Traditional project management uses accounting that measures revenue earned by the percent complete based on costs. We believe this idea is flawed and Joe explains why.
Setpoint's Project Management Method Part 2
Setpoint's Project Management Method Part 1
The Setpoint way of project management is different from that of most companies. We are a project based company and the standard accounting method of tracking projects does not work for us.
Revenue Recognition in Managing Projects
At Setpoint, we measure percent complete by labor only. We evaluate how much labor was spent on a project every week and then we estimate labor required to complete the work and use labor only…
Anticipating Cash Flow on a Large Contract
Cash flow management is always best when played offensively, rather than defensively. If there is a project on the horizon that is larger than normal and will stretch a credit line, calling vendors ahead of…
Discovering and Resolving Problems
Most of the projects we build have never been built before; most are completely clean sheet designs, meaning that no one is quite sure what this machine will end up looking like. This means that…