Created February 26, 2024
Click on the tour below to get an overview of the Budget Grid. To get a detailed understanding please take a look at the rest of the article below.
In order to create a detailed budget based on hours, roles and team members, you will want to leverage the Budget Grid. In your project click the Budget tab:
The below Budget page will appear providing you with two options:
Create your budget manually with Add line (you can also click Add Contract line)
Leverage a Template (this option is available at the bottom of the page as well as on the top right)
Create your budget manually.
To create your budget manually, click Add line
The dialog box below appears. In the drop-down list, select the required contract lines to create your budget and click Add:
Note: Contract lines related to expenses are not available for budgeting.
Once you have all your contract lines in the budget grid, you can start defining these lines. To do this, under each contract line, click the Add line button:
For each line, you can add only roles or roles with team members to budget the hours or total budget amount required to fulfil the deliverable for the duration of the project. To do so, click on the Add line button located below each contract line.
The Add/Edit resource dialog box will appear:
Fill out the fields using the table below as a guide:
Field | Description |
Available project members | Select a resource already added as a team member in the project's Team tab. |
Other available resources (select a role first) | This is not mandatory.
Add resource(s) available in your organization but not already a team member for the project, by first selecting the required role. |
Project role | Select the role (which will determine the rate used for this budget line) |
Description | This not mandatory.
Enter a description that explains the purpose of this budget line for this role. |
Selling rate | This field will automatically be populated by the rate of the project role you will have selected earlier. |
Click Save.
Back in the budget grid, a budget line will be displayed:
Note: You can add multiple budget lines for only roles or roles with team members under the same contract line by clicking again on the Add line button.
For each budget line you have now the option to:
enter in the Hours field the budgeted hours for the whole duration of the project. The Total amount will display the total value of the budgeted hours based on the role's selling rate (Hours x Selling rate).
or enter a budgeted amount in the Total amount field instead of hours. The hours will be calculated based on the selling rate of the role.
At the bottom of each contract line you will see the subtotal of hours and total amount:
At the bottom of the page, you will see the grand total for all contract lines (budgeted and value) for this project.
Modify your budget
Navigate to the Team tab. You will find any resource(s) and/or role(s) added via the budget grid with their respective selling and cost rate.
If you modify the rates displayed here, the budget grid will automatically be updated with the new rate and the amount of the budget lines will also reflect the new rate.
If you want to assign a resource to a budget line with a role only, simply click on the line and in the pop up window, select the resource and hit Save.
If you want to change the resource or the role of an existing budget line, you will need to delete the line and create a new line with the correct resource and/or role.
Update resource planning, fixed fee amounts and budget in contract
Once you are done defining your budget, click the Update button located at the top right of the screen.
The following dialog box appears:
Your budget can be used as the basis of your resource planning, to update the fixed fee contract line's Amount fields and/or to update the Budget (Sales and Cost) field in the contract line.
You can determine how you will leverage the budget by selecting the appropriate check boxes and click Update. When the budget is updated, a date stamp will appear at the top of the budget grid:
Note: If no hours have been budgeted resulting in 0 hour values, PSOhub will update the contract line to a 0 value, overwriting any manually entered budget amounts at contract level. To avoid this, delete the unwanted budget line(s) by clicking on the bin icon at the end of the line:
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When the Update fixed fee amounts and Update budget in contract options have been selected, you will see that in the Contract tab, the fixed fee Amount fields and the Budget fields are populated and a Subtotal and Total is displayed:
Change the Contract view via the dropdown arrow and select Estimated profitability:
If your project's roles were defined with a cost rate, you will see the budget column updated with the value of the number of hours X cost rate; providing you with instant visibility on your estimated profitability.
Change the contract view via the dropdown arrow and select Planned vs Used Hours.
The budget column of this view will display the quantity of hours budgeted, providing you with a baseline to compare with your planned hours as well as your Used hours (actuals).
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When the Update resource planning option is selected, the project's budget is pushed to the resource planning. In the Contract view, click the Resource Planning button:
In the next screen, you will see the column "to be planned" updated with the number of budgeted hours. As you start planning the hours, the first number (bold) will be updated based on planned hours; letting you know how many hours are left to plan or if your planned hours are going over budget.
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