Top 7 Project Management Capabilities in Dynamics 365 for Finance and Operations

From creating project quotes, budgets, and forecasts to scheduling resources and project monitoring, all projects encompass varied processes. For any project to be a success, team members and managers need to leverage the right tools and technology, and work in collaboration to complete projects on time, and within budget. The project management functionality of Dynamics 365 for Finance and Operations offers the right set of tools and applications that can be used across industries to provide a service, produce a product, or achieve a result. It simplifies and streamlines project management by providing project controls, end-to-end financial overview, and deep integration with the supply chain process.

Key Capabilities

Project management capabilities in Microsoft Dynamics 365 for Finance and Operations are used to manage projects from start to finish. It helps optimize your processes, and facilitates in meeting all of your project goals. You can prioritize tasks and take necessary action to resolve issues and drive projects forward. Built-in business intelligence tools provide real-time insights into each stage of your project, giving you all the information you need to make the right decisions. Here are the top seven capabilities:

Setup project quotations:

Set up project quotations by identifying tasks and specifying load capacity. Schedule tasks, manage budgets, and monitor status to anticipate and circumvent potential delays. Create quotations that contain aspects such as items and services, basic contact information, special trade agreements and discounts, and possible taxes and surcharges.

Manage project forecasts and budgets:

In order to manage and control your projects, you can either utilize project forecasting by entering forecast transactions in forecast forms for each transaction type or project budgeting by using a single-entry form for original budget details and revisions.

Create and manage work breakdown structures (WBS):

Depending on the level of accuracy and tracking you require, describe the work that needs to be done, which resources will perform the work, and the timeframe in which it needs to be completed. Create granular WBS for projects with very low tolerance for deviations, and ensure diligent tracking of work progress and cost against the WBS.

Leverage project templates:

Based on the project type, choose from one of the six types of projects you can create in Dynamics 365 for Finance and Operations: time and material, fixed-price, investment, cost, internal, and time. Select the appropriate project template and save time in setting roles and estimated hours for a specific type of project.

Resource Management:

Quickly find the most qualified resources who are available to work on your project. Schedule resources based on the requirements of the project, or on the skills and availability of workers to ensure optimum deployment. It allows you to utilize the right resources on the project. Based on the utilization rate (percentage of time that a worker performs a billable task), you can charge your customer for a specific working period. Just divide the number of billable hours by the number of working hours in a specific period, and analyze the utilization for every resource.

Analyze projects:

Get a quick overview of the financial performance of internal and external projects, compare resources consumed and revenue earned for each project in real time.

Using the cash flow monitoring feature, you can review the forecasted cash flows and the actual cash flows for an in-progress or completed project. Centralized project data makes information available from every corner of your organization – you can be sure that costs are always up to date and generate invoices quickly.

Review project progress:

Project statements provide a quick snapshot of the progress of a project through a dashboard view. Get the project, activity, and task data you need to drive analysis and reporting.

Ensure Project Success

Project management in Dynamics 365 for Finance and Operations is a one stop solution to address all your project needs. It offers a host of features and functionalities to manage simple to complex business projects across all major industry verticals, such as manufacturing, professional services, financial services, retail, and distribution. And with new updates like dedicated Power BI content pack for reports and dashboards, new resource request workflows, resource role-based pricing, and multiple record selections on various forms to take action, Dynamics 365 for Finance and Operations has upped the game, helping you achieve project success every time.
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About the Author - Manoj Nair

Manoj Nair is a seasoned IT professional with over 12 years of experience in Software Consultancy, ERP Implementation, Testing, ISV Development & Client Management. He is a Senior Project Manager at Indusa and is responsible of managing various software programs through cross functional coordination.


Contributing Author: Malavika Nityanandam

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