Completion Date
Fall 2-20-2025
Document Type
Thesis
Degree Name
Master of Science (MS)
Program or Discipline Name
Project Management
First Advisor
John M. Clark
Second Advisor
Ella Ponsford-Gullacci
Abstract
Financial management is essential for the success of projects, where budgeting, forecasting, and cost control are pivotal in reducing financial risks. This research investigates the efficacy of financial management practices across various sectors, pinpointing challenges including budget overruns, stakeholder pressures, and unforeseen costs. Utilizing qualitative research methods and analyzing survey data gathered via Qualtrics, the study reveals the effects of financial limitations, delays in approvals, and the use of digital financial tools on project outcomes.
The results indicate that insufficient budget allocation and poor forecasting practices are significant factors leading to project failures. Conversely, the implementation of financial technologies, including enterprise resource planning (ERP) systems and predictive analytics, improves the quality of financial decision-making. Additionally, the engagement of stakeholders was identified as a vital element that affects financial priorities and the allocation of resources. The research also delves into strategies for risk mitigation, highlighting the importance of contingency planning and flexible financial management.
This study adds to the existing body of knowledge in project management by offering valuable perspectives on the enhancement of financial strategies, the promotion of sustainability, and the improvement of project efficiency. It emphasizes the importance for organizations to adopt emerging technologies and data-centric methodologies to bolster financial planning processes. Furthermore, the research identifies potential avenues for future inquiry, especially in the application of artificial intelligence (AI) for real-time financial oversight and decision-making. The findings of this research have implications that reach beyond individual projects, influencing financial management practices across the industry, and providing significant guidance for project managers, financial analysts, and policymakers aiming to enhance financial performance and project results.
Creative Commons License
This work is licensed under a Creative Commons Attribution-Share Alike 4.0 International License.
Recommended Citation
Kandikattu, S. (2025). THE ROLE OF FINANCIAL MANAGEMENT IN PROJECT SUCCESS: BUDGETING, FORECASTING, AND COST CONTROL. Retrieved from https://digitalcommons.harrisburgu.edu/dandt/65