In this lesson you will learn how one of the most commonly used reports by government contractors, the PSR/JSR, is a dynamic document in Budgeting & Planning. The application PSR/JSR report provides access to project cost information in a way that allows you to locate resource expenditures up and down the project structure, exposing raw and burdened cost, and revenue, over time. You will also learn how B&P equips Project Managers to effectively audit and manage T&M contracts.
You will access the PSR/JSR and its associated linked reports, along with the T&M related reports, if relevant, to determine if project related costs are properly reflected in B&P when compared to their accounting system report counterparts.
Upon successful completion of this chapter, you will be able to:
Access the Project Status Reports and Job Summary Reports
Access the T&M Reports
The application's dynamic Project Status Reports enable you to access a summary of a project's financial status and drill down into the details of both expended direct labor and non-labor resources. Details of indirect costs by associated indirect pool expense category are also provided.
In addition to these project costs, the reports also include general contract information, such as the period-of-performance, funding, billed amounts and project manager.
These report formats provide a snapshot of cost history for any given project that exposes the specific staff and vendor resources that have been deployed over time to accomplish a project's associated tasks and deliverables.
If a project budget exists, the report includes an assessment of performance using the budget as the standard. Indirect related costs are summarized by associated indirect expense pool category.
Accessing a Project Status Report
Project managers of Time and Materials contracts must be able to compare the cost of employing the staff and vendor work force that they have assembled for a client to what has been agreed upon in advance as proper reimbursement.
The application provides a detailed report for cost, based on the burdened cost of each resource, and a detailed report of potential reimbursement, based on individually assigned billing rates applied to individual resources.
B&P also integrates the cost and revenue in a special report that allows the profit of individual resources to be determined by comparing cost and billable revenue by person.
Because the T&M negotiated billing rates apply to categories of the assembled work force, the project manager must be careful to maximize value to the client by delivering the proper talent, while minimizing cost to the project. B&P's dynamic T&M reports provide the details of such profit analysis by individual so that the necessary adjustments can be made on an ongoing basis to maximize profit.