{"id":3764,"date":"2017-12-20T12:18:03","date_gmt":"2017-12-20T10:18:03","guid":{"rendered":"https:\/\/teamdeck.io\/?p=3764"},"modified":"2022-07-30T01:47:32","modified_gmt":"2022-07-29T23:47:32","slug":"hold-styr-pa-dit-projektbudget-med-teamdeck","status":"publish","type":"post","link":"https:\/\/teamdeck.io\/da\/vaerktojskasse\/hold-styr-pa-dit-projektbudget-med-teamdeck\/","title":{"rendered":"Projektets budgetsporing med Teamdeck.io Resource Planning Software"},"content":{"rendered":"

A lot of planning goes into creating a solid project\u2019s budget, yet very often it is not enough. According to Project Management Institute\u2019s survey<\/a>, less than 60% of projects are completed within their original budgets. In order to see where your project is headed, you need to keep track of its progress and check whether your estimates match the actual data.<\/strong><\/p>\n

Teamdeck allows you to stay on top of your project\u2019s current budget, your company\u2019s profit and potential risks. You can also share these insights with your team or clients.<\/p>\n

Ready to become a more data-driven project manager?<\/p>\n

First off, you haven\u2019t set up your teamdeck account yet, sign up now<\/a>. The features described in this article are available in the reports<\/strong> section.<\/p>\n

You can create a new report from scratch (by clicking create custom<\/strong>) but I suggest using a template called \u201cProject Budget\u201d. Name your report and select an appropriate date range.<\/p>\n

Compare your estimates with actuals<\/h2>\n

Looking at the first chart, called Bookings vs Timesheets<\/em>, you can see how your estimates (bookings) compare with the actual time spent working on a given project. Click on settings<\/strong> -> group by<\/strong> and switch between projects<\/strong> and people<\/strong> to see the same comparison from different perspectives.<\/p>\n

\"Compare<\/p>\n

Such a chart can help you identify risks and improvement areas if you want to get back on track with your project.<\/p>\n

Monitor your project\u2019s current budget and the overall profit<\/h2>\n

If you\u2019re using our template report \u201cProject Budget\u201d, you can see a table called Budgets<\/strong>. This is where you can calculate your company\u2019s profit and see what the costs of each project are.<\/p>\n

If you\u2019re creating your report from scratch, read on. You will use the same metrics and formulas as described below but you\u2019ll have to define them first or import from other reports. This is how to create custom metrics for your reports.<\/a> <\/em><\/p>\n

This table by default is created for projects with a fixed budget. If you\u2019re on a time & materials contract, you\u2019ll find an appropriate instruction in the section below.<\/p>\n

First thing you have to do with your Budgets<\/strong> table is fill it out. There are two columns that need your input: Project budget<\/strong> and Internal rate USD<\/strong>. The first one represents your project\u2019s budget: the amount your client will pay you for the job done. The second one is the average hourly rate you\u2019re paying your employees. Make sure you enter internal rates separately for each person working on the project.<\/p>\n

\"Track<\/p>\n

Two custom metrics will be then calculated for your projects: Profit<\/strong> and Costs<\/strong>. Your costs consist of the money you spend to compensate your employees working on a given project. Profit equals the amount of money you have left when you subtract the aforementioned costs from your project\u2019s budget.<\/p>\n

Calculate your project\u2019s budget based on your team\u2019s timesheets<\/h2>\n

Are you billing your clients based on a time & materials contract? In this case you\u2019re not able to specify a fixed budget of your project but you can calculate it based on your team\u2019s timesheets.<\/p>\n

Use the Budgets<\/strong> table (you can remove the Project budget<\/strong> column from it) and add a custom values column called e.g. \u201cExternal rate\u201d.<\/p>\n

\"Add<\/p>\n

Once the column is in your table, fill it out according to how much you charge your client per hour.<\/p>\n

Let\u2019s create another column that will specify how much your client should pay you for a given period. Click on metrics<\/strong> in the upper right menu of your table and pick add custom<\/strong> -> add custom calculation field<\/strong>.<\/p>\n

Create a calculation called \u201crevenue\u201d or \u201cincome\u201d with currency as your data format. Now, type in the formula:<\/p>\n

(Timesheets: Time \/ 60) * Custom values: External Rate<\/em><\/p>\n

Note that if you specify different rates for different people, your costs and revenue will be calculated separately for each row that is filled out:<\/p>\n

\"Fill<\/p>\n

Now that you have your revenue<\/strong> calculated, you also need to edit the formula of Profit<\/strong>. Change it from:<\/p>\n

Custom values: Project budget – sum(nested(Group:People, Custom formulas: Costs USD))<\/em><\/p>\n

to<\/p>\n

sum(nested(Group: People, Custom formulas: Revenue)) – sum(nested(Group:People, Custom formulas: Costs USD))<\/em><\/p>\n

There you go! Your overall profit is ready.<\/p>\n

Get more insights into your team’s timesheet data<\/h2>\n

With Teamdeck\u2019s reports, you can list your team\u2019s tracked time but also dig deeper into the timesheets. Each time entry logged by your employees can be accompanied by a \u201cdescription\u201d\u2014team member\u2019s comment about a given entry. You can import these descriptions into your project budget report. Simply add a \u201ctimesheet description\u201d column to any of the tables in your report:<\/span><\/p>\n

\"Timesheet<\/h2>\n

You can also see your team\u2019s booking descriptions and compare them with timesheet comments:<\/span><\/p>\n

\"Booking<\/h2>\n

Such an analysis could help you identify differences between planned and actual work and better understand how the project budget is being spent. <\/span><\/p>\n

Visualize the burn rate<\/h2>\n

You can add a line chart to your report in order to analyze your project\u2019s burn rate.<\/p>\n

Pick Bookings: Time<\/em> and Timesheets: Time<\/em> as the metrics you want to visualize and use filter<\/strong> to pick the relevant projects.<\/p>\n

Such a chart will help you understand where\u2019s your project headed. Have the actuals exceeded the estimates? Is your project\u2019s budget at risk because of that? Identify the alarming patterns as soon as they emerge.<\/p>\n

\"Visualize<\/p>\n

Let others know about your project’s progress<\/h2>\n

Teamdeck allows you to share reports with your team members or external stakeholders. All you have to do is click share<\/strong> and decide whom you want to share your report with. People who have teamdeck accounts can receive editing rights to your report, while others can view it.<\/p>\n

\"Sharing<\/p>\n

Create your own report<\/h2>\n

Are you a data-driven project manager? Analyzing the insights can help you make better business decisions so you can manage projects more effectively<\/a>. If you\u2019re using Teamdeck, the real-time information about your team\u2019s performance is at your fingertips: get started now<\/a>![\/vc_column_text][\/vc_column][\/vc_row]

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Start tracking project’s budget today! Try resource management software<\/a> used by well-known international PR company<\/strong><\/h2>\n\n\t\t<\/div>\n\t<\/div>\nGet a 30-day FREE Trial<\/a>
<\/span><\/div>\n<\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"Der ligger meget planl\u00e6gning bag et solidt projektbudget, men ofte er det ikke nok. If\u00f8lge en unders\u00f8gelse fra Project Management Institute bliver mindre end 60% af projekterne gennemf\u00f8rt inden for deres oprindelige budgetter. For at...","protected":false},"author":6,"featured_media":8430,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,30],"tags":[],"class_list":["post-3764","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-teamdeck","category-toolbox"],"yoast_head":"\nProject\u2019s Budget Tracking with Teamdeck.io Resource Planning Software - Teamdeck<\/title>\n<meta name=\"description\" content=\"You can gather a lot of valuable insights by tracking your project's budget and analyzing the burn rate. 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