The rows highlighted in green are the top tier activities of the WBS, and the total cost is derived of the aggregated total cost of the tasks under each one. Then the cost of the hour is multiplied by the estimated hours needed to complete the task, and the result is the cost of completing the task. Any other costs associated with employment, which vary according to the country the employee works in. Then the teams are required to estimate the number of work hours that are needed in order to complete the task. The tasks are broken down according to the WBS, thus ensuring that 100% of the effort is outlined. “Labour Costs”: This sheet needs to outline all the costs of human effort which are associated with the projects’ scope. It also includes the basic info of the project (Date of submission, planned start and end date of the project, PM’s name and the project’s name). “Total Costs”: This sheet is the bottom line of the estimated budget, and presents the total costs of the other three sheets. If someone work for one day additional then the total days for that week will be 6. So, if a team member takes leave for one day then the total days worked in that week will be four. When updating the Actual sheet keep an eye on the Totals Section. But if the time spent is more then the project budget can go up. In some cases, a resource might spent less time which will save money. After the estimation is complete you should not make any changes to the estimation sheet.Īs you progress with the project you should update the Budget Actual sheet with the actual time spent by the resources. During the estimation process always use the Budget Estimation Sheet. The process of estimation and tracking is simple. In case of the Actual sheet, there will be an additional column to the totals section which will indicate what the estimated value. There is an option to enter a Contingency.ĭepending on the standards followed in your company you may select 10%, 20% or a different number. At the bottom of the sheet, there is a Totals Section which displays the key totals of the project which include - Human Resources Costs, Other Resources, Other Expenses and then other totals. The Other Resources Section is similar to the project team section but can be used to calculate costs for other resources required for the project. If you have someone working for 50% time then you would enter 2.5 days or if someone is working for 80% then you would enter 4 days.Īfter the data is entered the sheet calculates the cost for each of the resources and then displays a total for each week as well as a grand total. By default, everyone is considered to be working full time which is 5 days a week. Then you have to enter their availability on a weekly basis. In this section, you need to have the name of resources and their daily rates. The first section in each of the sheets is the Project Team Section. You also have the option to copy the estimates sheet and create an actual sheet but then the formulas and conditional formatting will not work. After you are confident about the estimation you can update the Budget Actual sheet with the same numbers as an estimation. The budget estimation sheet should be updated before the project starts and NOT changed once the project starts. The excel template contains two sheets - Budget - Estimation, and Budget - Actual. Highlights when the actual spend exceeds the estimated spend. Considers real-life situations like vacations and adding contingency. Resource rates can be set on a daily rate basis. Resources are allocated on a weekly basis. It has two sections - one for human resources or project team and one for other resources. Both the budget estimation and tracking is done in the same spreadsheet. In this article, we will look at how you can track resource costs, how you can estimate the project budget and write a cost management plan for your project.īased on MS Excel so you will not need any other software. Project Cost and Management are key task for a project manager. icon-chevron Resource and Capacity Plans.
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