To understand your task profitability, a PM would need to arrive at estimated costs, finalize a budget and then track the actual costs as the project progresses. In Celoxis, you can track 3 kinds of project costs:
- Labor Cost i.e Cost (Est)
- Material Cost i.e Cost (Est, Material)
- Fixed Cost i.e. Cost(Fixed)
Each of these can be tracked individually at a task level which are then rolled roll up to calculate the total for the summary task. The costs at the summary or topmost level then rolls roll up to calculate the Project project's cost.
Labor Cost
This represents the cost incurred on the resources working on the task. In Celoxis you specify a per hour cost rate for every resource. The cost can be entered per project or at company level.
When you assign resources against tasks, if they have a User Cost Rate entered, then the estimated labor cost is automatically computed. If multiple resources are assigned to the task, then the individual costs of all resources are added to form the total Estimated Labor Cost for the task.
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Actual Labor Cost [Cost (Actual)] = User cost rate * Approved (costable) Hours entered by resource. |
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