Financial Project Management: Sustainable Project Management Practices

This essay explores the integration of sustainable practices within financial project management, particularly in the context of social enterprises. It emphasizes the importance of environmental sustainability through resource management, pollution prevention, and the adoption of renewable alternatives, citing examples like Shell's shift towards decarbonized energy. The essay further discusses how sustainable project management, encompassing environmental, social, and economic aspects, is crucial for social enterprises aiming to achieve both financial success and positive community impact. It highlights the role of stakeholder participation, transparent supply chains, and adherence to sustainable principles in ensuring long-term economic growth and social equity, enabling social enterprises to expand their businesses and contribute to a healthier environment. The essay also touches on the importance of organizational culture in promoting sustainability, including employee education, incentives, and visible commitment to environmental and social responsibility.

FINANCIAL PROJECT
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Environmental sustainable practices......................................................................................1
Sustainable project management for achieving successful enterprise goal............................2
lSustainability practices- Participation and Involvements:....................................................4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

·INTRODUCTION
· Project Financial Management establishes how the project will be financed, as well as
the methods for obtaining and managing the project's financial resources. In the project
profession, sustainability is a business approach that stabilize the habitat, social, and economic
components of project-based work to meet present stakeholder necessity without compromising
or overburdening forthcoming generations. Profession that change the universe for improved are
known as social enterprise. They aspire to make earnings. Just like traditional businesses, but
what they do with their revenues sets them distinct-reinvesting or contributing them to achieve
beneficial social change. This essay will discuss sustainable project operation practice session
within social establishment projects.
·
·MAIN BODY
·Environmental sustainable practices
· Environmental sustainable practices are subjected to save or manage the qualities of
physical resources of environment. To prevent the pollution in the environment or to stop the
consumption of natural resources environmental sustainable practices are used. Organization use
to prevent the consumption of their natural resources to save the physical resources for the new
people therefore they are proceeding with the sustainability procedure. Sustainability allow them
to work while protecting the environmental and economical factors. There are some ways
through which organization can maintain the environmental sustainability as they can limit their
consumption of natural resources to prevent the pollution in the air or to reduce solid waste.
They can use alternative as such resources who can be reused or recycle therefore it also better
for them to increase their revenues with less investment. For an example shell a dutch oil and
gas company. They proceed with the sustainability in their plan which helps them in their
decision-making process. Company decided to stop the emission of carbon in the air. Therefore,
company aimed to invest on their new energy division project to develop energy by
decarbonize to focus on the electricity. The purpose of the company is to use renewable
resources to generate electricity. Shell not only limit to the electricity savior they also promoted
solar energy panel for their work to limit the consumption of resources. Instead of using natural
resources company is focusing on inventing energy which also effect their investment and able
to give more profit to them.

·Sustainable project management for achieving successful enterprise goal
· Sustainable project management includes measuring, controlling over project aspects and
their processes. Sustainable in project management are important it monitors all environmental,
physical, economical and social aspects of the project it also manages resources for project.
Social enterprises a business that has ability to change the world, it is a business that earns profit
and not only keep profit to themselves but also share for social and community development.
These businesses improve the employment rate by giving chance to many people to connect
with them. Social enterprise goals are first to achieve success and profit and second is to not
only keep profit to them but also give it to social and economical changes to achieve the
successful enterprises goal business need to develop a sustainable project. Sustainable project
allows social enterprises to balance all the economical, environmental factor without giving
pressure to next generation (Aarseth and et.al 2017). Sustainability project management is
important for social enterprise to produce sustainable outcomes and outputs that is essential for
the sake of project life cycle. Sustainable project management provide better supply chain of
resources if a business begin with sustainable project then there will be no such problem for
them. Sustainable project management involve proactive participation of stakeholders as it
provide transparency and ethics for the growth of their businesses. In order to achieve the
revenues businesses are aimed to begin with project management to improve their annual result.
· Sustainability in project development maintains the balance in social, economical,
environmental and administrative factor. Sustainability helps to protect environment as to
preserve natural resources and use alternative resources to control the pollution in environment
so that it will not cause problem for next generation. Therefore social enterprise can be
benefited to begin with sustainable project plan to achieve their goals of success by using this
they can limit their resource consumption so that it will be beneficial for the environment
(Kivilä, Martinsuo and Vuorinen, 2017). Sustainable project allows enterprises to maintain
social equity and equality in the community. Sustainability provide long term economical
growth to the social enterprises business without causing any problem in environmental and
social factor. It helps the enterprises to grow in forward direction to achieve more revenues.
Sustainability plays an crucial role in project management by which social enterprises can
balance their business factor and earn revenues and provide help to community for their
development, sustainability also gives chance to social enterprise to expand their business invest

on other projects by including sustainability practices in their project. Sustainability in the
project gives the complete balance and measure of resources to social enterprises through which
they can achieve their goal of success.
· Project sustainability begin from its principles to manage programs, processes. Call
action invites social enterprises or even individual to include sustainability in their project
management. Call to action also helps the stakeholders to achieve their goals of success.
Sustainable principles are necessary to applied in project management for the better result,
sustainability provides persistence and ability to social enterprises to inspire other and to
connect them with their business by giving them a opportunity. Sustainability helps the social
enterprises to protect human rights give equal opportunity and to protect the environment by
using limited resources (Palakshappa and Grant, 2018). It helps the social enterprises to take
good decisions for their business. It helps the social enterprise stakeholders to meet their targets
and it balance their needs for the betterment of new generation. Sustainability in project allows
social enterprises to build sustainable goals it allows them to explore their business to earn more
revenues. Sustainable principle practices helps the social enterprises to maintain balance in their
business resources by using limited resources for the healthy environment. By extending
sustainability in project management it provide better services in supply chain resources for the
business development. Its principles allows social enterprises to make commitment with the
consumers, stakeholders for the better sustainable project.
· For any social enterprise sustainability plays an important role to achieve their targets,
sustainability in their project allows them to explore their business and to invest in new projects
social enterprise also provides many opportunities to the people who are in needs to fulfil all
these tasks social enterprises needs to implement with sustainability in their project
management. To begin with any project social enterprises need to decide sustainable goals to
achieve it allows them to scale their resources to help the environment (Park and Park, 2019).
Sustainability in any project helps to maintain the social and economical cause. Sustainable
project are aimed to remove burden on next generation therefore they are made to measure all
the factors in project management. Therefore all the business includes sustainability in their
project management for the development of their product. Sustainability principles are included
in project management to manage all the resources effectively they are aimed to protect the
essential rights of humans. Social enterprises are growing much as they include sustainability in

their project for the development process of their product as sustainability gives them
persistence, ingenuity to support other by giving opportunity to them for the betterment of the
society. Therefore sustainability principle plays an important role to achieve the goal for
organisation, they must include sustainability in their project management to improve their
business aspect or to achieve more success in their field, it allows social enterprises to grow by
managing all the resources and also allows them to maintain all the environmental, economical
and social factor so that it will not generate problem for them. Including sustainability in project
management social enterprises can easily achieve their sustainable goal (Shestaka, Morevab and
Tyutyunnikc, 2019).
lSustainability practices- Participation and Involvements:
A organization that administer sustainability efforts such as contributing a percentage of
its profit to an environmental cause and permitting workers to work from home is more suitable
to attract and retain personnel than one that does not (Chams, and García-Blandón, 2019).
Clients care about sustainability, according to overmuch studies, and want to work with
companies who include social duty into their business plans. Sustainable business practices
includes:
Compare plans must embrace sustainability, and organizational business goals must
reflect it. This entails making it a top preference in all aspects of the company's operations.
Creating a thought of action and assigning responsibility, just like other company endeavour.
Hold people accountable for their actions and track their progress. Repeat the process once more
will give the sustainability efforts a boost. Spend time in educating employees about the
importance of environmental preservation and sharing what the company to help sustain
resources. Seek further suggestions for resource conservation from staff. Monitor what
employees are going through, and help them decrease waste and enhance their working
environment by offering suggestions.
Grow sustainability approaches and methods to strengthen the attempts. The dare to
preserve the surroundings can be enormous, but if organizations, whether big or tiny, does its
portion, all can put up in preserving the planet that is called home (Brozovic, 2020) A corporate
responsibility or sustainability plan of action is arranged set of actions. It establishes a structure
for focusing funding and driving performance while also including inner and outer collaborator.

A good strategy necessitate more than just listing, it also entails deciding to devote all of one's
specific topics. In involvement to drive social and territory change, sustainability inventiveness
can bring a company's total happening. Sustainable business strategies, consume into corporate
earnings. Sustainable business methods provide for more effective dealings that smooths
attempts and maintain resources, resulting in increased employee potency and cost savings.
Energy conservation measures range from as easy as switching off unused lights and insulating
walls to more complex initiatives such as installing geothermal heating and cooling systems to
reduce costs. All the talk about climatic change, decrease energy resources and environmental
consequences, it is no amazement that state and federal government office are enacting orders to
defend the nature.
Conservation psychology studies about people's perspective and acts towards natural
environment. Ways to motivate greater environmental actions are equip people with correct
knowledge: knowledge should be gained about why action is required and how to process it.
People hesitate to perform unfamiliar practices, so being able to attempt fresh actions out in
small way can be assured. To support 'can do' feeling among employees. It is essential to spend
in training employees about sustainability as well as to make method and processes that make it
convenient for them to combine sustainability into there business practices. Every employee
should be sustainability champion, The role in integrating the sustainable enterprise model is
critical, and the process often begins with the bringing of leadership team on board. However,
having sustainability champions at the top isn't enough, they must maintain at all levels and
across the firm.
Encourage healthy competition among employees, the effective way for the organization
to reach the goal is the feeling of “I should do it” throughout the process of work. It creates the
healthy competition environment and spread positiveness among employees and surroundings.
Make sustainability visible inside and outside, evaluating and conveying the development on
key sustainability measures always engage people's focus as they mostly want to get success in
the concepts that are measured (Giuliano, and Nunn, 2021) No marvel then, leading companies
evolve signal to record the process of their sustainability plan.
To maintain high vision and strengthen the thought that performance in sustainability are
meaningful for the establishment, celebration of success is also necessary when goals are
reached or awards are obtained (Choudhary, and Srivastava, 2019). Every individual need to

make the working life to have the broad goals that goes above doing a job and earning income.
Companies that capable in solving the problems of the employees, will get the more attention
and working hours of the employees on work.
If the organization holding a purpose that does not go with the customers, the company
is already on the wrong route. Companies often takes time to know the issues about there
customers and resolves it soon by applying useful measures. Make people feel more connected
with social enterprise. Truly understanding the needs of the customers provide the comfort to
the companies and employees in work process. All these facts should be clear to maximize
improvements in financial, social and environmental well-being. To exhibit leadership, a value
supported task focus, and set the example for other organizations to follow.
Social practices include engagement with communities of interest by making a
practitioner-community kinship wherein there remains an attention on the abilities, knowledge,
and understanding of individuals in their personal, household, community, and employed lives.
For example, Microsoft promote education in various ways, it helps tutors to easily form their
materials, put together interactive teaching lessons, and make personalized studying programs
for educates. Teachers and students can easily approach all the important training and tools that
are accessible at any period. Most importantly, it helps students evolve their communication and
cooperation skills they will need to be successful in the upcoming days. Practices that helps to
make social enterprise successful are as follows:
1)Reputation: If the company maintains its reputation and its rating becomes high, and people
like its products quality then it will become successful. The company can face challenges in
building its reputation as the record should be well-maintained.
2)Cost Reduction: Reduction in price can result in more sales as compared to other companies,
it can more profit and customers for its products. The company can face difficulty sometimes by
reducing the cost due to some surrounding issues.
3)Government grants: With the government policies like providing subsidy, company can
have more profits, and expenses can become high.
4)More profit: Marketing and promotion strategies of the company can rise up its products in
the market and company can make more income.
5)Achievements of CSR: If company provides some valuable profits to the society, its
reputation can get high.

·CONCLUSION
Above essay concludes information about financial management. Sustainable
management and social enterprise of projects to reach the desired goals. Sustainability call to
action its principles that how it can be characterized with its six main principles of
accountability, ethics, values, economic development, social equity. And also reflected
sustainability principles for project uses. How it motivates employees to setting and reaching
towards its goals and actions which are needed for the rise up of the organization. participating
and encouraging others to get involved through social media or other sources to act
sustainability is also described in order to reach the desired goal in management of project and
social enterprise.

·REFERENCES
Books and Journals
Aarseth, W. and et.al 2017. Project sustainability strategies: A systematic literature
review. International Journal of Project Management. 35(6). pp.1071-1083.
Kivilä, J., Martinsuo, M. and Vuorinen, L., 2017. Sustainable project management
through project control in infrastructure projects. International Journal of Project
Management. 35(6). pp.1167-1183.
Palakshappa, N. and Grant, S., 2018. Social enterprise and corporate social
responsibility: Toward a deeper understanding of the links and overlaps. International Journal of
Entrepreneurial Behavior & Research.
Park, J. and Park, D.H., 2019. A Sustainable project management strategy against
multitasking situations from the viewpoints of cognitive mechanism and motivational
belief. Sustainability. 11(24). p.6912.
Shestaka, V.P., Morevab, E.L. and Tyutyunnikc, I.G., 2019. Financial management of
innovative activity. Finansy: teoriya i praktika= Finance: Theory and Practice. 23(6). pp.63-75.
Brozovic, D., 2020. Business model based on strong sustainability: Insights from an
empirical study. Business Strategy and the Environment. 29(2). pp. 763-778.
Chams, N. and García-Blandón, J., 2019. On the importance of sustainable human
resource management for the adoption of sustainable development goals. Resources,
Conservation and Recycling. 141. pp. 109-122.
Choudhary, P. and Srivastava, R.K., 2019. Sustainability perspectives-a review for solar
photovoltaic trends and growth opportunities. Journal of Cleaner Production. 227. pp.5 89-612.
Distanont, A. and Khongmalai, O., 2020. The role of innovation in creating a
competitive advantage. Kasetsart Journal of Social Sciences. 41(1). pp. 15-21.
Giuliano, P. and Nunn, N., 2021. Understanding cultural persistence and change. The
Review of Economic Studies, 88(4). pp. 1541-1581.