9th XBRL International Conference "Getting an XBRL project up ...

Getting a XBRL Project Up and Running. Mr John Morgan UBmatrix Australia [email protected] 61 411 253 766

9th XBRL International Conference

“Getting an XBRL project up and running”

Presenter:

Mr. John MorganUBmatrix [email protected]


There needs to be ……..

• Approval to commence!• To achieve this, you need:

– Vision– Goals & Objectives– Sponsor/finance (with sufficient budget!)– Committed stakeholders– Organisational capability

• Undertake project• Manage• Embrace change

• Wrapped into a Business Case for approval


Benefits of XBRL

This Conference will show benefits:– Financial (eg less cost, greater profitability)– Organisational –

• Promotes organisation as easy to work with• Use of Standards, promoting

– Ease of use– Interoperability i.e. IT integration– Adoption of existing standard

• Technical (eg system performance, lower support costs)– Operational

• Improved internal & external processes• Improved decision making (better data quality!)

– Improved data collection (Timely, Accurate, Reasonable, Transforming, Efficient, Relevant)

(Source: KPMG International, 2004)


Making the Business Case

• Who prepares the case?– The Sponsor, with a Business Analyst –

You?

• Getting the budget?– Show the results if sufficiently funded.

• Show your organisation the real business benefits.

• Instil an urgency to adopt and commence a project now.


Managing a successful project

• A project is a temporary endeavour to create a unique product or service

• What is needed? A Steering Committee (Governance) comprising

major Stakeholders (Sponsor, Users, PM) Project Management – an experienced Project

Manager who is fully accountable Defined and agreed Project Management Plan Clear objectives and deliverables Required Work broken down to level required to

manage. Project broken into Phases Project metrics and ability to measure & monitor Change Management process (for Project

Scope/requirements as well as Organisational change systems)


Project Management Plan

• Project Charter (Approval to project and PM authority)• Project approach/strategy• Scope statement (Objectives & Deliverables)• Work, broken down into controlling components (WBS)• Performance measurement requirements• Milestones• Statement of Work - what is being done & who is doing it (SOW)• Required staff (plus effort and cost)• Plans for Scope, Risk, Quality, Communication, Procurement, Cost

and Schedule management

If I knew nothing about this project, would I be able to understand what is to happen by reading the Project Management Plan?

Significant effort should be spent on planning what is to be done, and how, before Execution.


Project Management

Project Management Institute (PMI, PMBOK®) is the global standard. PMI requires the PM to constantly address:

1. Project integration management2. Project scope management (functional, technical &

Organisational)3. Project time management (schedule)4. Project cost management (finance)5. Project quality management (standards, assurance,

governance)6. Project human resource management7. Project communications management (HR,

measurement, reporting)8. Project risk management9. Project procurement management (cost reduction,

probity)Note: PMBOK® is a trademark of the Project Management Institute, Inc. which is registered in the United States and other nations.


Project Management

• Initiating – Set up and obtain authorisation to the project

• Planning – define and refine objectives and select the best of the alternative courses of action to attain the project’s objectives

• Executing – Carry out the plan by co-ordinating resources (people and other)

• Controlling – Monitor & Measure progress to ensure project objectives are being met. Identify variances from plan so that corrective action can be taken when necessary

• Closing – Formalise acceptance of the project and bring it to an orderly end


An XBRL Project• Business Case

– Objectives (Scope, constraints, exclusions, assumptions, …)– Develop – Obtain approval for pilot/total solution

• Pilot (Manual or Static)– Create a taxonomy for a component, with some instance documents– To prove:

• Technology• Concepts

– Project approach, plan and budget• Project

– IT Integration Change Project– Standard Operating Environment– Web Services– Components of a solution:

• Always produce a 2.1 taxonomy and some instance documents• Integration with other existing systems and processes• Change to existing systems and processes

• Deployment• Post Implementation Review


Project Management Metrics

• Given that our project objectives are SMART:– Stated– Measurable– Agreed– Realistic– Timely

• Then Milestones can be set to achieve these objectives, and progress can be measured.


Milestones & Metrics

• Key milestones must be identified along the paths in reaching the project’s objectives– Each major deliverable may be a milestone, eg

• Business Case approval• Project Management Plan• Pilot Taxonomy• Instance documents

• Metrics must be taken to assist in managing and controlling cost, schedule, risk and opportunity. – Many methods available where work performed and work scheduled are

measured.– The PM can now report:

• How much work should be done by now?• How much work has actually been completed?• How much has the completed work cost so far?• How much more will it take to finish?• What do we now expect the total cost to be?

• If you cannot measure it, you cannot manage it!


Conclusion

• Where is your organisation?– Vision, Pilot, Existing systems, XBRL preparation

• What will it take for your organisation to proceed?

• You can help “get it up and running”• Key documents required:

– Spec 2.1– FRTA– IFRS taxonomy– Your taxonomy– Your Instance documents– PMBOK® – Your Business Case, Project - plans, resources, standards,

etc

9th XBRL International Conference "Getting an XBRL project up ...

Business

project objectives

budget project

project planning

project scoperequirements

successful project

pm project management

project management metrics

project management initiating