Extremely fast setting of cementitious compositions for producing cement-based products such as cement boards is made possible by adding an alkanolamine to a hydraulic cement such as portland cement, and forming a slurry with water under conditions that provide an initial slurry temperature of at least 90° F. Use of alkanolamine under conditions disclosed herein allows an extremely rapid setting of the cementitious composition. Additional reactive materials may be included such as high alumina cement, calcium sulfate and a pozzolanic material such as fly ash. The extremely fast rapid set permits rapid production of cementitious products.