Management Accounting, Applied to Successful Project Management Accounting Practices1.1 Introduction to Management Accounting in Project Work EnvironmentsThis document provides relevant management accounting research and strategies that support the overall financial goals of project management professionals in 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 in the context of a rapidly changing project environment where the budget has the potential to change multiple times. In this context, the project manager's goal is not only to maintain control over the budget, but also to plan, execute and control schedules, scope, risks and quality. There is also an increasing emphasis on a project-based work environment for today's management accountant. . The emphasis on project-based work creates a growing need to integrate management accounting analysis into the project environment. This also means that there is an increased need for management accountants to become familiar with the unique requirements and demands associated with the project work environment (Liberatore, Stout, & Robbins Jr., 2007). Project accounting is the management accounting practice of creating financial reports specifically designed to track the financial progress of projects; assist project managers and senior management in making appropriate financial decisions. Project managers come from a wide variety of backgrounds and often begin their careers as specialists in their chosen profession; gradually towards project management roles. Given many p...... middle of document...... Retrieved from: http://eds.b.ebscohost.com.ezproxy.chadronstatelibrary.com/ehost/pdfviewer/pdfviewer?sid=7b6117cb -2310 -4880-865e-d384f1f12271%40sessionmgr113&vid=9&hid=101Touran, A. (2010). Probabilistic approach for budgeting in a project portfolio. Journal of Construction Engineering and Management, 136(3), 361-366. doi:10.1061/(ASCE)CO.1943-7862.0000128. Retrieved from: http://eds.b.ebscohost.com.ezproxy.chadronstatelibrary.com/ehost/pdfviewer/pdfviewer?sid=7b6117cb-2310-4880-865e-d384f1f12271%40sessionmgr113&vid=11&hid=101 Wulke, R. and Kohl, B. (2004). Cost Management: Roadmap to Project Success - Complement accounting systems for project cost management. Cost Engineering, 46(8), 11-13. Retrieved from: http://eds.a.ebscohost.com.ezproxy.chadronstatelibrary.com/ehost/pdfviewer/pdfviewer?sid=1dccb277-c3b2-466f-8b9f-d0549574afa8%40sessionmgr4002&vid=5&hid=4205