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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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Conclusion

Many times when things go awry, we say “I had a feeling something was amiss”. You may become overwhelmed with the planning of the engagement. The demands of initiating and planning the project can cause you to narrow your focus or become distracted, causing you to lose sight of the warning signs in the background. The objective of this chapter is to make you consciously acknowledge the potential pitfalls in your engagement. It is the intent of this chapter to supply a guideline for assessing the possibility of being unpleasantly surprised (risk) associated with accepting a given engagement.

It is easy to answer all of the questions posed in this chapter and walk away from a less-than-desirable engagement when you have more than enough work and money. We hope that all of you are in that situation. For those who are not and choose to take that less-than-desirable engagement, make note of the dangers and plan accordingly. Be prepared.

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