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Project accounting is a type of managerial accounting oriented toward the goals of project management and delivery.It involves tracking, reporting, and analyzing financial results and implications, [1] and sometimes the creation of financial reports designed to track the financial progress of projects; the information generated by this analysis is used to aid project management.
Task management may be a component of project management and process management, serving as the foundation for efficient workflow within an organization. Project managers adhering to task-oriented management have a detailed and up-to-date project schedule and are usually good at directing team members and moving the project forward. [2]
A project management information system (PMIS) is the logical organization of the information required for an organization to execute projects successfully. A PMIS is typically one or more software applications and a methodical process for collecting and using project information.
For example, consider the accounts payable department when processing an invoice. With an accounting information system, an accounts payable clerk enters the invoice, provided by a vendor, into the system where it is then stored in the database. When goods from the vendor are received, a receipt is created and also entered into the AIS.
A chart of accounts (COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Accounts may be associated with an identifier (account number) and a caption or header and are coded by ...
Project planning is often used to organize different areas of a project, including project plans, workloads and the management of teams and individuals. The logical dependencies between tasks are defined using an activity network diagram that enables identification of the critical path. Project planning is inherently uncertain as it must be ...
A project manager needs to understand the order of execution of a project to schedule the project correctly as well as the time necessary to accomplish each individual task within the project. A project manager is the person accountable for accomplishing the stated project objectives on behalf of the client.
The precedence diagram method (PDM) is a tool for scheduling activities in a project plan. It is a method of constructing a project schedule network diagram that uses boxes, referred to as nodes, to represent activities and connects them with arrows that show the dependencies. It is also called the activity-on-node (AON) method.
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