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Project Management Accounting: Budgeting, Tracking, and Reporting Costs and Profitability, Second Edition by Lynne M. Brooks, Gary S. Stetz, Kevin R. Callahan

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Competency

When approaching a project as an outside contractor, we recommend that you identify all of your potential client's businesses and product lines, services, and functions. Be sure to understand what the significant business units, departments, and products are. In addition, identify any activities or compliance issues that your potential client may be subject to. For public companies and many non-public companies, this information is readily available on their web sites. For those who don't have informative web sites, we recommend that you call ahead for brochures and do some investigation on the Internet.

The purpose for this analysis is three fold. First, it prepares you for the initial meetings with the potential client. It enhances your ability to understand where the potential client is coming from and heading to. In addition, it allows you to have a better dialogue about the potential engagement with the client. Second, your knowledge about who the client is and what is important to the client should complement the design of your project management. Finally, you should be able to get a feel for whether you have enough experience or knowledge to successfully manage your client's project.

After understanding the client and what is required, you have to prepare an honest self assessment as to whether or not you possess the minimum skills to complete the project. It is important to note that client satisfaction is based upon their expectations of you. Accordingly, managing ...

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