ProjectMinder provides project progress analysis via the following project screens and reporting options.
Project Fee Allocation for individual project profit percentage margin and financial progress against budgets excluding non-recoverable (generally resource budgets) and including non-recoverable (generally resources and expenses).
Project Estimates for individual project margin % and £ against budgets.
Project Task Financial Details for individual project resource cost project progress and variance analysis
Project Current Profit for individual project analysis percentage of to-date invoiced vs costs
Project Projected Profit for individual project analysis of percentage agreed project fees vs to-date actual + forecast costs
Project Manager report for multi-project comparison of actual costs and profit figures to budgeted costs and profit figures
Project Progress report for multi-project comparison of actual resource costs to date and forecast costs to go against total resource budgeted costs
The project Fee Allocation screen (Architects, Engineers and Quantity Surveyors only) contains an expandable section showing a mixture of actual and forecast data against budget for real time progress analysis.
Click the Show forecast/actual link to open up the real time analysis of your project data.
The top section of the screen is for 'Budget excluding non-recoverable.
This allows you to focus on project progress based on resource costs only, therefore excluding expense budgeting.
A Cut Off Date is displayed and will default to today's date (see screenshot below). This date is used to determine:
Resource cost & profit
Resource Days Actual number of approved timesheet days up to and including cut off date + Forecast number of resource days after the cut off date
Resource Cost Actual cost of approved timesheet data up to and including cut off date + Forecast cost of resource time after the cut off date
Resource Margin % Calculated from BUDGET FEES & COSTS > Resource Fee less RESOURCE COST & PROFIT > Resource Cost divided by BUDGET FEES & COSTS > Resource Fee
Resource Profit Calculated from BUDGET FEES & COSTS > Resource Fee less RESOURCE COST & PROFIT > Resource Cost
Using the example below, see calculations for Resource Margin and Resource Profit.
Resource Margin % (7,500.00 - 6,528.00) / 7,500.00 = 12.96%
Resource Profit 7,500.00 - 6,528.00 = 972.00
By ensuring that you have accurate up to date timesheet data and resource plans you can easily monitor progress of budgeted resource costs vs a combination of actuals and forecasts.
You can change the cut off date based on how up to date you your actual timesheet and forecast resource data is.
The bottom section of the screen is for 'Budget including non-recoverable'.
This allows you to factor in non-recoverable costs (generally expenses) with resource costs to evaluate total project progress.
Total cost & profit
Total Cost Actual cost of approved timesheet, expense* and purchase invoice* data up to and including cut off date + Forecast of cost resource time and expense forecasts after the cut off date
Total Margin % Calculated from TOTAL BUDGET PROFIT > Total Budget Fee less TOTAL COST & PROFIT > Total Cost divided by TOTAL BUDGET PROFIT > Total Budget Fee
Total Profit Calculated from TOTAL BUDGET PROFIT > Total Budget Fee less TOTAL COST & PROFIT > Total Cost
Note*:
The Total
Cost calculation only includes
expense and purchase invoice data where a corresponding invoice item has
not been generated from an invoice rule.
This is because expense and purchase invoice data that has a corresponding
invoice item is not considered 'non-recoverable'.
Using the example below, see calculations for Total Margin % and Total Profit.
Total Margin % (8,250.00 - 7,028.00) / 8,250.00 = 14.81%
Total Profit 8,250.00 - 7,028.00 = 1,222.00
The project task financial details (Projects > Project > Work Structure) provides individual project resource cost and variance analysis compared to budget.
Task |
Budget |
Actual |
Forecast |
Variance |
(%) |
Budget / Cost |
Budgeted cost of task from Fee Allocation > “Resource Cost” |
Internal cost of approved time logged to the task Where the incurred date is less than or equal to cut-off and any time reconciled to PIs is excluded |
Forecasted internal cost of task resourcing That is due to be incurred after cut-off date |
Task Budget (Cost) minus Task Forecast (Cost) minus Task Actual (Cost) |
Task Variance cost divided by Task Budget (Cost) |
Fee / Charge |
Budgeted fee of task from Fee Allocation > “Resource Fee” |
External charge value of all approved time logged to the task Where the incurred date is less than or equal to cut-off and any time reconciled to PIs is excluded. A time invoice rule must exist for any time to be included |
Forecasted external charge value of task resourcing That is due to be incurred after cut-off date |
Task Budget (Fee/Charge) minus Task Forecast (Fee/Charge) minus Task Actual (Fee/Charge) |
Task Variance (Fee/Charge) divided by Task Budget (Fee/Charge) |
Project |
Budget |
Actual |
Forecast |
Variance |
(%) |
Budget / Cost |
Budgeted cost of project from Fee Allocation > "Core Project Fee> Resource Cost” |
Internal cost of approved time logged to the project Where the incurred date is less than or equal to cut-off and any time reconciled to PIs is excluded |
Forecasted internal cost of project resourcing That is due to be incurred after cut-off date |
Project Budget (Cost) minus Project Forecast (Cost) minus Project Actual (Cost) |
Project Variance cost divided by Project Budget (Cost) |
Fee / Charge |
Budgeted fee of project from Fee Allocation > “Core Project Fee> Resource Fee” |
External charge value of all approved time logged to the project Where the incurred date is less than or equal to cut-off and any time reconciled to PIs is excluded. A time invoice rule must exist for any time to be included |
Forecasted external charge value of project resourcing That is due to be incurred after cut-off date |
Project Budget (Fee/Charge) minus Project Forecast (Fee/Charge) minus Project Actual (Fee/Charge) |
Project Variance (Fee/Charge) divided by Project Budget (Fee/Charge) |
Current profit calculation:
(Invoiced - Cost)/Invoiced, where:
Invoiced = (Invoices including time billed to cut off date + expenses billed to cut off date + purchase invoices billed to cut off date)
Costs = (Total project costs to cut off date)
Note:
Only invoices where the invoice status
is not set to ‘draft’ are included in billed calculations.
All
time and expense entries regardless of approval status are included in
calculations.
(Fee - Costs) / Fee, where:
Fee = (Total value of all invoice items attached to non-draft invoices to cut off date + all invoice items not attached to an invoice + all invoice items attached to draft invoices + Total value of all Forecast invoice items after cut-off date)
Costs =(Total time, expense and purchase invoice costs to cut off date + expense forecasts and resource time costs from cut off date)
Note:
The agreed fee is generated from the
Fee Allocation screen (Architects, Engineers and Quantity Surveyors) and
Estimates screen (Consultants).
Only
invoices where the invoice status is not set to ‘draft’ are included in
billed calculations.
All time and expense entries regardless of approval status are included in calculations.
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