Capital Project Monitoring... Commentary on the GFOA Best Practices
Part 2: Identification of external and internal stakeholder information needs
Capital Program Management contains several challenges in providing reporting for the diverse stake holders in the public sector. The crux of these challenges is the prospective of money and project delivery. For the financial side of the house, managing and reporting on the project funding is the central issue, and for the project implementation team, project deliver is the key concern.
For each audience we have developed a range of tips and tricks that can help increase the impact and power of the reports. We will treat each of the elements of the GFOA (Government Finance Officers Association) recommended release in the context of each of the identified audiences in turn.
Identify external and internal stakeholder information needs:
Finance officials may be called upon to compile cost and performance data for diverse stakeholders. With this in mind, financial officials responsible for capital monitoring and reporting should:
- Identify key audiences involved in capital projects, for example, project engineers, contractors, finance and budget staff, executive management, elected officials, and constituents.
- Identify the business needs of key participants, including timing status, cost activity, and project scope.
- Establish project performance measures based on stakeholder needs and legal and fiduciary requirements.
- Collaborate with participants to determine the content of reports and the preferred reporting tools of various stakeholders, including the depth and frequency of information, established expectations and notable variances.
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