Monitoring project progress

 

ProjectMinder provides project progress analysis via the following project screens and reporting options.

 

Project Fee Allocation

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.

 

Budget excluding non-recoverable

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.

 

  1. A Cut Off Date is displayed and will default to today's date (see screenshot below). This date is used to determine:

 

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

 

 

  1. 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.

  2. You can change the cut off date based on how up to date you your actual timesheet and forecast resource data is.

Budget including non-recoverable

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.

 

 

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

 

Project Task Financial Details

The project task financial details (Projects > Project > Work Structure) provides individual project resource cost and variance analysis compared to budget.

 

 

Task breakdown

 

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 Breakdown

 

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)

Project Current Profit

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.

Project Projected Profit

(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.

 

 

 

 

  Was this topic useful? Click here to provide feedback.

  Need further help? contact support.