Work in progress (WIP)

There are few things more effective for improving bottom-line performance than having a rigorous Work-In-Progress (WIP) review processes built into the culture. 

This four hour hands-on workshop is designed for all members of the project team including the Project Manager, Estimator, Accountant and Owners. 

It is best if attended by a whole cross-section of the company so that everyone can gain a common understanding of the goal (PROFIT) and the many problems encountered along the way. 

The primary focus of the workshop is to help everyone understand the basics of the WIP schedule; what information it is based upon and how it affects decisions by people inside and outside the company.  Topics covered include: 

• WIP Schedule Overview

• Understanding Earned Revenue Vs. Billings

• Billing Performance – Over / Under Billings

• Backlog – What It Is / Why It Is Important

• Factors Affecting Backlog Requirements

• P&L Statement and the WIP Overview

• The Balance Sheet and the WIP Overview

• When Over Billings Are Bad

• Cash Flow Basics

• Projections – Accuracy Is Key

• 3 Critical Questions Every PM Should Know

• 4 Pillars Of Information Every PM Should Have

• Projections For T&M, GMP and Unit Projects

• Communication – The Missing Ingredient

• Projections & WIP Calculations – Group Exercise: These exercises take the class through a series of projections from the beginning of a project through completion and introduce a variety of common changes along the way such as change orders, buyout savings, expediting costs and problematic close-out.  The class has to work through the math of these impacts and then do the WIP calculations

• Understanding Margin Gain / Fade: This is a critical topic of discussion throughout the workshop and it is demonstrated at the conclusion of the group exercises along with some tips on how to level out project performance and forecasting.

Session By: LEANN EVONIUK who is a Senior Consultant with D. Brown Management and manager of the company’s Financial Solutions Practice. Her leadership ability stems from more than 20 years of diverse financial management experience and a proven track record of producing innovative, bottom-line results. The former CFO of a $40M construction and property management firm and prior member of CFMA’s National Information Technology Committee, LeAnn delivers deep industry experience and practical advice to company owners and financial managers. She combines hands-on consulting/coaching services with instructional training to rapidly improve a construction company’s financial performance.

LeAnn can be contacted directly at (916) 719-6866 or via e-mail at LeAnn@DBrownManagement.com

Investment: $145 Per Person (With Group and Early Registration Discounts)