Project Management Accounting, with Website: Budgeting, Tracking, and Reporting Costs and Profitability (Wiley Corporate F&A)

Praise for Project Management Accounting "Let me start with what the Second Edition of Project Management Accounting is not....it is not an inch wide and a mile deep. Instead, it provides multiple lenses to anticipate both intended and unintended consequences through sound principles of Project Management and accounting as well as inquiry focused on both risks to the project and reputational capital. It should be on every decision makers bookshelf to pick up and remind them of their essential foundation when they face a major project or the risk of mental myopia." —Barry van Dyck, PhD, Recruiting and Admissions Director, EMBA, Mendoza College of Business, University of Notre Dame Acquire the accounting knowledge and skills to become a top-performing Project Management professional Project Management accounting involves much more than just understanding how project income and expense impact the general ledger. To truly succeed in today's competitive business environment, project managers must also understand how to budget resources, determine ROI, and track costs and expenses for projects as well as become adept at strategy and executive decision making and portfolio management. With its focus on accounting, Project Management Accounting: Budgeting, Tracking, and Reporting Costs and Profitability, Second Edition is designed to enhance the business skills of project managers at all levels of experience. Now in a fully updated second edition, Project Management Accounting clearly explains step-by-step how project expensing (for both internal projects and outside vendors) should be capitalized or expensed in order to keep the budget on track and improve profitability. The proficient author team of Callahan, Stetz, and Brooks culls their decades of experience to show readers how to achieve the greatest tax/cost savings by helping them determine what portion of the project can be capitalized. This Second Edition of Project Management Accounting includes current case studies and sample checklists to help professionals hit the ground running by immediately applying concepts to their own business scenarios. Here, CFOs, controllers, project managers, and accounting managers will discover how to: Understand risk assessment from an accounting and auditing perspectiv Maximize project outcomes by leveraging accounting and financing tools and principles Improve each project's profitability by understanding its costs and benefits Analyze their business's financial information to choose the right project, every time Apply proper accounting principles to a project Develop a project budget based on a company's financial performance and needs Project Management Accounting provides the knowledge and skills to become proficient in Project Management and maximize the profitability and ROI of any project. For Project Management Accounting / "Let me start with what the Second Edition of Project Management Accounting is not ... it is not an inch wide and a mile deep. Instead, it provides multiple lenses to anticipate both intended and unintended consequences through sound principles of Project Management and accounting as well as inquiry focused on both risks to the project and reputational capital. It should be on every decision makers bookshelf to pick up and remind them of their essential foundation when they face a major project or the risk of mental myopia." 'Barry van Dyck, PhD, Recruiting and Admissions Director, EMBA, Mendoza College of Business, University of Notre Dame Acquire the accounting knowledge and skills to become a top-performing Project Management professional Project Management accounting involves much more than just understanding how project income and expense impact the general ledger. To truly succeed in today's competitive business environment, project managers must also understand how to budget resources, determine ROI, and track costs and expenses for projects as well as become adept at strategy and executive decision making and portfolio management. With its focus on accounting, Project Management Accounting: Budgeting, Tracking, and Reporting Costs and Profitability, Second Edition is designed to enhance the business skills of project managers at all levels of experience. Now in a fully updated second edition, Project Management Accounting clearly explains step-by-step how project expensing (for both internal projects and outside vendors) should be capitalized or expensed in order to keep the budget on track and improve profitability. The proficient author team of Callahan, Stetz, and Brooks culls their decades of experience to show readers how to achieve the greatest tax/cost savings by helping them determine what portion of the project can be capitalized. This Second Edition of Project Management Accounting includes current case studies and sample checklists to help professionals hit the ground running by immediately applying concepts to their own business scenarios. Here, CFOs, controllers, project managers, and accounting managers will discover how to:ulli Understand risk assessment from an accounting and auditing perspectiv/lili Maximize project outcomes by leveraging accounting and financing tools and principles/lili Improve each project's profitability by understanding its costs and benefits/lili Analyze their business's financial information to choose the right project, every time/lili Apply proper accounting principles to a project/lili Develop a project budget based on a company's financial performance and needs/li/ul Project Management Accounting provides the knowledge and skills to become proficient in Project Management and maximize the profitability and ROI of any project 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. Project Management Accounting Budgeting, Tracking, And Reporting Costs And Profitability Second Edition Over The Past Few Decades, Project Management Has Shifted From Its Roots In Construction And Defense Into Mainstream American Business. However, Many Project Managers' Areas Of Expertise Lie Outside The Perimeters Of Business, And Most Do Not Have The Formal Education In Business, Accounting, Or Finance Required To Take Their Skills To The Next Level. In Order To Succeed, Today's Project Managers (pms) Who Wish To Soar To The Top Or Remain At The Helm Of Their Profession Need To Have A Comprehensive Grasp Of The Business Context Within Which They Work. Providing A Resourceful Introduction To The Interrelationships Between Finance, Accounting, And Project Management, Project Management Accounting, Second Edition Is Designed To Help Pms At Various Skill Levels Improve Their Business Skills, Provide Advanced Contributions To Their Organizations, And Perform With Greater Proficiency. Authors And Industry Experts Kevin Callahan, Gary Stetz, And Lynne Brooks Combine Their Decades Of Project Management Experience And Insights To Provide Professionals In The Field With A 360-degree Understanding Of How Costs Interact With The General Ledger. Through The Authors' Seasoned Expertise, Pms Are Better Equipped To Assess All Facets Of A Project With A Broader Understanding Of The Big Picture To Determine Whether To Continue As Planned, Find An Alternative Solution, Or Scrap The Project Altogether. Rich With New Content As Well As Many New Case Studies, This Second Edition Of Project Management Accounting Includes: Updated Information On Project Management And Its Link To Project Accounting A New Chapter On Assessing Risk When Managing Projects How To Determine The Greatest Tax/cost Savings Project Management In Relation To A Company's Mission, Objectives, And Strategy Project Management In An Agile Business Coverage Of Agile Project Management As Applied To Software And Technical Projects New, Updated, And Timely Case Studies Sample Checklists To Help Readers Get Started And Apply Concepts To Their Business Project Managers Must Make Vital Decisions Every Day That Impact The Schedule, Costs, Or Resources Committed To A Given Project. Project Management Accounting, Second Edition, Provides The Tools And Skills To Help Pms Establish With Greater Certainty Whether These Costs Should Be Capitalized Or Expensed To Stay On Budget And Improve A Company's Bottom Line. PROJECT MANAGEMENT ACCOUNTING: BUDGETING TRACKING AND REPORTING COSTS AND PROFITABILITY......Page 5 Contents......Page 9 Preface......Page 13 Acknowledgments......Page 17 1 Project Management and Accounting......Page 19 Mission, Objectives, Strategy......Page 20 Project Planning......Page 24 Project Execution and Control......Page 29 Notes......Page 39 2 Finance, Strategy, and Strategic Project Management......Page 41 DuPont Method......Page 42 Note......Page 62 3 Accounting, Finance, and Project Management......Page 63 Project Team and Financial Success......Page 64 Calculating Return on Investment......Page 71 STO Solution Model......Page 77 Implementing Strategy throughout the Company......Page 79 Conclusion......Page 86 Notes......Page 87 4 Cost......Page 89 Definition and Purpose of Cost......Page 91 Cost Classifications......Page 92 Cost Decisions......Page 98 Cost of Quality......Page 101 Cost and Industry......Page 103 Manufacturing Industry......Page 107 Conclusion......Page 108 Note......Page 109 Debt Financing......Page 111 Corporate Bonds......Page 113 Equity......Page 115 Income Tax Effect......Page 117 Cost Implications of the Funding Methodology......Page 118 Conclusion......Page 130 Role of the Financial Manager......Page 133 How to Calculate the Statement of Cash Flows for a Company......Page 137 Free Cash Flows......Page 145 Methods for Calculating a Project’s Viability......Page 146 Conclusion......Page 155 Notes......Page 157 Introduction......Page 159 Case Study: Pontrelli Recycling, Inc.......Page 160 Planning for the Future......Page 165 Creating a Project Budget......Page 175 Review Project Financials......Page 179 Project Cash Flow......Page 180 Conclusion......Page 186 Note......Page 187 8 Risk Assessment......Page 189 Risk to Your Reputation......Page 193 Competency......Page 194 Integrity and Honesty......Page 195 Organizational Structure......Page 196 Human Resources......Page 197 Reports on Financial Statements......Page 198 Project Specific Risk......Page 215 Engagement Acceptance......Page 217 Conclusion......Page 218 About the Web Site......Page 219 Index......Page 221 "Helping project managers figure out how costs interact with the general ledger as well as make decisions about whether to continue with the project as planned, this book reveals how project expensing should be capitalized or expensed in order to keep the budget on track and improve profitability. This book helps business professionals determine the greatest tax/cost savings by through understanding what portion of the project can be capitalized. Along with new case studies, new material has been added on risk assessment of managing projects"-- Provided by publisher Helping project managers figure out how costs interact with the general ledger as well as make decisions about whether to continue with the project as planned, this book reveals how project expensing should be capitalized or expensed in order to keep the budget on track and improve profitability. This book helps business professionals determine the greatest tax/cost savings by through understanding what portion of the project can be capitalized. Along with new case studies, new material has been added on risk assessment of managing projects.--Résumé de l'éditeur