Start Date: 2/14/2024 8:30 AM CST
End Date: 2/14/2024 4:00 PM CST
Venue Name: MCAKC Knowledge Center
Location:
10955 Lowell Ave, Suite 1050
Overland Park, KS United States 66210
Event Website: https://www.mcakc.org/liftprojectmanagement
Organization Name:
MCAKC
Contact:
| This session is 3 of 10 in the LiFT Level 2 - Project Management Series. Use the button below to register for this series. To register only for this seminar, click the registration button above. |
Cash Flow and Cracking the WIP
Lunch is served at 11:30 am.
Full Day Class. 8:30 am to 4:00 pm
Part 1: Managing the Lifeblood of Contracting - Cash Flow
Cash flow is one of the most important issues facing contractors today. As the market continues to stay strong, companies are faced with starting new projects, hiring staff, and investing in assets to support the business. More companies go bankrupt due to cash flow issues than due to profitability. Many things can and should be done to improve cash management practices.
We will explore a range of tools and techniques, from simple to complex, that allow firms to manage and control cash flow. Examples include contractual negotiation strategies, pricing and bidding practices, development of cost and resource-loaded schedules that tie to billing activities in the schedule of values, use of 12-week cash flow forecasts, project closeout procedures, and managing the billings and collection cycle. An interactive cash flow simulation provides hands-on experience that enhances the learning outcomes.
By the end of this section, you will be able to:
- Describe the importance of cash management practices.
- Increase profits with billings and collections.
- Apply tools and techniques that optimize cash flow.
- Maximize cash flow with process standardization.
- Create transparency and accountability with measurement.
Part 2: Cracking the ‘WIP’ – Driving Predictable Cost Projections
Many project managers lack a clear understanding of how their projects are performing financially. Most commonly, it’s because they haven’t been trained to forecast properly. We find many contractors struggle with how to build a robust cost projection process that provides consistency and predictability.
By the end of this section, you will be able to:
- Identify how to manage work-in-process for better profitability.
- Explain the relationship between project profitability and processes (budgeting, forecasting, change control, job status reporting and WIP).
- Apply earned value reporting to projects.
Target Audience: Project Managers with 3 to 7 years of experience, support staff or anyone interested in moving into a project management role or in obtaining fundamental project documentation skills.
CEUs: 0.4
Cost
$150 Signatory Members
$150 Signatory Non-Members
$200 Associate Members
Instructor
Stephane McShane, a Director at Maxim Consulting Group, brings extensive construction industry experience to help firms of all sizes optimize their operations. With expertise in leadership development, coaching, assessments, planning, project execution, business development, productivity enhancement, and training, she is an internationally acclaimed speaker, mentor, author, and motivator. Stephane's journey from apprentice to executive management in electrical construction provides her with a unique perspective to conduct effective operational and organizational assessments. Her track record of turning teams into market leaders underscores her ability to swiftly identify strengths and weaknesses, recommending actionable solutions.
Cancelation Policy
Cancelations for all MCAKC events must be received prior to the event by email to learn@mcakc.org or by phone at 913-948-9200. Cancelations received after this time will be assessed a $100 cancelation fee.
“No Shows” will be assessed a fee (see below) and invoiced accordingly.
$50 Event Duration: Up to 4 Hours
$100 Event Duration: Over 4 Hours (Should the event cover more than one day, this fee will apply for each day of event)
