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Rate Sets

Cobra uses rate sets to store multipliers that are used in generating derived costs. Since rates may change over time, rate sets define the rate that is applicable on any given date.

The rates defined in a rate set can represent hourly wages, overhead rates, currency exchange rates, or any other type of multiplier whose value can be predicted over time. The date attached to each rate indicates when that rate becomes effective.

For example, assume that you want to define two types of rates for a project: hourly wage rates and overhead rates. Assuming that the project starts sometime after January 1, 2010, the following rate sets might apply:

Notice that the OVERHEAD rate set consists of a single rate that does not change over the life of the project. The TECH labor rate, however, changes on a quarterly basis, with the records in the rate set indicating each date a new rate becomes effective.

There is no need to specify rate changes at any particular interval; you can indicate as few or as many rate changes in a rate set, as necessary. Nor are you limited to specifying rates according to a regular pattern such as monthly, quarterly, yearly, and so on. In fact, as the previous example demonstrates, there need be only one entry in the rate set if a rate never changes.

Cobra also allows you to generate a rate set that calculates rates for full-time equivalent (FTE) personnel based on a calendar that you specify. For example, assume that there are 184 hours in a calendar period. Cobra divides one FTE by 184 to generate a rate of .005435. Once you have generated this rate set, you can use FTE as a result in your resource calculations.

The only restriction for rate sets in Cobra is that the first date in the set must precede the earliest date in the project to which the rate set is assigned. For any calculated costs, there must be a rate with an effective date equal to or earlier than the start date of the control account or work package start date. This rate is effective until the date of another rate in the rate set. It is acceptable to have rates start long before the project starts.