Project cash flows refer to the amount of money that goes in and out of a company as part of a particular project. These cash flows are tracked over time to track the success or failure of various projects. In order to accurately measure project cash flows, it is important to understand and distinguish between capital and operating expenses, as well as all other income and expenses associated with a given project. This information can then be used to assess whether a project is making or losing money and if necessary, adjustments can be made to ensure future success. Understanding how cash flows work can give companies an advantage when planning for the future and forecasting potential risks.