Many project managers today review progress as on-time / on-budget against a pre-determined plan. While necessary to monitor this, it is very elementary. Slightly more mature project management models review Earned Value and that is a good step in the right direction. However, the real economic reality of any owner of a PSO is that they are acting like a bank. They finance a project with their personal capital through wages, expenses and sub-contractors while anticipating revenue. The most mature project financial models treat a project as it really is to the owner, an investment. That requires not just cash flow projections and Net Present Value analysis, but even more sophisticated financial modeling like Debt Service Coverage Ratios and Cash Flow Available for Debt Service. Only then can you get a realistic financial picture of your projects, their associated risks and how they impact your organizations Net Worth.