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Project Management Accounting: Budgeting, Tracking, and Reporting Costs and Profitability

Project Management Accounting: Budgeting, Tracking, and Reporting Costs and Profitability

Project Management Accounting: Budgeting, Tracking, and Reporting Costs and Profitability
By Kevin R. Callahan, Gary S. Stetz, Lynn M. Brooks

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Book Description

Praise for Project Management Accounting: Budgeting, Tracking, and Reporting Costs and Profitability

"You don't need to be a Six Sigma Black Belt or a CPA to understand the principles and the practical tools presented by Callahan, Stetz, and Brooks in Project Management Accounting. Their approach focuses on sound financial practices that will improve the ROI of your project whether it is your first or your hundred-and-first experience."
—Barry Van Dyck, PhD
Director of Degree Programs, Executive Education, Mendoza College of Business, University of Notre Dame

"Project Management Accounting serves as a solid resource for the project manager seeking to leverage the tools of accounting and finance to maximize the quality of project outcomes."
—Jeffrey J. Lampe, CFA
Vice President, Hopewell Ventures

"Project Management Accounting clearly communicates fundamental accounting principles and applies them skillfully to the field of project management . . . even seasoned accounting managers will likely benefit from the application to project management. Talented project managers will find enough finance and accounting tools to transition toward profit and loss responsibility. This book will serve as a handy reference."
—Warren Davidson
CEO, Global Source Mfg.

"This is a must-read for everyone in business, whether you have made a career in project management, operations, facilities, or anywhere else. Project Management Accounting provides the framework to understand not only how to manage any project, but how the project interacts with the different functions of the company for the overall good. When applied, [this book] will improve the profitability of the company through an understanding of the costs and benefits of each project."
—Michael Alte
Management Director, ArvinMeritor

Today's project managers need to understand finance and accounting concepts in order to make both informed decisions and a greater contribution to their organization. Written for readers with limited business backgrounds, Project Management Accounting is an invaluable guide to successfully performing projects using sound finance and accounting concepts.

With the collected insights of authors and respected industry experts Kevin Callahan, Gary Stetz, and Lynne Brooks, Project Management Accounting offers guidance that project managers can use right away to know how to budget appropriately. Brief in presentation and rich in content, Project Management Accounting equips the leaders of today and tomorrow to hit the ground running with a profound business perspective in their current work and in future projects.


Book Details

  • Amazon Sales Rank: #1901900 in Books
  • Published on: 2007-04-06
  • Original language: English
  • Number of items: 1
  • Dimensions: 9.09" h x .80" w x 6.32" l, .95 pounds
  • Binding: Hardcover
  • 192 pages

Editorial Reviews

From the Inside Flap
Project Management Accounting

Budgeting, Tracking, and Reporting Costs and Profitability

In many companies, large and small, it often seems as though one area of a company does not know what is happen-ing in other areas or, in some cases, may even be working against other areas. The first book of its kind to specifically address the accounting side of project management, Project Management Accounting validates the role of accounting as an important ingredient in maximizing the profitability and ROI of any project, concisely covering the business issues related to project management.

Providing a resourceful introduction to the interrelationships between finance, accounting, and project management, Project Management Accounting:

  • Equips readers with a solid working knowledge of basic business practices

  • Includes case studies to help readers understand how to analyze a company's financial information and how to apply proper accounting principals to a project

  • Contains fundamental information on different areas of accounting and financial expertise, such as cost accounting and budgeting

This easy-to-follow guide enables readers to determine how project revenues and expenses affect a company's financial results and to make decisions about whether to continue with a project as planned, find an alternative solution, or scrap a project altogether. Filled with best practice guidance, this practical manual gets project managers quickly up to speed with the business savvy needed toward becoming top performing project management professionals.

From the Back Cover
Praise for Project Management Accounting: Budgeting, Tracking, and Reporting Costs and Profitability

"You don't need to be a Six Sigma Black Belt or a CPA to understand the principles and the practical tools presented by Callahan, Stetz, and Brooks in Project Management Accounting. Their approach focuses on sound financial practices that will improve the ROI of your project whether it is your first or your hundred-and-first experience."
—Barry Van Dyck, PhD
Director of Degree Programs, Executive Education, Mendoza College of Business, University of Notre Dame

"Project Management Accounting serves as a solid resource for the project manager seeking to leverage the tools of accounting and finance to maximize the quality of project outcomes."
—Jeffrey J. Lampe, CFA
Vice President, Hopewell Ventures

"Project Management Accounting clearly communicates fundamental accounting principles and applies them skillfully to the field of project management . . . even seasoned accounting managers will likely benefit from the application to project management. Talented project managers will find enough finance and accounting tools to transition toward profit and loss responsibility. This book will serve as a handy reference."
—Warren Davidson
CEO, Global Source Mfg.

"This is a must-read for everyone in business, whether you have made a career in project management, operations, facilities, or anywhere else. Project Management Accounting provides the framework to understand not only how to manage any project, but how the project interacts with the different functions of the company for the overall good. When applied, [this book] will improve the profitability of the company through an understanding of the costs and benefits of each project."
—Michael Alte
Management Director, ArvinMeritor

Today's project managers need to understand finance and accounting concepts in order to make both informed decisions and a greater contribution to their organization. Written for readers with limited business backgrounds, Project Management Accounting is an invaluable guide to successfully performing projects using sound finance and accounting concepts.

With the collected insights of authors and respected industry experts Kevin Callahan, Gary Stetz, and Lynne Brooks, Project Management Accounting offers guidance that project managers can use right away to know how to budget appropriately. Brief in presentation and rich in content, Project Management Accounting equips the leaders of today and tomorrow to hit the ground running with a profound business perspective in their current work and in future projects.

About the Author
Kevin R. Callahan, MBA, PMP, is currently a Special Advisor to the CEO and Director of the Project Management Office at Learning Point Associates, a not-for-profit educational research company. He cofounded the Project Management Consortium that specializes in corporate transformations. A noted trainer andspeaker, he has addressed audiences at Project World, APICS, PMI, the Open Air Users Association, and others, and is a guest lecturer at DePaul University and the University of Illinois at Chicago.

Gary S. Stetz, MBA, CPA, CFE, is a cofounder and partner in the firm of Stetz, Belgiovine, and Manwarren (SBM), an accounting firm specializing in accounting, taxation, management advisory services, financial planning, and litigation support services.

Lynne M. Brooks, PMP, is a Client Training Manager at Sears Holdings Corporation in Hoffman Estates, Illinois. In her role at Sears, she manages a group of performance consultants who identify performance improvement solutions for the Home Services organization. She has successfully managed projects for clients ranging from Fortune 100 to startup companies within the petroleum, marketing, telecommunications, systems/software development, e-commerce, retail, and financial fields. She has a master's degree in instructional technology and attained certification as a Project Management Professional (PMP).


Customer Reviews

Most helpful customer reviews

2 of 2 people found the following review helpful.
4Thank God Someone remembered to explain financial issues to project manager
By Iztok Palèiè
This book provides project managers knowledge on project finances. But not only that it also explaines finances at a company level. I expected even more detailed explanation of poject budget preparation - this could be the only downside of the book. I recommend!

13 of 13 people found the following review helpful.
5Project Management Accounting - Clear and To the Point
By Amazon Customer
As a CIO and an explorer of ways to drive business performance, I highly recommend this book. Unlike many accounting textbooks that contain hundreds of pages of formulas and such, Project Management Accounting is concise and easy to read, but contains powerful information that can be applied immediately in most business contexts. Not only will this book be useful to project managers, but many business managers will find the chapters on the relationship between project management and business practice useful as well.

There are 7 chapters in the book, and each chapter can stand on its own as a summary of the topic covered, but taken in sequence, the book presents a comprehensive overview of the interaction between business accounting and finance and project management.

The first chapter sets the stage by providing an overview of project management practice. Most project management practitioners will find that this chapter covers all of the basics in a brief way. Business managers who lack background in project management will find this high level presentation an easy introduction to the major subject areas of project management.

Chapters 2 and 3 form the foundation for project managers to how company accounting and finance function through the use of the Dupont Method of analysis. Chapter 2 provides a basic introduction to the Dupont Method, with illustrations and tables that guide the reader through the definitions of critical financial ratios and what they reveal.

Chapter 3 provides a case study that reinforces Chapter 2, while providing a detailed study of a company's current financial status. In addition, the authors provide guidelines on how analyze business decisions made to improve a company's performance. The analysis and guidelines can easily be applied by the reader to any other company.

The next 3 chapters cover individual topics: Cost, Project Financing and Project Revenue and Cash Flows. In Chapter 4, Callahan, Stetz and Brooks clearly explain the difference between concept of cost and that of expense, crucial to understanding why project budgets often go awry.

In Chapters 5 and 6, the authors illustrate how the manner in which a project is financed effects the final outcome and value of a project. In addition, they provide an easy to understand checklist that the reader can use to guide a decision when trying to prioritize and choose between projects.

Chapter 7 ties the book together with a comprehensive case study that begins with a Dupont analysis to determine the financial health of a company and leads to making business decisions to improve company performance. Of particular interest in this chapter is the use of "pro forma" financial statements to compare the affect of various solutions on potential company performance. The authors conclude the book with a clear method to determine if project performance is enhancing business performance or not. In addition to project managers, many financial managers will find this chapter useful in judging whether or not to continue a particular project. Have you ever had to make that tough call of whether or not to keep putting more money into a project that has so far not lived up to expectations?

13 of 15 people found the following review helpful.
2Not a bad book, just a misleading title
By booker_t
This book is actually a pretty good review of finance basics, some cost accounting, and some financial analysis (I realy like the pyramid presentation of the DuPont analysis on p26), but it has little to nothing to do with the nuts and bolts of management accounting applied to projects.

Mr. Hugos' very good review review highlights much of the good material in this book. My caveat to prospective readers of this book is that much of that material is not useful in project management accounting.

For example, a $280 million construction project has no GAAP balance sheet (it's not an entity, really), no share holders, etc., so I assert that ROI and Inventory Turnover-type measures have no place in the discussion. Yes, a firm may undertake a project with the hope that its future balance sheets, income statements, and cash flow statements are improved by having undertaken such a project, but I'd label this analysis as corporate finance or strategy, not project management accounting.

Having worked for a couple of years in project (mostly cost) controls for a small firm, I thought I'd read the book and learn how it's done "by the book." I don't feel as though I gained anything of the sort, and I don't see how reading this book would have helped the PM for whom I worked, client PM's or the PM's in major contracting firms working on our projects.

To sum, it's not a bad book - it's actually quite a good review of basic finance topics. My problem with it is the title, as there is practicaly nothing in the book identifying or explaining what makes project management accounting unique. Enjoy it, but don't bother reading it if your object is to get sharp on actual project accounting skills or project accounting best practices.

See all 3 customer reviews...
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