Friday, February 27, 2015

Business literacy



In a recent essay, we learn that law students are now beginning to get courses and intern experience about running a real business. How novel! People who work for money acquiring an understanding of how money is made in a business.

Now, looking through the PMBOK and similar guides and manuals, you'd be hard pressed to find much from a MBA agenda or even basic accounting for non-financial project managers. I'm constantly amazed at the blank stares I get when I talk about the general ledger and the chart of accounts for the project, or the balance sheet, or the cash flow analysis. Hello! Is there anyone home?

Usually there is some sign of life when you bring up NPV -- they say: "isn't that the effect of time on money?" (Actually, not exactly. It's the effect of risk experienced over time, but let's not quibble if life is stirring)

And, there's actually no excuse anymore. You can find free downloads of ebooks of the dummies' guide to an MBA. Or, gasp!.. go to a library. Actually, in the downtown City of New York public library I recently observed that the reading rooms were full of young people staring at Mac's. (Off axis question: why are there no PCs in the reading rooms?). In fact, the NYC main library was about full... just sayin': people use libraries.

And, of course, talk to your F&A person... I'll bet they'll explain the Chart of Accounts for your project quite readily

Let's banish business illiteracy!

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http://www.sqpegconsulting.com
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