Percent Completes
The percent completes that you enter for a project should be the project manager's estimate of how far a labor or expense component has actually progressed.
Percent complete values should not represent progress that should have taken place nor the percentage of budgeted labor and expense amounts actually spent. In other words, if your enterprise has already used 75% of its travel budget for a project, but has only completed 50% of expected travel, the percent complete for travel expenses should be 50%, not 75%.
You have the following options for entering percent completes:
- You can enter percent completes for individual labor codes and expense accounts. This approach is useful if individual components are at very different stages of progress.
- You can enter a labor percent complete and/or expense percent complete that represents the total progress of all labor and expense components. This approach is useful if all labor components or all expense components are progressing at roughly the same pace.
- You can enter an overall percent complete for the entire project. This percentage overrides the overall percent complete that Vantagepoint calculates automatically and displays in the Budget Summary dialog box.
- Related Topics:
- Hierarchy of Percent Complete Overrides
A graphical summary of the percent complete hierarchy shows which percent complete value takes precedence when more than one percent complete value has been defined for the project. - Percent Completes for Individual Labor Codes and Expense Accounts
You can enter percent completes at the individual labor code and expense account level. Use this method when labor codes or expense accounts have different percentages of completion. - Overall Labor Percent Complete or Overall Expense Percent Complete
For each of your projects, you can define an overall labor percent complete, an overall expense percent complete, or both an overall labor percent complete and an overall expense percent complete. - Overall Percent Complete
You can enter an overall percent complete for the entire project. If you do so, the percentage you specify overrides the overall percent complete that Vantagepoint calculates. - How Overall Percent Completes are Calculated
In calculating the overall percent complete for a project, Vantagepoint uses all the record-level percent complete figures unless you specify overrides.
Parent Topic: Project Budgeting