Managerial Accounting, Applied to Successful Project Accounting Practices

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Managerial Accounting, Applied to Successful Project Management Accounting Practices 1.1 Introduction to Managerial Accounting in Project Work Environments This paper provides research and pertinent Managerial Accounting strategies that support the overall financial goals of project management professionals within the context of project management work environments. Many industries rely on project management as an important part of a successful business strategy. Project managers are under extreme pressure to plan and respond effectively within the context of a fast-paced project environment where the budget has the potential of changing multiple times. Within this context, it is the project manager’s goal to not only maintain…show more content…
Managerial Accounting, Applied to Successful Project Management Accounting Practices 1.1 Introduction to Managerial Accounting in Project Work Environments This paper provides research and pertinent Managerial Accounting strategies that support the overall financial goals of project management professionals within the context of project management work environments. Many industries rely on project management as an important part of a successful business strategy. Project managers are under extreme pressure to plan and respond effectively within the context of a fast-paced project environment where the budget has the potential of changing multiple times. Within this context, it is the project manager’s goal to not only maintain control over the budget, but also plan, execute and control schedules, scope, risk and quality. There is also a growing emphasis on a project based work environment for today’s management accountant. The emphasis on project-based work creates a growing need to integrate managerial accounting analysis into the project environment. This also means that there is an increased need for managerial accountants to develop a familiarity with the unique requirements and demands associated with the project work environment (Liberatore, Stout, & Robbins Jr., 2007). Project Accounting is the managerial accounting practice of creating financial reports specifically designed to track the financial progress of projects; assisting project managers
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