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In the Project file there are two main sections. The first is for M&S / Travel and the second is for labor costs. 

It is very important that you do not alter the column order of this file!

Outbound Reporting

Of all of the columns in this file the 5 that are used for project reporting are the following:

  • Total Budgeted Cost
  • Actual Cost
  • Remaining Funds
  • Cost Variance
  • Schedule Variance
  • Cost Variance With Contingency

These are the key outputs from this file and will appear in the tracking file and project dashboard.

Description Of Columns

Task

This column contains the name of the individual item for purchase or the individual scheduled task. It may also contain the name of a sub-group of items or tasks for organizational purposes.

Item Notes

This field is provided for allow the user to add budget planning specific notes related to a particular item. This can be self reminders of how an estimate was generated or can provide further details about what the task or sub group contains.

Budget Quantity

This field contains either the budgeted number of hours for a given task or the number of components being purchased. 

Cost per Item

This field contains the fully burdened cost (with overhead) of the item being budgeted. For M&S items this is the cost after applying the M&S overhead factor for a given item. For the Labor section this cost is the fully burdened labor cost for the person being assigned the task. In some cases this cost will vary by job code or which project the task is for. 

Risk Factor

This is the assigned risk factor for each M&S and Labor item in the planned budget. You should assign the risk based upon your confidence level in the budgeted item. This field is used to compute a contingency factor for each budgeted line item.

Assigned To

This field is where the PM will assign the task to a specific resource.

Predecessors

This field allows the PM to link task start dates based upon a previous task.

Start

This is the start date of a task.  

End

This is true end date of a task or the expected date when M&S purchases will be charged. 

Duration

This is the duration of a task based upon the Start and End dates. 

 PA Number

This is the PA-Number to which the costs associated with this line item should be charged. 

Resource Allocation

This field computes the percentage of a resource's time is required to complete the task based upon the number of hours required and the planned duration.

Total Budgeted Cost

This field is the computed cost of the M&S or Labor item based upon unit cost and quantity.

Actual Labor Hours

The use of this field changed depending on if it is an M&S or Labor task. For an M&S task this is the actual total cost for the M&S item billed tot he account. For Labor this is the actual number of hours that have been spent on a given task. This in combination with the percentage complete is used to determine the how far under or over budget a project is.  This field should be updated regularly by the PM as the project progresses. 

Percentage Complete

This field contains an estimate of how much progress has been made on a given task. This field combined with the Actual Labor Hours Or M&S Cost field is used to determine how far under or over budget a project is.  This field should be updated by the PM regularly as the project progresses. 

Actual Cost

This is the actual computed cost for a given task or the overall project. 

Remaining Funds

This is the amount of funding remaining for a given task or the overall project. 

Earned Value

This field computes the earned value of a given item. For M&S this earned value is the estimated cost of an item if purchased, for Labor this is the Budgeted Labor Cost multiplied by the percentage complete. In a perfect project the Earned Value would match the total cost of the project.

Planned % Complete From Schedule

This is the planned percent complete based upon the task's start and end date compared to the last date of the previous month., assuming the task will have linear progress.

Planned Earned Value

This is the expected earned value of a task using the planned % complete and the total cost for the task. 

Cost Variance

This line item is the result of comparing the Actual Cost of each line item with the Earned Value. A positive value in this field means that you earned more value than it costed for a given line item,  indicating a Budget under-run. A negative value is a budget overrun.

Schedule Variance 

This is the computed schedule variance comparing the current earned value with the planned earned value for each task. A positive number indicates you are ahead of schedule.

Contingency

This field contains the applied contingency multiplier based upon the risk factor assigned to the item.

Total Budgeted With Contingency

This field is the result of applying the contingency factor to the Total Budgeted Cost number.

Earned Value With Contingency

This field applies the contingency factor to the earned value field. 

Cost Variance With Contingency

This is the same as Budget Variance but computed with contingency applied.


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