines by the program manager. Functional organizations initiate supporting plans for program manager approval, or react to modify plans to maintain currency. Functional organizations also initiate planning studies involving trade-offs and alternative courses of action for presentation to the program manager.
As such quality might have (objectively or conventionally) absolute dimensions, but it is definitely also relative to my interests and expectations, hence it is the result of a social definition process. Quality is, like money, a universal currency, unlimited in qualitative terms but limited in terms of quantity. Quality is a perceived or defined property of an aim or result and of the process of achieving it a social relationship, and a universal principle. Just like a wheel, it is a moveable target (see graph). More than a fact (in Latin what has been made), quality, like truth, is an attitude. It is an attitude for indiviuals and a culture for organisations. It concerns all dimensions of an organisation, namely its potential (people, technology, materials), its process, and its performance (products, services, economic viability).
The ' of target' values 'normalize' all these real numbers, so that we can more easily see 'how well we plan to do' at this step, in relation to the target requirements. We can also perform calculations on sets of estimates from different scales of measure, using the of target 'common currency'. One was discussed in the previous chapter, 'Benefit Cost'.
However, countries in Western Europe founded the EU and created the regional currency Euro, to insulate their socioeconomic models to a large extent from the US-led globalization model. The UK has walked at its own fashion, with relatively strong sympathy for the US-led globalization though the two models are not completely identical. The US responded to the emergence of the EU by forming NAFTA with its neighbors, Canada
This global template contains standardized project elements such as custom fields, currency format, tables, formulas, and VBA modules created to reflect the organization's requirements. The use of the global template propagates the custom elements as the organizational standard for all projects.
You can set up your project to work with a different currency, and now even to work with multiple currencies in a single plan. These capabilities facilitate cost planning and management for projects that span multiple countries and their currencies. Setting Up a Different Currency The currency used in Microsoft Project is the one you have set in your computer system's Regional And Language Options. To set up a different currency 2 On the Regional Options tab, click the country whose currency you want to add. Under Samples, the formats for currency, time, and date for the selected country are displayed. Currencies are set for individual plans, not for Microsoft Project globally. To apply the new currency in your project 1 In Microsoft Project, open the project in which you want to use the new currency. 3 Under Currency Options, enter the new currency symbol in the Symbol box. There is no list of currency symbols in Microsoft Project. You need to access it from your keyboard, or paste...
In Excel, select the column heading and then click Format, Cells. Click the Number tab if necessary. Under Category, select General, Number, or Currency, as appropriate (see Figure 13-9). Set any number attributes you want and then click OK. Even though the Task Mapping page of the Microsoft Project Export Wizard says they're Text fields, currency fields (such as Cost and Actual Cost) and earned value currency fields (such as BCWS and VAC) are automatically formatted as currency in Excel.
Remember the Earned Value report from Chapter 12 The fields that appear as headings in that report also appear on various earned value tables. Earned value fields are currency fields that measure various aspects of earned value. The following table translates the acronyms that Project uses to represent the earned value fields.
The currency for this project is different from the currency specfied in the enterprise global template, If you save this file, the currency setting of the erterprtse global terrplate will overwrite the currency setting of this project and its tasks, but not its resources. CtcfcOK to save the fie, or dfck Cancel to keep this project's setting and cancel saving the project.
Anne Miller, Art Hall, and Richard Salisbury used CRI's new financial planning model to prepare the revenue projection for the Fast-Food Robot, as illustrated in Figure 13-3. Using the new model enabled them to focus all their effort on making the estimates, instead of wasting time on the format and structure for the projections. CRI expected each new product revenue projection to use this model, which started with unit sales, identified the expected average selling price (ASP), made sales estimates by geographic region, and projected product and service revenue. The model automatically converted selling prices in foreign currency to U.S. dollars, and did all of the necessary calculations. CRI uses a standard of a five-year projection for all new products, believing that projections beyond five years are not reasonable because of rapid changes in technology. I also don't need to do things like tracking down currency-rate conversion projections and updating my estimates. Currency-rate...
So when we say you need to match the columns of information from Excel to Microsoft Project, what we're really saying is that you need to match the data types. The data type specifies the kind of information that can be stored in a field for example, text, number, or percentage. The data type also specifies the format that information can take for example, 14d for a duration field, 6 29 04 for a date field, or 35.90 for a currency field. If you don't want to use the exact Microsoft Project fields, you can use custom fields that are of the matching data type, such as text, duration, currency, date, number, and so on. Examples of custom fields are Text1, Duration5, Currency3, and so on.
Cost estimates are generally expressed in units of some currency (i.e., dollars, euro, yen, etc.), although in some instances other units of measure, such as staff hours or staff days, are used to facilitate comparisons by eliminating the effects of currency fluctuations.
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