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  System and method for automatic financial project managementUSPTO Application #: 20080027861Title: System and method for automatic financial project management Abstract: A system and method for providing project management tools to support construction, renovations, maintenance and other projects. The system automates the creation, processing and approval cycles of the numerous documents involved with each project. The system provides standardized work processes through processing templates. The system provides automated control and management of the process. The system allows project initiation and funding approval by clients throughout the corporation via a desktop browser coupled to a corporate Intranet. A software application embodying the present invention and its underlying technology are appropriate for a paper intensive area. It reduces the approval cycle of projects. It automates the creation, processing and approval cycle of documents by routing documents electronically for on-line approval. (end of abstract)
Agent: Hunton & Williams LLP Intellectual Property Department - Washington, DC, US Inventor: Joseph GENDLER USPTO Applicaton #: 20080027861 - Class: 705040000 (USPTO) Related Patent Categories: Data Processing: Financial, Business Practice, Management, Or Cost/price Determination, Automated Electrical Financial Or Business Practice Or Management Arrangement, Finance (e.g., Banking, Investment Or Credit), Including Funds Transfer Or Credit Transaction, Bill Distribution Or Payment The Patent Description & Claims data below is from USPTO Patent Application 20080027861. Brief Patent Description - Full Patent Description - Patent Application Claims
[0001] The present invention is related to and claims priority to U.S. Provisional Patent Application No. 60/163,506 entitled AUTOMATED FINANCIAL PROJECT MANAGEMENT SYSTEM, filed Nov. 4, 1999, the contents of which are incorporated herein by reference. FIELD OF THE INVENTION Background of the Invention [0002] Project management, especially in the area of corporate real estate project management, is traditionally a process which is driven by paper forms and documents. These paper documents include for example, purchase orders, work orders, contracts, Requests for Assistance (RFA), Requests for Proposals (RFPs), commitments, bids, invoices, messages (generic correspondence), meeting announcements and minutes, project close outs, complete punch lists, project evaluations, and departmental statistics. [0003] The processing of all of these various documents is very labor intensive, error prone and subjects the proposed projects to needless delays. For example, if the manager in charge of approving commitments is on a business trip for two weeks, a commitment requiring his or her signature might be delayed for an additional six weeks, which in turn delays another vendor's initiation of work and so on. [0004] Furthermore, an increase in the number of requests for new construction or engineering projects increases the volume of documents that are processed by the project administration group and the accounting operations group. This in turn requires an increase in processing capacity through an increase in staff levels or overtime. Conversely, a decrease in volume of requests lowers the productivity of the groups, as the staff levels are maintained to support the processing at the peak operations volume. SUMMARY OF THE INVENTION [0005] The present invention was originally designed to automate the project management process for the Corporate Real Estate and Facilities Department of the assignee of the present invention. Although originally designed for this type of real estate and facilities department, it is readily seen that the project management method and system of the present invention has wide applicability to most types of project management. [0006] The system is a collection of process and business objects that provide project management tools to support construction, renovations, maintenance and other projects. One primary function of the system is to automate the creation, processing and approval cycles of the numerous documents involved with each project. The system and method of the present invention provides automation to support the following business processes. [0007] Strategic Space Planning. This function is responsible for determining how much space is required, demographic and market analysis of locations, and owned versus leased funding strategies. [0008] Client Management. The system allows project initiation and funding approval by clients throughout the corporation via a desktop browser coupled to the system via a corporate intranet. This concept facilitates self-service delivery. The request component allows clients to specific requirements for construction, renovation, relocation or office furniture. [0009] Project Support. The system assists the real estate department staff in creating budgets and controlling how budgets are dispensed though purchase orders, work orders and contracts. This includes the table maintenance involved in vendor authorization, workload, reassignment of tasks, security access and security registration, and changes to processes. Project support is provided for the administrative processes such as administering roles and responsibilities, which includes signing authority. [0010] Project Management. The business objects of the system of the present invention assist a project manager in creating a project budget and controlling how that budget is dispensed through purchase orders, work orders and contracts. Invoices are processed against the commitments and are paid through an electronic accounts payable interface. The underlying system structure provides standardized work processes through processing templates. The system provides automated control and management of the process. This methodology is expandable because it is template based, thereby providing an environment for financial based project management. Additionally, Project Management includes phases of project initiation, predesign, schematic design, design development, construction documents, procurement, preconstruction, construction, and post construction. The system includes project management functionality to assist in: Tracking Project Milestones; Corporate Cost Center Allocations for identifing how project expenses should be charged; Messages which are generic correspondence; Meeting Announcements and Minutes; Creation and approval of commitments; Approval of invoices; Project Close Outs; Complete Punch Lists; Project Evaluations; and Departmental Statistics. [0011] Vendor Management. The system allows direct access via the Internet to provide extensive functionality for managing approved vendors in relationship to specific projects. This functionality allows an approved vendor to author Bids, Requests for Quotes (RFQs), Invoices, Punch Lists, Lien Waivers and Messages. Other documents can be received and processed with more limited functionality. These documents include Request for Proposals, Contracts, Work/Purchase Orders, Change Orders, Payment Confirmations and Meeting notices. In addition, an in-box allows for timely communications of messages and documents. [0012] The present invention automates the creation, processing and approval cycles of numerous documents involved in project management. It allows project initiation and funding approval by clients throughout the corporation via a desktop browser coupled to a corporate Intranet. A software application embodying the present invention and its underlying technology are appropriate for a paper intensive area. It reduces the approval cycle of projects. It automates the creation, processing and approval cycle of documents by routing documents electronically for on-line approval. [0013] Other objects, features, and advantages of the present invention will be apparent to one skilled in the art from the following description of the invention with reference to the accompanying drawing. BRIEF DESCRIPTION OF THE DRAWING [0014] For the purposes of illustrating the present invention, there is shown in the drawings a form which is presently preferred, it being understood however, that the invention is not limited to the precise form shown by the drawing in which: [0015] FIG. 1 is an illustration of the structure of the system of the present invention; [0016] FIG. 2 depicts the process flow of the present invention; [0017] FIG. 3 illustrates the tree structure organization of project management data; [0018] FIG. 4 depicts a user interface input screen for inputting a Request for Assistance; [0019] FIG. 5 shows an approval hierarchy structure according to the present invention; [0020] FIG. 6 illustrates a budget template and an example budget; Continue reading... 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