Cost to Complete (explained)
Purpose
Explains how Timemaster calculates the Cost to Complete
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Before being able to work out the cost to complete you need to first understand what information the system uses in the calculation.
If you are using the Project Management functionality and your projects are split into tasks, the system sums the cost to complete of each task to give the project's overall cost to complete.
It is important to note that the the cost to complete is sensitive to the Last Actual Date. For simplicity, we recommend that you align the Reporting Date with the Last Actual Date.
The following explains how the time / fee costs are calculated. If the project / task is set to assume that expenses are a percentage of the overall fee this percentage is added to the Cost to Complete. Outsourced Fees after the Reporting Date are also added to the Cost to Complete
Percentage Completions and Target Fees:-
If the Reporting Date is set back in time the system checks for historic percentage completion and target fee figures which were recorded at that point of time. If none exist, or Reporting Date is in the future, the system takes the current percentage completion and target fee stored on the task.
Target Methods;-
The system uses the tasks Target Method to determine the overall cost to complete;-
Target Method |
Where figures come from? |
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No Target |
No target available so no cost to complete available. |
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Resource Allocations (only available if the Resourcing functionality is registered)) |
Resources from the resource plan + any un-resourced target (in case the resource plan has not been fully completed) after the last costing date.
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Manually Scheduled (only available if the Resourcing functionality is registered) |
The total from any schedules after the Last Costing Date.
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Linked to Fee or Manually Entered |
If the Control Parameters > Fees and Targets > Calculate remaining target cost by deducting %work complete or actual hours setting is set to;-
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