Running Head: SECURITY EXECUTIVE MANAGEMENT
Security Executive Management
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In this scenario, the project manager was working on a new CCTV camera installation
project at a University Campus. The Project Manager arranged the cost for the installation and
did not afford a buffer for increased costs or cost overrun. Being a friend of project manager I
can understand his financial condition and importance of job in his well-being. Therefore, as a
security executive of a security project manager I would suggest some aspects by which these
issues can be avoided and also describe the significance of financial planning in the project
management process.
As we know the role of security executive includes serving as the project administration
function for performing and supporting the development of enterprise security intended to satisfy
the responsibility to defend by sufficiently protecting the things that must be shielded
(Sennewald & Baillie, 2020). Executive Security Management is organized encompassing a
senior management crew showing perfection and influential expert skills in the security field. A
great experience in arranging and achieving scattered missions and security evaluations in
several countries (Layton, 2016). A security executive can explain to your requirements and
demands. As we notice that there is a lack of funds when an invoice was unpaid and the absence
of cost for vendor payment, I should discuss with University Dean about increasing the budget. I
should discuss with him and suggest he look after the quality of work we provided and describe
the exact reason for the cost overrun. Here must be a fault performed by our project manager but
he did not do it intentionally. We can propose all our plans and cost estimation to the Dean, by
which he can believe us.
I would describe to University Dean that it is a cost overrun and suggest focusing on our
service quality and also presenting our all financial data that required for our operation. We will
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propose the past and future cost of the project which will help to describe what amount of money
spend and the required amount of cost. I will explain to the dean that we all are working as a
team and we all are responsible for this. I will request to the University Dean to extend the
budget and keep the work in progress and promise him that we will execute all of the projects
without asking a single penny.
No, I will not fire the project manager as I know him for 5 years, and I sure that he will
not perform this intentionally maybe he just suffered from his financial condition. Maybe he was
not so much focused on work as he mentally suffered for his financial conditions and pressure of
responsibility. There should not appear any questions about as the project manager works
honestly and do not cheat with money being in a financial crisis.
No, the personal situation will not put any effect on my decision because I work with him
for several years and this was never happening so we will suggest that it will occur by mistake. It
will be better to not link his professional life with his personal life.
Through project accomplishment, we almost have allotted with the problem of faulty cost
estimations. This problem displays a serious matter, particularly while they are operating on a
fixed cost agreement. These arrangements act as a magnificent risk to the project boundary. As a
conclusion, the project crew has to operate with zero growth of costs until achievement. There
are recognizes causes for faulty cost estimations and also grants solutions to prevent project cost
calculations working out of control. Financial activities acquire significant costs. It is reasonable
to accommodate the value of actions similar to changes to the letter of credit and the expansion
of the letter of credit. Further, contemplate finance costs getting into a statement all project
development. For private and global projects, the preparation and logistics costs are pretty
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valuable. Particularly, for high assembled material. If the charge for the assistance structure,
packing of the material for shipping has not been granted, it can disturb the overall expense of
the project. Tender records define the classification of arranging required. The costing partners
should ask explanations if any uncertainty continues. At the time of short listing logistics
suppliers, it is necessary to examine the transport route. The program survey converts significant
project situations in a remote place. Neglecting to manage a course survey commences to
abandoned consignments in remote operations. These moreover appear in cost overrun. Clearing
out the circumstance invites for the deployment of further support.
Many sources are experiencing information on the way to withdraw funds overrun, but as
we understand, an individual's aim is not to receive from other individual's mistakes, preferably
execute the misunderstandings themselves.
The main purpose of value overrun is a faulty estimate of the funds (Price, 2016).
Externally exchange systems, it can be hard to change the circumstances in your support.
Presently the actual model you can discover from this error is to get the misunderstanding in the
estimation. It could mean that the project was minimized on purpose, expecting to utilize it in a
long period. Whatever the purpose it wants to be fair and to withdraw it in the future. The most
critical thing is while you get that your project is beyond the budget after a project. Normally, it
is strictly associated with inadequate budget control. It is really simple while the conditions are
reliable; less consideration is compensated for funds and cost control. Anyone can generate an
action plan, ignoring the information on the best path. Sometimes business management just
attempting to exterminate the report. Still, the most significant concern is to take the time to
concentrate, formulate a plan, and begin executing it instantly. But, be active and give up an
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enthusiasm to deliver. That will generate more extra support and confidence. You should not
attempt to cover something or even distressed, do not mislead. Sometimes industry owners are
attempting to protect a unit from the distressing message. Perhaps it is because we all require our
organization to be motivated or possibly we desire to protect our value in the perceptions of the
organization. If costs are decreasing the initial thing you should to is holding field creeping.
Rather, you should maintain and follow the exchange orders with attention. Be assured that out
of support nothing will is performed. An individual approach to recover an extra budget is to
allocate better pricing or terms for supplies, products, renegotiate agreements with contractors,
etc. But you should not be too greedy, that might exhaust the bond with your people. Then
quickly the client goes to failure, and the government campaign begins, generating even higher
investments. If the client does not pay bills on time directly communicate with the client and
attempt to assume the purpose of why they are delayed. It might be that this client is not liquidity
or not arranging fees from their creditor. The logical resolution in this position is to pause works
till you receive payment, and this provides you the opportunity to recommend for them someone
that can get it over. If a project admits financial problems it is important to establish a cost
control practice like damage cost control to have more immeasurable control protecting the
budget, contractor contracts, exchange orders, cash flow, and involving the capability to accept
marketing statements online. Project managers and University management should be capable to
contain actual data and direction key notices, like interest, achievement percentage, cost
estimate, and others. Old data can get you significant time and do not provide you a real
understanding. The costing organization makes all attempts to reduce causes that can negatively
affect project performance. But, some defects will perpetually continue. The costing organization
does not have the opportunity to act on all features to improve a full demonstration project
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expense. Consuming over much time on costing has its hazards of the absent proposal
resignation deadline or offering expensive high price.
Financial Planning is the method of determining the resources needed and managing its
engagement. It is the method of expressing financial management in combination with the
acquisition, financing, and management of supplies of an action. Financial Planning is the
method of expressing goals, strategies, schemes, programmers, and resources concerning the
financial movements of a concern (Brounen et al., 2016). This assures efficient and sufficient
financial and property management. Finance is a crucial part of project management is that each
project needs to be prepared regarding a budget. Projects have purposes and designed
respectively to reach these goals whilst adhering to a budget. The manager of a project should
have budgeting abilities that enable them to efficiently allocate, estimate, and allocate expenses
to various sections of a project, modify the spend. A different vital part of maintaining a project
is the experience to be capable to evaluate the financial viability, economic determination, and
business profitability of a project by financing estimates over a time period. This will provide a
project manager to anticipate the completion of a project and define what amount will be
refunded. Project managers will also require having experiences in operating cash-flow,
earnings, and loss reports as balance sheets to be prepared to control and manage expenses
during a project. It is simple to overspend on funds, finishing a project’s plan if capital runs out.
Monitoring consume is crucial in securing a project that can be completed.
There are several impacts of finance planning in project management. Income is
reasonable to maintain assets more efficiently through planning. Operating income benefits you
realize how much funds you will require for tax fees, other monthly expenses, and profits.
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Develop cash flows by accurately controlling you’re using models and costs. Tax preparation,
prudent spending, and accurate budgeting will assist you to keep more of your hard-earned
capital. An improvement in cash flow can commence with an expansion in the capital.
Supporting you to analyze investments to develop your overall commercial fortune. A decent
financial strategy reflects your concerns, purposes, and risk threshold. It serves as a pattern in
attending to choose the right varieties of investments to fit your requirements, nature, and
objects. The savings generated from genuine planning can confirm profitable in challenging
conditions. More dependable financial knowledge can be produced when measured financial
goals are established, the consequences of judgments followed, and outcomes interpreted.
Providing you an entirely new approach to your resources and developing control over your
commercial lifestyle. Financial resolutions can quiet force you off track (Shinde & Mata, 2016).
It is great to have some expenses with crucial liquidity. These expenses can be used in moments
of crisis or for institutional purposes.
Here suggested best answers as per my opinion for this scenario. There are mentions the
role of security executive in this situation, discuss all matters regarding University Dean and
project manager, briefly describe some causes and techniques of avoiding increased cost, and
important of financial planning in the project management process.
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Reference:
Brounen, D., Koedijk, K. G., & Pownall, R. A. (2016). Household financial planning and savings
behavior. Journal of International Money and Finance, 69, 95-107.
Layton, T. P. (2016). Information Security: Design, implementation, measurement, and
compliance. CRC Press.
Price, A. (2016). The psychology of cost estimating.
Sennewald, C. A., & Baillie, C. (2020). Effective security management. ButterworthHeinemann.
Shinde, N. D., & Mata, M. D. (2016). Financial planning in construction project. International
Research Journal of Engineering and Technology, 4(1), 2702-2709.