Setting up a project for costing
You can track costs for a project using Replicon. If you need to track costs, ensure the following settings are in place for the project:
- Assign each resource a cost rate in their user profile
- If you want costs to be allocated among multiple clients, assign multiple clients along with allocation percentages to the project
- If you want to track estimated costs versus the actual cost of project, enter a cost estimate to the project as a whole, or to each task within the project
- If you need to track the project’s costs by cost type (CapEx or OpEx), assign a cost type to the project or to each task within the project
If you want to track budgets by cost type at the program-level, coordinate with the program manager to include a budget for each cost type for the program.
- If project costs will be automatically normalized by Replicon, coordinate with your system administrator to edit normalization rules resources have been assigned, or create and assign new rules, if necessary
Cost normalization rules apply to all projects a resource works on, therefore the rules must make sense for all projects that require cost normalization.
How are costs calculated?
Project costs are calculated by multiplying the number of hours a resource spends working on a project by their assigned cost rate.
In the case of cost allocation, the project's total costs are divided among the clients assigned to the project on a proportionate basis, according to the percentages you assigned to each client when you set up the project.
Costs can be automatically normalized within Replicon, if that is required.
Can I assign a cost cap to a project or task that prevents further time entry?
No, that isn't possible.