Running an oil project in Venezuela? Constructing a cell site in Brazil? Using the euro with an alliance partner? These are typical global projects that may have multiple currency implications for the project manager.

If you have a contractual requirement to run your project in US dollars, then you can request that bids from your foreign subcontractors be in dollars. Likewise, if you are comparing bids from two European companies, you can simply compare in euros without first converting. But if you are reading this article, you may, indeed, need to report your project in multiple currencies. Perhaps your contract requires that you report to the customer in dollars; however, you are running the project in your home euro currency, and you are expected to also report to management in euros. You may need to run a program in one currency and procure labor or materials in another currency. You may also need to forecast currency fluctuation risks on a program. But how?

This white paper explores the benefits and some considerations when running time-phased budgeting and reporting on a global project with multiple currencies.