Project Finance |
DescriptionProject Finance maintains project budget, issues cost strategies, prepares financial status reports, initiates budget transfers, surfaces unresolved financial issues to finance management. |
Process |
Current State |
Description |
|
|
Ability for Finance and the Controls Team to re-allocate Budget within the project. |
|
|
Estimator/Finance reviews the Budget Transfer information entered by Estimator/Finance and any attachments to determine if in conformance. If in conformance, based on the agreement with the Project Manager the Budget Transfer will be approved or sent to the Project Manager for approval. If the Budget Transfer Type is Contingency to WBS the only option available will be to send to the Project Manager for approval. |
|
|
|
|
Project Finance reviews invoice for accuracy of invoiced amount broken out by SOV and ensures that all necessary backup is attached. |
|
Project Finance reviews invoice for accuracy of invoiced amount broken out by SOV and ensures that all necessary backup is attached. |
|
Lean Change Order without Contract Directive
|
The Project Finance creates the Lean Change Order without CD and adds attachment(s), as required. |
|
Studio Finance or Project Finance creates a new Net Zero to reallocate the authorized funds between cost codes within one authorization as long as the total value nets to zero dollars. |
||
PWA JFCs are created and workflowed to the Studio Finance, and Project Finance. |
||
Project Finance/Studio Finance determines the WBS Funding type and confirms type and cause of change. |
||
The Pandora, Project Controls Team, Finance and designated Responsible Individuals for each Studio will meet throughout the gate process to determine the authorization strategy which includes internal Labor, POs, and staff extensions that are known to mitigate the need for de-authorizations that don't add value. |
||
Project Finance determines the WBS Funding type.
|