What exactly is FLR & PFR ?

Hi,

What exactly is the Funding Limit Reconciliation (FLR) means ? And also what is project funding requirement (PFR) means in Project Cost management ?

-thanks

PROJECT  FLR ( Funding Limit Reconciliation ) ------>  Large variations in the periodic expenditure of funds is usually undesirable across any business/project operations. Therefore the expenditure of funds is frequently (periodically ) reconciled   ( meaning reviewed,monitored and adjusted ) with the disbursement of funds ( either from funding source or sponsor ). FLR usually has effects of delaying project schedule.

 

PFR (Project Funding Requirement )---------> After Cost Performance Baseline (budget) it serves as a snapshot of budget against which you can actually compare your expenses.But just having this number is not enough. You need to plan out HOW and WHEN will you actually spend it also. This information needs to be documented in what is called PROJECT FUNDING REQUIREMENTS, which makes sure how you will make sure your project has money when its needed and that you have enough to cover unexpected risks as well as knowne cost overruns /  increases that usually change with time.

 

This information can be found in HEAD FIRST PMP, RITA and PMBOK ofcourse

Hi Amit,

Understood perfectly and now its clear for me.

Do you have any Templates for the PFR or its just a simple table with dates & the amount in breakups, status (whether it is received or not) etc., ?

regards,

SORRY !! I dont have any templates.

 

Dont make it too complicated. Exam will not need templates or knowledge of templates either. just know the concept of those two terms and when  and how they fit in place in overall flow