Cash flow & payment milestones
Abstract
Project Cost Management includes the processes involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so that the project can be completed within the approved budget.[1]. Two main concerns, that are crucial in Project Cost Management are cash flow and payment milestones.
This article will contain two chapters, one for each issue. Apart from diversification of definitions of cash flow [2] and payment milestones for project, program and portfolio, this article will focus on practical information for Project Managers, and present some real life relevant technics and tools. It will also answer the question "Why cash flow and payment milestones are so important in Project Cost Management?" and how to approach them.
Introduction
Cash Flow definition
Cash flow is a term used to describe money movement (flow) in business in defined time period. Cash flow is determined by the following factors: time, nominal amount, currency and account [3]
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