In the last blog post we covered the importance of budgeting your project. So now your project has a reasonable budget agreed. Your next step will be delivering the project within budget. So you need to get to grips with cost control. Luckily Planner comes to the rescue again.
Cost control – Time sheets
So now your project is up and running. People will be working on their allocated tasks. They can record the time they spend on each task as they go. In Planner there will have been a budget allocated hours figure for each person. They simply record their actual hours for that task as a total. So perhaps on the first day 2 hours. Then next day a further 4 hours so the total is 6. This progresses as they (and possibly others) work on the task each recording their ‘Actual hours’.
The resources can do this in each task form or can use a timesheet form to quickly update multiple tasks if needed. Planner, in the same way it did with Budgets earlier, rolls up these actual resources at the task, summaries and whole project levels automatically. You can do exactly the same with your fixed costs recording the actual fixed costs against tasks. Again this is all rolled up and combined with resource costs to give total Actual cost for the project.
Cost control – progress costs
Of course all of this work people are doing on tasks hopefully has results and the % complete of the tasks will be changing also. Planner also calculates a progress cost for each task as its percentage complete is changed. The progress cost is the proportion of the budget cost for that percentage complete. i.e. if a cast has a Budget cost of £2,000 and is 75% complete it’s progress cost would be £1,500. You can think of progress cost as what you should have spent for that amount of completeness.
Again Planner rolls up these progress costs for summaries and project level and they can be used to see how different parts of the project are progressing.
Cost control tools
So you can download planner now and it will help you get right on top of your project cost control.
Simply sign up to download it today.