User’s Guide to Time Tracking and Management for SharePoint 2010, Part 4: Reviewing Work and Cost Details

Following on from part three of our User's Guide to Time Tracking and Management for SharePoint 2010, we're going to pick up right where we left off, moving on to…

Reviewing Work and Cost Details:

To view work and cost tracking details, click the View budgeted work and cost values link at the bottom of the timesheet. This will open a new window with additional details about budgeted work and cost (if cost tracking has been enabled). The following additional fields are added to the timesheet in the budgeted work and cost view:

Cost Tracking Field

Definition

Planned Work (Project Tracking)

Planned Work (Project Tracking) is the number of hours available for the task at the start of the time period. It is based on the total planned work budget, less the number of hours entered for the task in all previous time periods. The Planned Work (Project Tracking) value should decrease each time period as the planned work for the task is completed.

Using tasks from TTM: Planned Work (Timesheet Tasks lists) – Actual Work (Time Entry) from all prior time periods

Using tasks from PM Central: Work (Tasks list) – Actual Work (Time Entry) from all prior time periods

Internal Cost

Internal Cost multiplies the number of hours entered for the task in the time period by the Internal Rate from the Cost Tracking list for the cost code associated with the task. If you are using PM Central to obtain billing rates, the Standard Rate for the resources from the Enterprise Resource Pool (ERP) is used instead of the Internal Rate.

Using rates from TTM: Actual Work (Time Entry) * Internal Rate (Cost Tracking list)

Using rates from PM Central: Actual Work (Time Entry) * Standard Rate (ERP)

All billable administrative tasks, regardless of labor rate source: Actual Work (Time Entry) * Internal Rate (Cost Tracking list)

Billable Cost

Billable Cost multiplies the number of hours entered for the task in the time period by the Billable Rate from the Cost Tracking list for the task's associated cost code. If you are using PM Central to obtain billing rates, the Standard Rate for the resources from the ERP is used instead of the Billable Rate.

Using rates from TTM: Actual Work (Time Entry) * Billable Rate (Cost Tracking list)

Using rates from PM Central: Actual Work (Time Entry) * Standard Rate (ERP)

All billable administrative tasks, regardless of labor rate source: Actual Work (Time Entry) * Billable Rate (Cost Tracking list)

Planned Internal Cost

Planned Internal Cost calculates the internal budget remaining for the task at the start of the period. It is based on the total planned work for the task, less the time entered for the task through the start of the time period (Planned Work ((Project Tracking))-see note above this table), multiplied by the Internal Rate from the Cost Tracking list for the task's associated cost code. If you are using PM Central to obtain labor rates, the Standard Rate for the resource from the ERP is used instead of the Internal Rate. If this number is negative, the task was over budget at the start of the period.

Using rates from TTM: Planned Work (Project Tracking) * Internal Rate (Cost Tracking list)

Using rates from PM Central: Planned Work (Project Tracking) * Standard Rate (ERP)

Planned Billable Cost

Planned Billable Cost calculates the billable budget remaining for the task at the start of the period. It is based on the total planned work for the task, less the time entered for the task through the start of the time period (Planned Work ((Project Tracking))-see note above this table), multiplied by the Billable Rate from the Cost Tracking list for the task's associated cost code. If you are using PM Central to obtain billing rates, the Standard Rate for the resource from the ERP is used instead of the Billable Rate. If this number is negative, the task was over budget at the start of the period.

Using rates from TTM: Planned Work (Project Tracking) * Billable Rate (Cost Tracking list)

Using rates from PM Central: Planned Work (Project Tracking) * Standard Rate (ERP)

Work Variance

Work Variance is the number of hours left in the planned work budget at the end of the time period after subtracting all time entered for the task to date. If this number is negative, it means that the amount of work entered for the task has exceeded the total number of hours that was budgeted for it.

Planned Work (Project Tracking) – Actual Work (Time Entry)

Internal Cost Variance

Internal Cost Variance calculates the internal budget remaining for the task at the end of the period by subtracting the Internal Cost for this period from the Planned Internal Cost at the start of the period. If this number is negative, the task is over budget.

Planned Internal Cost – Internal Cost

Billable Cost Variance

Billable Cost Variance calculates the billable budget remaining for the task at the end of the period by subtracting the Billable Cost for this period from the Planned Billable Cost at the start of the period. If this number is negative, the task is over budget.

Planned Billable Cost – Billable Cost

 

For additional instructions on how to use other features such as using the Report Center, read our online documentation for Time Tracking and Management for SharePoint.

If Time Tracking and Management sounds like it would benefit your organization, give it a try by downloading a free 30-day trial today.

Read the entire User's Guide to Time Tracking and Management for SharePoint 2010:

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