Question

What are the financial skills that a project manager needs to have when working with an operations or supply chain area? What strengths do you possess or do you need to cultivate that would assist in helping you be an excellent project manager? In what areas do you need improvement? What is one thing you can commit to doing to begin that improvement?

Answer 1

What are the financial skills that a project manager needs to have when working with an operations or supply chain area?

Various Financial skills that a project manager needs to have and it will help project manager to work with an operations or supply chain area, those are as stated below:

• Project manager should be knowledgeable and experienced to prepare budget for versatile project
• Project Manager must be familiar with the Basic financial statements as It is greatly helpful for communication purpose,
• Project manager should have better understanding towards Cash and accrual accounting, as it records business transaction,
• Project manager must be capable and experienced to perform variance analysis, through variance analysis, project manager should be able to analyze budget and prepare the forecast.
• Project manager should be well capable and knowledgeable to prepare and analyze strategic Initiatives and capital Investment,

What strengths do you possess or do you need to cultivate that would assist in helping you be an excellent project manager?

Following are the skills I should possess or I need to cultivate that would assist in helping me be an excellent project manager, those are as stated below:

• Project manager should be having technical project management skill, for better project management purpose, I should have functional knowledge as well,
• Project manager should have leadership skills, that include resource and team management, entire project manager with taking lead,
• Project must have better negotiating skills, as it is needed for Internal team management and to deal with External stakeholders like Suppliers,
• Other skills of project manager – Risk Management, Scheduling, Contract management, Cost control skills, Project monitoring skills, knowledge of various Industry, Improved communication skills, ability to train or coach others, Business case preparation skills, quality management skills, etc,

In what areas do you need improvement?

I should improve myself with gaining more Expertise on Risk management,

What is one thing you can commit to doing to begin that improvement?

Such Risk Management skills can be improved by taking appropriate training and by gaining more knowledge on Risk management and practices, by gaining more experience in a specific Industry,