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USMBOK™: USM710
Service Financial Management
The Financial Management of Services (FMS) knowledge area provides management visibility, control, stewardship and accountability (governance) for all funds, property, and other assets to ensure they are safeguarded and used efficiently to fulfill authorized purposes.
The major responsibilities of FMS involves the implementation and management of financial control systems, collection of financial data, analyzing financial reports, and making sound financial decisions based on analysis. FMS provides vital decision-making, regulatory compliance and progress reporting information to the management executive.
FMS also provides cost effective stewardship of resources used to provide service – ‘service assets’ and must fully account for the spend on services and projects, and help calculate the value delivered to customers.
FMS assists management in service related investment decisions and influences the behavior of service provider and customer staff to drive increases in cost efficiency and service quality. There are four major responsibilities within the FMS knowledge area: budgeting, capital investment analysis, cost accounting, and cost recovery.
Charter Statement:
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To ensure the balance between capacity and cost is maintained by preparing budgets, identifying all costs necessary to provide services to the business, and establish a fair means by which an agreed percentage is recovered.
Service Financial Management Quick Links
Best PracticesKey Performance Measures
Additional information on this topic is included in the Guide to the USMBOK and supporting reference materials.
Key Objectives
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The following key objectives are just some of those commonly found within this topic's standard operating practices:
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Key Concepts
The following key concepts are just some of those commonly found within this topic's standard operating practices:
- Further information is available in the Guide to the USMBOK
Key Artifacts
The following key artifacts are just some of those commonly found within this topic's standard operating practices:
- Further information is available in the Guide to the USMBOK
Major Activities
The following major activities are representative of those commonly found within this topics's standard operating practices:
- Further information is available in the Guide to the USMBOK
More...
The USMBOK provides a significant amount of additional information on each element of the framework, including this area. The additional information includes:
Best Practices :
Best practices represents a technique or method that through experience and research has reliably led to a desirable level of operation. The USMBOK provides specific guidance on the 'best practices' required to design, implement and sustain an efficient and effective operation and offer these through a subscription based service, the
Best Practice Statement Library.
Key Performance Measures :
The efficiency and effectiveness of an operation is measured through its 'performance'. The Performance Management Framework (PMF) provides three levels or types of measures to help manage performance from the strategic, tactical and operational perspective.
The USMBOK provides specific guidance on these 'key performance measures' through a dedicated, subscription based service, the
Key Performance Measure Library.
Extensions:
An 'extension' is an approved additional relevant reference to the USMBOK and typically in the form of :
- A book or publication with an ISBN or similar reference;
- A website page or pages;
- A white paper;
- A personally penned article or report;
- A periodical article or newsletter item;
More information on the available extensions and how they may be accessed or contributions submitted can be found here:
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