Managing Costs
Managing the cost of a project may be at least as important as managing the schedule for most project managers.
Yet the cost management functions provided by most project management packages seldom yield satisfactory results, in large part because these types of cost systems cannot cope with the wide variety of methods employed by different organizations to plan, track, and report on costs. In Open Plan, cost-related features are designed to provide basic functionality while allowing planners and managers the maximum amount of flexibility to set up cost management systems tailored for their specific environments.
Note: If you
require extensive cost management and reporting features for your projects,
Deltek Cobra, Deltek’s cost management software, may be more appropriate to
your needs. Cobra is a powerful and sophisticated earned value management
package that can use project-related data generated by Open Plan. For more
information about Cobra, contact your Deltek representative.
- Related Topics:
- Cost Control Features in Open Plan
Open Plan allows you to capture all of the elements of cost and schedule required by a typical earned value cost control system. - Earned Value Cost Control
Although it is possible to set up a rudimentary cost management system that tracks budgeted and actual costs for a project, most organizations find such an approach far too limiting. - Open Plan Cost Calculations
Cost calculations are among the most feature-rich aspects of Open Plan. Using cost calculations, you can calculate current values for both budget and actual costs, compare these values to baseline budget and actual costs, and calculate earned value. - Cost and Schedule Variances
After the principal elements of cost control are established, two important variances can be calculated: cost variance and schedule variance. - Capturing Actual Costs
There are several methods to capture actual costs in Open Plan. - Calculating Earned Value
Open Plan calculates earned value by multiplying the physical percent complete by the budget cost. - Calculating Actual Activity Costs
Open Plan calculates activity actual cost during the cost calculations process by rolling up user-entered actual costs or by multiplying the actual quantity by the resource rate for resources set to automatically calculate costs. - Calculating Budget Costs for Activities
Once you have assigned individual costs and resources to your activities, you can have Open Plan roll up these budgets to the activity level. - Cost Forecasting
By projecting cost variances into the future, you can use earned value calculations to forecast project completion costs. - Viewing Cost and Earned Value Data
Once you have calculated budget costs for activities, you can display this cost information using the Cost tab of the Activity Information dialog box. - Display Earned Value on a Resource Histogram
Use this procedure to display earned value information. - Cost Reporting
To facilitate the reporting of cost information, Open Plan provides a number of standard calculated fields related to costs at the activity level. - Planning Costs
For planners who want to fully utilize Open Plan as an earned value management system, there are a number of features for working with cost information. - Tabs and Dialog Boxes
Use the tabs and dialog boxes in this section to manage costs. - Related Procedures
Follow the procedures in this section manage costs.