Below are given some financial metrics, i.e. calculable parameters pertaining to financial and economic performance of a project. You can use these as reference when using project billing. They appear on the project details screen in the Financials section.
|Project profit||Project Profit = Total Project Billing* – Total Project Internal Cost**||Total of project-related bills minus total expenses and costs incurred during the project|
|Project Profitability, %||Project Profitability = (Total Project Billing – Total Project Internal Cost) / Total Project Billing x 100%.||Percentage of total project billing value minus total project expenses and costs in total project billing value|
|Project Cost Variance||Project Cost Variance = (Total Project Budget*** + Total Planned Expenses) – Total Project Internal Cost||Difference between budgeted and actual costs incurred by the project|
|Estimated Budget Profitability||Estimated Budget Profitability = ((Total Project Budget + Total Planned Expenses) - Estimated Cost) / (Total Project Budget + Total Planned Expenses) x 100%||Estimated profit portion of the project budget in percent.|
|Actual Budget Profitability||Actual Budget Profitability = [(Project Budget + ∑Activity Budget + Actual Billable Expenses) - (∑Time Log x Resource Internal Rate x Breakeven Rate + Total Actual Expenses)] / (Project Budget + ∑Activity Budget + Actual Billable Expenses) x 100%||Actual profit portion of the project budget plus activity budgets in percent.|
|Project Planned Expenses||—||Expenses planned for a specific project and Planned expenses aggregated from its activities|
|Estimated Cost||Estimated Cost = Project Estimated Cost± + ∑Activity Estimated Cost√ + Total Planned Expenses||The total of project estimated cost, that of all project activities, and planned expenses|
|Estimated Project Revenue||Estimated Project Revenue = (Project Estimated Hours x Project Rate OR Fixed Cost) + Planned Billable Expenses||The amount expected to be billed to the client|
|Percentage of Project Billed, %||Percentage of Project Billed = Total Project Billing / Estimated Project Revenue x 100%||Amount billed as percentage of project expected revenue|
|Project Time Usage, %||Project Time Usage = Project Actual Hours / Project Estimated Hours x 100%||Percentage of actual hours spent in estimated hours|
|Work in Progress (WIP), %||Work in Progress = (1 – (Total Project Billing / Total Billed Amount) x 100%||Amount of work done but not yet billed|
|Total Project Payments||∑project payments||Summary of all payments made by a customer|
|Project Upfront Billing Utilization, %||Project Upfront Billing Utilization = (Total Billed / Estimated Project Revenue) x 100% – (Actual Hours / Estimated Hours) x 100%||The total of work hours you have been paid for but have not yet spent|
|* (∑Billable Time Logs x Billing Rate OR Project Fixed Cost) + Actual Billable Expenses
** ∑Time Log x Resource Internal Rate + Total Actual Expenses
*** ∑Activity Budget + Project Budget + Total Planned Expenses
± Project Estimated Hours x Project Members' Average Internal Hourly Rate [(∑ Project Member's Internal Rate) / Project Member Count] x Breakeven Rate
√ ∑(∑Personal Hours Left x Assignee's Internal Rate + ∑ Time Log Internal Cost) x Breakeven Rate.
Printing Project Financials
You can print out the Financials section on the Project Details screen by using the Print report link.