check

Project Financials in Practice - The Why and How

Watch these videos:

This one until minute 7:06. (If they start talking about Savings Categories, you've gone too far)  Project Financial Benefits

Then this video:  How to Calculate Lean Six Sigma Project Benefits and Savings

Then, laugh a little:  Funny Money

Then answer a few questions.

Click the button below to start.

Start

Question 1 of 5

Does your organization have standards or best practice Financial Templates (maybe by division) owned by Finance, to help make this process easy?  Do you know where to find them?  If you've come up with better/new templates, have you shared those with Finance to improve the standards?

Question 2 of 5

Do we care about soft savings or just hard savings?  Is it worth the effort to track soft savings month to month considering the average project value might be around $20K?  

Question 3 of 5

How confident do you feel about being able to calculate and track project financials moving forward?  If you're not comfortable yet, take advantage to volunteer to lead that exercise during the Simulation exercises so you can practice.

Question 4 of 5

Hard savings from multiple projects add up quickly to huge numbers.  Are you familiar with the tool/mechanism your organization uses to track, validate, and summarize all of the hard savings?  Are you following the established process for savings verification with stakeholders (Sponsor, Financial Stakeholder)?

Question 5 of 5

Do you have opportunities in your site/organization to train more people in understanding the why and how of Project Financials?  How can we do so?

Confirm and Submit