A Case for: Project Revenue Management
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1 A Case for: Project Revenue Management Peter J. Varani Unisys Corporation PMI is a registered trade and service mark of the Project Management Institute, Inc Permission is granted to PMI for PMI Marketplace use only
2 A Balanced PMBOK? PMBOK GUIDE (4 TH edition) Cost Revenue Unisys Annual Report (2008) Cost Revenue PMI is a registered trade and service mark of the Project Management Institute, Inc. 2010Permission is granted to PMI for PMI Marketplace use only
3 Earned Value Limits Planning Phase $160,000 Amount $120,000 $80,000 $40,000 PV $0 J F M A M J J A S O N D Month
4 Earned Value Limits Execution Phase $160,000 Amount $120,000 $80,000 $40,000 PV EV AC $0 J F M A M J J A S O N D Month
5 Earned Value Limits Schedule Variance (SV) SV = EV PV Cost Variance (CV) CV = EV - AC
6 Earned Value Limits Execution Phase $160,000 Amount $120,000 $80,000 $40,000 PV EV AC $0 J F M A M J J A S O N D Month
7 Earned Value Limits SV > 0 (ahead of schedule) CV > 0 (ahead of budget) Is this a financially sound project? Have we recognized revenue? Have we invoiced client? Have we received any payment?
8 PRM Defined Timely revenue recognition Positive project cash flows Payments/credits closed out at completion Maximize revenue
9 PRM Processes Require Consistency with finance/accounting Integration with existing knowledge areas Tools to assess revenue performance Project manager responsibility
10 A New Knowledge Area Identify target project revenue Determine/confirm pricing Identify revenue milestones Develop project revenue plan Initiating Planning Planning Planning
11 A New Knowledge Area Recognize revenue Process invoices/payments Conduct revenue control Close account Executing Monitor/Control Monitor/Control Closing
12 Total Financial Performance Earned Value PV planned budget EV work earned Revenue Value RPV planned revenue RV revenue earned AC actual costs SV = EV PV (>0 good) RSV = RV RPV (>0 good) CV = EV AC (>0 good) RCV = RV AC *
13 RV - Extension of Earned Value Planning Phase Amount $200,000 $160,000 $120,000 $80,000 $40,000 A B C D PV RPV $0 J F M A M J J A S O N D Month
14 RV in Planning Provides Total project revenue Target gross margin (profit) Cash flow timeline Project break even Project financing plan Risk management PMI is a registered trade and service mark of the Project Management Institute, Inc. 2010Permission is granted to PMI for PMI Marketplace use only
15 Is Project Financially Sound? Execution Phase Amount $200,000 $160,000 $120,000 $80,000 $40,000 A B C D PV RPV EV AC RV $0 J F M A M J J A S O N D Month
16 Revenue Value Results Mar Jun RPV $40K $80K AC $33K $69K RV $40K $40K RSV $0 -$40K RCV (GM) $7K -$19K PMI is a registered trade and service mark of the Project Management Institute, Inc. 2010Permission is granted to PMI for PMI Marketplace use only
17 Project Status in June Earned Value Says Ahead of schedule Ahead of budget Revenue Value Says Behind revenue timeline Behind GM plan Financial statements Project s financing plan Project s risk PMI is a registered trade and service mark of the Project Management Institute, Inc. 2010Permission is granted to PMI for PMI Marketplace use only
18 RV - Extension of Earned Value Closeout Phase $200,000 Amount $160,000 $120,000 $80,000 $40,000 PV RPV EV AC RV $0 J F M A M J J A S O N D Month
19 Risks to Revenue Plan Non payment or delinquent payment Invoice rejection Missed technical milestone Not satisfying revenue recognition criteria Rejected deliverable PMI is a registered trade and service mark of the Project Management Institute, Inc. 2010Permission is granted to PMI for PMI Marketplace use only
20 Example LOI executed August 15 th Work starts immediately based on timeline Contract executed October 4 th Can revenue be recognized in 3 rd quarter? No LOI does not equate to a contractual agreement Revenue would be recognized in 4 th quarter PMI is a registered trade and service mark of the Project Management Institute, Inc. 2010Permission is granted to PMI for PMI Marketplace use only
21 Example Planning Phase $600 $500 B Amount $400 $300 $200 A PV RPV $100 $0 8/15 8/31 9/15 9/30 10/15 10/31 11/15 11/30 12/15 12/31 Date
22 Example Execution Phase $600 B Amount $500 $400 $300 $200 $100 A PV RPV EV AC RV $0 8/15 8/31 9/15 9/30 10/15 10/31 11/15 11/30 12/15 12/31 Date
23 Example 9/30 RPV $150 AC $160 RV $0 RSV -$150 RCV (GM) -$160 PMI is a registered trade and service mark of the Project Management Institute, Inc. 2010Permission is granted to PMI for PMI Marketplace use only
24 Example Incorrectly forecasted revenue timeline Impacts Quarterly financial statements Project financing plan Risk planning PMI is a registered trade and service mark of the Project Management Institute, Inc. 2010Permission is granted to PMI for PMI Marketplace use only
25 Revenue not just for accountants Enablers of growth Expert revenue managers Earnings contributors Executive career path PMI is a registered trade and service mark of the Project Management Institute, Inc. 2010Permission is granted to PMI for PMI Marketplace use only
26 Summary PMBOK must balance cost & revenue PRM Defined Timely revenue recognition Positive project cash flows Payments & credits closed out Maximize revenue PRM Requires Consistency with accounting standards Integration with PM knowledge areas Tools to assess revenue performance Project Manager responsibility PMI is a registered trade and service mark of the Project Management Institute, Inc. 2010Permission is granted to PMI for PMI Marketplace use only
27 Thank You PMI is a registered trade and service mark of the Project Management Institute, Inc. 2010Permission is granted to PMI for PMI Marketplace use only
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