At the AFP Conference last week the session by Peter Biglin of Treasury Management Solutions and Steven Phillips Assistant Treasurer at Cash America International was packed out while they explained the basics of project management and how to manage projects effectively. The level of attendance showed how important project management is to the corporate treasury department.

The presenters started with defining what a project is: a temporary endeavour which has a starting point and an ending point. The classic five key processes were described:

Then they covered how to define the project highlighting, which are the critical elements and other essential elements in project management including the range of project management methodologies, and how to manage the ‘Golden Triangle’ of Scope (quality), Time (schedule) and Cost (budget):

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The importance of excellence in project management should not be underestimated. This session showed the critical elements in managing projects effectively.