# Project Finance & Control — Source and Review Index

**Liam Smith · Version 1.1 · 5 October 2026**  
Coverage: five supplied VTT transcripts, *Project Finance and Control*, v8.0, and three supplied module reviews. This index records provenance, navigation and material corrections. It supports the complete guide, quick review and 64-question practice set.

## Source conventions

- **Workbook pages are PDF-viewer pages**, counting the cover as page 1, not the lecturer's printed-page references. The PDF has 247 pages. Embedded references to a PMBOK page belong to that cited work, not this PDF.
- **Lecture timestamps are relative recording positions.** They can exceed the two-hour mark and start several minutes into a file.
- Consecutive cues with the same speaker were joined into stable numbered segments. A segment can contain a long uninterrupted explanation or a break; its time range is a navigation aid, not a claim that every sentence concerns one topic.
- Source references attached to a paragraph or table identify the supporting material. **Checked arithmetic and explicitly authored examples are editorial additions**; a source for a method does not mean the instructor gave every new example number.
- Student discussion is used only as illustration with the instructor's response considered. Disputed or unendorsed student claims are not treated as course rules.
- The guide is an original synthesis. It does not reproduce the full workbook or slides. Original inputs remain with the user; the ZIP includes normalized transcripts and source identification for checking citations.

## Session coverage

| Session | Cues | Speaker segments | Words | Available recording span |
|---|---:|---:|---:|---|
| 2026-09-16 | 1,186 | 190 | 14,119 | 00:09:44.500–03:05:05.510 |
| 2026-09-21 | 1,023 | 232 | 13,210 | 00:03:47.450–03:30:48.420 |
| 2026-09-23 | 1,195 | 235 | 13,518 | 00:04:28.230–03:29:51.890 |
| 2026-09-28 | 1,158 | 160 | 13,599 | 00:07:08.330–03:05:15.190 |
| 2026-09-30 | 1,187 | 135 | 14,034 | 00:03:47.850–02:44:57.640 |


All five transcripts were read in full. All workbook pages were reviewed as extracted text, including its bibliography, glossary and solutions; image-based formulas and scenario diagrams received visual checks where relevant. The normalized transcripts preserve speaker names, timestamps and source cue IDs. Automatic transcripts can still contain misheard wording; explicit corrections and workbook checks are identified below.

### Lecture navigation

| Topic | Recording reference |
|---|---|
| Roles, debt/equity and costs | *(Sep 16, 00:16:24–01:03:52; segments 20–74.)* |
| Strategic versus financial objectives | *(Sep 16, 01:06:04–01:28:32; segments 90–106.)* |
| WACC and capital charges | *(Sep 16, 01:17:11–01:48:53; segments 106–134.)* |
| Time value and discounting | *(Sep 16, 02:02:15–02:08:04; segments 143–149.)* |
| Formula emphasis | *(Sep 16, 02:08:11–02:09:04; segments 153–159.)* |
| CBA and financial management plan | *(Sep 16, 02:18:35–03:05:02; segments 181–187.)* |
| ROM and numeric control factors | *(Sep 21, 01:03:56–01:11:38; segments 65–106.)* |
| Activity costing and contingency duplication | *(Sep 21, 01:13:49–01:56:51; segments 128–150.)* |
| Estimating techniques and cost of quality | *(Sep 21, 02:00:31–03:00:51; segments 173–203.)* |
| Budget aggregation and time phasing | *(Sep 21, 03:02:54–03:13:33; segment 215.)* |
| Reserve recap | *(Sep 23, 00:08:07–00:09:37; segments 21–31.)* |
| Widget EVM and six formulas | *(Sep 23, 00:10:35–01:10:22; segments 41–89.)* |
| Expected versus earned value | *(Sep 23, 01:13:50–01:22:00; segments 90–97.)* |
| Graphs and performance interpretation | *(Sep 23, 01:22:07–02:21:21; segments 99–131.)* |
| Six status scenarios | *(Sep 23, 02:11:32–03:29:49; segments 131–233.)* |
| Factors, thresholds and multiple levels | *(Sep 28, 00:18:09–01:16:58; segments 37–77.)* |
| Change principles and workflow | *(Sep 28, 01:17:29–01:55:16; segments 81–87.)* |
| Execute/monitor/control and requirements | *(Sep 28, 01:55:39–02:18:10; segments 89–99.)* |
| Trade-off scenarios | *(Sep 28, 02:19:37–03:05:09; segments 107–157.)* |
| Buyer, seller, SOW and make/buy | *(Sep 30, 00:06:49–00:29:18; segments 5–41.)* |
| Contract types and risk | *(Sep 30, 00:29:47–01:14:52; segments 47–65.)* |
| Class examples and percentage-contract clarification | *(Sep 30, 01:14:57–01:45:49; segments 68–92.)* |
| Documents, bidder conferences, selection and BATNA | *(Sep 30, 01:20:42–02:10:38; segments 92–96.)* |
| Negotiation discussion | *(Sep 30, 02:29:07–02:44:49; segments 103–129.)* |
| Procurement control and closure | *(Sep 30, 02:33:18–02:44:49; segment 129.)* |

## Workbook map

| Section | Prose / introductory material | Slides / application |
|---|---|---|
| Introduction | 7–16 | Within introduction |
| Module 2: finance overview | 17–30 | 31–52 |
| Module 3: financial baseline | 53–65 | 66–86 |
| Module 4: financial control | 87–94 | 95–124 |
| Module 5: establishing control | 125–135 | 137–148; p. 136 blank |
| Module 6: controlling project | 149–153 | 155–166; p. 154 blank |
| Appendix A: procurement | 167–176 | 177–198 |
| Appendix B: exercises | 199–222 | Includes embedded scenario images |
| Appendix C: bibliography | 223–226 | Historical cited readings |
| Appendix D: glossary | 227–236 | Definitions |
| Appendix E: sample solutions | 237–247 | CBA, garden shed, trade-offs |

Useful self-tests: Module 2 p. 52; Module 3 p. 86; Module 4 p. 123; Module 5 p. 147; Module 6 p. 165; procurement p. 197. Use the corrected guide when a slide answer conflicts with its inputs.

## Exercise crosswalk

| Topic | Appendix B exercise | Other useful location |
|---|---|---|
| Cost-management best practices | 1, p. 199 | Introductory lecture discussion |
| Project-selection CBA | 2, pp. 200–203 | Solutions pp. 238–240 |
| Project charter, WBS and two cost controls | 3, p. 204 | Garden-shed sample pp. 241–242 |
| Activity cost estimate | 4, p. 205 | Siding sample p. 243 |
| Residual-risk contingency | 5, p. 206 | Garden-shed reserve p. 244 |
| Project cost baseline | 6, p. 207 | Daily/cumulative budget p. 245 |
| Six status scenarios | 7, pp. 208–214 | Slides pp. 116–122 |
| Multi-category, multi-level controls | 8, p. 215 | Slide p. 142; sample p. 246 mislabeled 12 |
| Two trade-off scenarios | 9, pp. 216–220 | Slides pp. 161–164; sample p. 247 labeled 13 |
| Contract-type examples | 10, p. 221 | Slide p. 187 |
| Negotiation practices/lessons | 11, p. 222 | Slide p. 193 |

The numbering varies between Appendix B, slides, sample solutions and spoken directions. Navigate by **topic and PDF page**, not exercise number alone. The overview sentence on p. 208 says stakeholder analysis, but the actual directions and scenarios concern status interpretation.

## Corrections and qualifications

| Issue | Evidence | Treatment in the package |
|---|---|---|
| WACC called ROI in discussion | September 16, segments 106–116 | Label as capital cost/required return; actual ROI is distinct. |
| Refinery WACC rounded early | PDF pp. 45–47 | Exact results 6.96% and 8.52%; charges $6.96m and $8.52m on $100m. |
| Principal plus capital charge labeled NPV | PDF pp. 46–47; September 16, 130–134 | Not an NPV calculation. Explain separately. |
| PV versus NPV confusion | PDF pp. 29 and 48–49; September 16, 143–149 | Correct NPV formula includes initial outflow. $110k discounted at 10% has PV $100k; with $100k invested, NPV is zero. |
| Refinery $93.3m labeled NPV | PDF p. 49 | It is discounted future inflows; true NPV after $100m investment is −$6.735537m. |
| Separate capital charge in CBA alongside discounted benefits | PDF pp. 50, 238–240 | Preserve sample totals as stipulated illustrations; flag potential overlapping cost treatment. |
| School ratio called return/profit per dollar | PDF p. 240; September 16, 184–187 | Benefit/cost=3.45; net benefit/cost=2.45; distinguish local funding from full resource cost. |
| Estimate class versus technique | PDF pp. 76–77; September 21 | ROM ranges and PERT describe different properties. |
| Rounding and unspecified cost column | PDF pp. 75, 82; September 21, 128–138 | Patio/CBS entries can show small rounded-total discrepancies; no invented COM definition or reconstruction of missing bases. |
| Contingency potentially duplicated | September 21, 143–150 | Separate reserves clearly and count each allowance once. |
| Historical reserve range mismatch | PDF prose p. 63 vs slide p. 79 | 8–20% and 8–15% are conflicting examples, not mandatory rules. |
| Expected/earned confusion | September 23, 56–97; glossary p. 229 | Label risk expected value and EVM earned value explicitly. |
| EV assumed equal to spending | September 23, 56–79 | EV uses authorized budget; AC uses actual cost information. |
| Percentage interpretation | September 23, 63–89 | Specify denominators; 1−CPI is not the overrun relative to EV; 1−SPI is not the forecast duration extension. |
| Practice 5 wrong SPI denominator | PDF p. 105, visually checked | EV65/PV50 gives SPI1.30, not 65/40=1.63. RTD76.92 weeks, not 61.3. EAC69.23m with exact CPI. |
| Practice 6 premature CPI rounding | PDF p. 106 | Exact EAC122.22m; rounded CPI gives a different approximate answer. |
| Historical CPI “point of no return” claim | PDF pp. 92, 114 | Treat as workbook caution, not a universal recovery prohibition or mandatory threshold. |
| Spending plan substituted for EVM | PDF p. 213; September 23, 204–217 | AC145k−plan143k=$2k, 1.40% above plan; EV absent, so no CPI/SPI. |
| Ambiguous unfinished activity in graph | PDF p. 214; September 23, 219–227 | Require finish/progress and critical-path information; no invented exact index. |
| “Levels” interpreted as severity tiers | September 28, 44–59 | Controls at activity, deliverable, milestone and phase levels. |
| Percent vs percentage points | September 28, 37 and 74–77 | Label tolerance units; 40%±5 points is 35–45%. |
| Five headings versus “eight” change principles | PDF pp. 132, 144; September 28, 85 | Preserve the workbook grouping: five headings with configuration, grouped releases and feature freeze inside the system heading. |
| Deferred versus escalated change | PDF pp. 144–145; September 28, 87 | Defer postpones; escalation refers for authority. |
| Milestone month misstatement | PDF pp. 152, 158, visually checked; September 28, 97 | Planned June 30, actual July 8; 8 calendar days late. |
| Internal substitute duration conflict | PDF p. 162 vs p. 218 | Slide says 50% longer; appendix/lecture says 100% longer. Identify assumption. |
| Trade-off sample loose rounding | PDF p. 247 | $50k/$750k=6.67%; 1/8.5=11.76%. Priorities and business consequences still drive choice. |
| UAT removal as quick recovery | PDF pp. 219–220, 247; September 28, 130–157 | Reconfirm priorities/current needs; retain essential validation and analyze feasible recovery. |
| Fixed price treated as unlimited unchanged obligation | September 30, 49 | Seller bears more overrun risk for agreed scope; changes and adjustment clauses still matter. |
| T&M “all buyer risk/no seller risk” | PDF p. 185 vs September 30, 59 | Comparative risk and actual terms; fixed rates, variable quantities, oversight and ceiling. |
| CPFF/CPIF costs assumed automatically reimbursable | September 30, 59 | Specify allowable costs and agreement limits; no guarantee that every incurred cost is paid. |
| CPAF as a design winner's prize | PDF p. 185; September 30, 59 | Clarify evaluated performance award; not just payment for winning a competition. |
| Incentives described only as early-finish bonuses | PDF pp. 172, 185–186 | Keep examples as illustrations; federal incentive forms include negotiated target/formula structures. |
| Federal ban overgeneralized to cost reimbursement | September 30, 82–89 | CPPC prohibition does not ban all other reimbursement forms. |
| Oral-contract enforceability oversimplified | September 30, 42–47 | Avoid universal claim; law/agreement determine enforceability, written records remain procurement practice. |
| SOW treated as a complete contract | September 30, 35 | May be a contract component, not automatically all legal/commercial terms. |
| RFQ treated as necessarily pre-IFB | September 30, 96 | A possible use, not a universal sequence. |
| RFP paired universally with cost reimbursement | PDF p. 188 | Course association, not a mandatory pairing. |
| Highest score implies automatic selection or arbitrary rejection | PDF p. 191; September 30, 96 | Follow disclosed criteria, documented judgment and governing rules; no silent post hoc criteria changes. |
| BATNA described as bargaining flexibility | September 30, 96 vs PDF p. 192 | Best alternative **to** a negotiated agreement: outside option if no deal. |
| Avoid all open-ended questions | September 30, 103–113 | Contextual sales discussion, not a general negotiation rule. |

## Supplied module-review documents

Most of the new reviews repeat existing coverage. They add targeted recall aids and four worked cases rather than new course modules. The practice set is now **64 questions: 60 original and four adapted from the Module 3 review**.

| Review | Guide location | Added or clarified |
|---|---|---|
| Finance M1 M2 Review MASTER.docx | §§2–5 | Five benefits/three costs of cost management; five-step CBA recall; simple ROI definition |
| Finance M3 Review MASTER.docx | §§6–9; practice 61–64 | $100,000 estimate ranges; gym frequency; headquarters $15.9m reserve; three-risk $54,000 reserve |
| Finance M4 Review MASTER.docx | §§10–13 | Correct EVM answers; existing forecasting assumptions retained |

Review references use **original Word body-block positions**, counting blank paragraphs, rather than page numbers. `module-review-manifest.json` supplies filenames/hashes; `module-review-extracts/` permits exact paragraph lookup. Original DOCX files are not duplicated.

### Review discrepancies

| Source | Issue | Correct treatment |
|---|---|---|
| M4, blocks 20–22 | Performed budget labeled PV; incurred cost labeled EV; scheduled budget labeled BAC | EV, AC and PV respectively; BAC is the completion budget |
| M4, block 29 | EAC = EAC / AC | EAC = BAC / CPI under the course's continuing-efficiency assumption |
| M3, block 5 | Expected Value Management (EVM) | Earned Value Management; risk expected value is separate |
| M3, block 17 | Missing minus sign on budgetary lower bound | −10% / +25% as in its later summary and workbook p. 77 |
| M3, block 18 | Definitive estimate described with “Actuals” | A mature estimate remains a forecast; actual costs record incurred amounts |
| M1/M2, NPV passage | Incomplete expression | Retain the discounted net cash-flow definition in §4 |

*(Module review: Finance M4 Review MASTER.docx, body blocks 20–22, 29.)* *(Module review: Finance M3 Review MASTER.docx, body blocks 5, 17–18, 38–40.)* *(Module review: Finance M1 M2 Review MASTER.docx, body blocks 141–145.)*

The exercise solutions were recomputed from their own inputs. The headquarters reserve is $15.9m, not the older refinery's $7.95m; the new three-risk reserve is $54,000, not the older example's $27,000. *(Module review: Finance M3 Review MASTER.docx, body blocks 50–81.)*

The explicit ROI definition is a simple undiscounted net-benefit/cost convention, supported by [PMI: Measuring project management ROI](https://www.pmi.org/learning/library/measuring-project-management-roi-3562). It does not replace NPV or WACC. See `PMA-Module-Review-Comparison.md` for the cross-course comparison and Markdown/PDF formatting decisions.

## Supplementary verification sources

The workbook, lectures and supplied reviews are the course sources. The references below clarify specific ambiguities; they do not replace the course with a new syllabus. The original supplementary references were checked 2 October 2026; the additional PMI ROI reference was checked 5 October 2026.

| Clarification | Authoritative reference |
|---|---|
| Excel NPV timing and initial outflow | [Microsoft Support: NPV function](https://support.microsoft.com/en-us/excel/functions/npv-function) |
| Simple ROI as net benefit divided by cost | [PMI: Measuring project management ROI](https://www.pmi.org/learning/library/measuring-project-management-roi-3562) |
| Cost-plus-percentage prohibition | [FAR 16.102(c)](https://www.acquisition.gov/far/16.102) |
| Fixed fee rather than fixed total price | [FAR 16.306](https://www.acquisition.gov/far/16.306) |
| Fixed-price incentive structure | [FAR 16.403-1](https://www.acquisition.gov/far/16.403-1) |
| Cost-plus incentive structure | [FAR 16.405-1](https://www.acquisition.gov/far/16.405-1) |
| Award-fee evaluation | [FAR 16.401(e)](https://www.acquisition.gov/far/16.401); [16.405-2](https://www.acquisition.gov/far/16.405-2) |
| T&M rates, supervision and ceiling | [FAR 16.601](https://www.acquisition.gov/far/16.601) |
| BATNA definition | [Harvard Program on Negotiation](https://www.pon.harvard.edu/daily/batna/translate-your-batna-to-the-current-deal/) |
| Oral agreements and writing requirements | [Cornell LII: oral contract](https://www.law.cornell.edu/wex/oral_contract) |

## Scope boundaries

The course material is fully covered at the concept level, including workbook-only FP-EPA and self-test BATNA. Repetitive administrative remarks, class breaks, software-lifecycle assertions and anecdotes about organizations are not turned into study facts. Informal certification question counts, passing-score guesses, test-center arrangements and claimed pass rates are excluded as current exam guidance. The package does not claim to cover every current PMP or CAPM exam objective.

The two course trade-off cases contain limited facts. Recommendations retain those limits instead of inventing staff capacity, actual finish dates, missing EV, contract powers or stakeholder consent. Author-created numerical examples are clearly labeled in the guide and practice set.

## Reproducibility

| Source | SHA-256 |
|---|---|
| GMT20260916-225128_Recording.transcript.vtt | `3c4175f2cb658fc7e4cdb013eabc09d7ef27768b8a53676938a246e49e29eb50` |
| GMT20260921-225657_Recording.transcript.vtt | `c79a9a0a1b4e7d95d4d7724b1a08197f71dff2094bbc5978459119df75d31530` |
| GMT20260923-225725_Recording.transcript.vtt | `2ed7c97629e0bed98cfd919f903ddb6d1c44c406c5ab2746ef8cc87b84f7dcbe` |
| GMT20260928-225339_Recording.transcript.vtt | `ceb9e44461134209833eecfbd0996d44586695ecef3927970c04d8c6f92eb7f0` |
| GMT20260930-225709_Recording.transcript.vtt | `972c8620786602a796e0209fcc3a6b4468bcb9eeee3eb8a6db1c1946f455b117` |
| PMA - Project Finance and Control V8 (1).pdf | `e1073736e973e46a6cf6b619b7397af5002c3465c8eb3b45683028eee8acc7b8` |


The ZIP contains the four study documents plus the module-review comparison, normalized TXT/JSON transcripts for all five sessions, source manifests, a citation ledger, review paragraph extracts and a validation report. The source ledger records file identity, SHA-256, selected segment/cue IDs and timestamp spans or review body-block locators. The workbook manifest identifies its version and PDF page convention. Calculations were checked independently from the written answers, and source references were validated against the supplied sources.