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FINANCE A SUPPLEMENT OF THE ZWEIG LETTER
PM/FM: The heart of the matter Here are 10 lessons you need to learn to make the relationship between your firm’s project managers and financial managers the best it can be. O P I N I O N
F irms that place a high degree of value on both project management and financial management, and more importantly, the synergy between the two, see remarkable results when these two are in sync.
Most importantly it is the atmosphere that senior leadership fosters when it comes to leadership; that atmosphere allows amazing things to occur! We see and hear many leadership practices, but in The Truth About Leadership , James Kouzes and Barry Posner provide 10 essential lessons that leaders of all types – including project managers, technical managers, design managers, financial managers, and senior leadership – must learn to excel and achieve more for the organizations they steer. The relationship between project managers and financial managers will be explored in 10 lessons: 1)Individuals make a difference. With a clear under- standing of the goals that the team needs to achieve, the financial management team can be a huge re- source supporting and aiding the design team. The differences in expertise and experience can bring innovation to how the team can work. The financial management or design team might have younger members, but keep in mind that there is no age to leadership. 2)Credibility is the foundation of leadership. Hon- esty, competency, and inspiration create “source credibility,” according Kouzes and Posner. With fi- nancial management of project information, project managers want to rely on the financial management staff for accurate information. Conversely, the finan- cial management staff rely on the project manag- ers to set the example for the design team when it comes to following the process and procedures of the firm. In fact, senior leadership has to set the example for all staff. Kouzes and Posner’s first law of leadership says, “If you don’t believe in the messen- ger, you won’t believe the message.” So, actions and words play a key role in the estab- lishment of practice between financial management and project management, or as Kouzes and Posner’s second law of leadership states: “Do what you say you will do.” 3)Values drive commitment. Values of the firm, the
moral compass of the financial management and the project managers will create a commitment to achieving what is the best and highest purpose for the good of the project and the good of the firm. 4)Focusing on the future sets leaders apart. Most of the work between financial managers and project managers is a review of performance to the budget and where we have been. Inspiration will come from a greater look at the predictability metrics, a forward look into the future of the estimate to complete the project, a resource planned backlog of work, a “Great leaders continually learn and practice the craft of leadership. Active participation, management by walking around, the desire to excel and devote time to continuous learning, feedback from others, and observing are all characteristics of continual learning.” resource planned pipeline of opportunity, and a pre- dictive approach to cash management. Ultimately, a strategic look to the goals of the project and the efforts of both the project manager and financial manager will set the project and the firm apart. 5)Leaders cannot do it alone. Team building, adher- ence to the concepts of goals, roles and responsibili- ties, process, and interpersonal skills, the team’s input on the project to create innovative ways to execute the project, the financial management as- sisting the PM and team – all these are recognized by effective leaders. 6)Trust rules. A simple concept but not easy. Without trust and people taking the risk of opening up to one another, great things will not be accomplished by the project team. Without the following as See TED MAZIEJKA, page 10
THE ZWEIG LETTER NOVEMBER 9, 2015, ISSUE 1127
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