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Project Management Accounting: Budgeting, Tracking, and Reporting Costs and Profitability, with Website, 2nd Edition


Praise for Project Management Accounting

"Let me start with what the Second Edition of Project Management Accounting is 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.

KEVIN R. CALLAHAN, MBA, PMP, is the founder and Chief Bulldog at The COO's Bulldog, where he specializes in helping small companies find and fix problems in their operations and entrepreneurs build their back offices.

GARY S. STETZ, MBA, CPA, CFE, CFF, ABV, is the cofounder and partner of Stetz, Belgiovine, and Manwarren (SBM). Mr. Stetz is also a director and cofounder of Allegiance Community Bank.

LYNNE M. BROOKS, PMP, is an Education Manager in the Education and Publications Group at the College of American Pathologists where she applies Project Management in developing Continuing Medical Education for physicians.



Chapter 1 Project Management and Accounting.

Mission, Objectives, Strategy.

Project Planning.

Project Execution and Control.


Chapter 2 Finance, Strategy, and Strategic Project Management.

DuPont Method.


Chapter 3 Accounting, Finance, and Project Management.

Project Team and Financial Success.

Calculating Return on Investment.

STO Solution Model.

Implementing Strategy throughout the Company.



Chapter 4 Cost.

Definition and Purpose of Cost.

Cost Classifications.

Cost Decisions.

Cost of Quality.

Cost and Industry.



Chapter 5 Project Financing.

Debt Financing.

Corporate Bonds.


Income Tax Effect.

Cost Implications of the Funding Methodology.


Chapter 6 Project Revenue and Cash Flows.

Role of the Financial Manager.

How to Calculate the Statement of Cash Flows for a Company.

Free Cash Flows.

Methods for Calculating a Project's Viability.



Chapter 7 Creating the Project Budget.


Case Study: Pontrelli Recycling, Inc.

Planning for the Future.

Creating a Project Budget.

Review Project Financials.

Project Cash Flow.




Risk to Your Reputation.


Integrity and Honesty.

Organizational Structure.

Human Resources.

Reports on Financial Statements.

Project Specific Risk.

Engagement Acceptance.


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