Budget Dashboard
The Budget Dashboard in Zoho Sprints provides a clear, graphical view of your project's financial status, making it easier to monitor and manage budgets effectively. Each project will have their own Budget Dashboard, enabling you to track budget in real time and take proactive steps to prevent cost overruns. The dashboard delivers detailed insights into the key financial aspects of the project with multiple dashboard components. With Budget Dashboard, you can gain the insights needed to maintain financial control, make informed decisions, and complete your projects as a successful one.
View Budget related fields in Dashboard
Viewing the budget related components and their graphical derivatives without the basic idea of the project budget can create confusion. Therefore, in the Budget Dashboard, you'll be able to view the below parameters as dashboard components:
User provided project information
These information are fetched from the project fields.
- Budget Type
- Billing Method
- Planned Value Exceed Limit
- Threshold Limit System generated information
The system derives these information based on the project's progress or status
- Project Schedule Status
- Delivery
- Budget Status
Dashboard components
The below are the dashboard components that graphically represent the project's budget status:
Earned Value Management (EVM)
Earned Value Management is a technique used to measure project performance and progress with the work schedule and its cost. The metrics used to find EVM is:
- Budget: Budget is the total allocated cost for the project.
- Budgeted Hours of Work Scheduled: The planned work hours for work items scheduled to be completed within a specific duration.
- Budgeted Hours of Work Performed: The number of hours that were planned (budgeted) for the amount of work that has actually been completed.
- Actual Hours of Work Performed: The actual hours expended on the completed work.
By analyzing these metrics, project managers can gain valuable insights into their project's status, identify variances early, and take corrective actions if needed.
Example
Let's assume you have a project with a budget of $15,000 and its scheduled duration is 14 weeks. After 7 weeks, the project is 50% complete, and the actual cost incurred is $6000.
The graph comprises the budget, budgeted cost of work scheduled, budgeted cost of work performed, and the actual hours.
Here,
- Budget is $15,000.
- Budgeted cost of work scheduled is 50%.
- Budgeted cost of work performed is 50% of $15000 = $7500.
- Actual hours is 7 weeks.
These metrics help calculate the budget health and take measures for any variance that had occurred.
Forecast
This component provides real-time insight between the original project estimate and the current forecasted estimate. This helps us know if your spending is within the budget or if you are overrun.
The key metrics used to find out the forecast are:
- Estimate at Completion (EAC): Expected total project cost of the project at completion.
- Variance at Completion (VAC): Indicates the difference between the budgeted cost and the estimated cost at completion.
Use this graph to assess project health quickly and identify budget deviations, if any.
Performance Index
Performance Index helps measure the performance of the project against its schedule, hours of work done, and the cost needed to complete the remaining budget. Overall Performance Index includes the Schedule Performance Index, Hours Performance Index, and To-complete Performance Index.
Schedule Performance Index (SPI)
Identify if the project is progressing as per its schedule. To calculate the SPI, use the formula below:
SPI = BCWP/ BCWS (or)
SPI = Earned Value (EV) / Planned Value (PV)
Here,
- BCWP = Budgeted Cost of Work Performed, in other words Earned value (EV)
- BCWS = Budgeted Cost of Work Scheduled, in other words Planned Value (PV)
Interpretation based on SPI:
If SPI = 1, the project is going as per the schedule.
If SPI > 1, the project is going ahead of the schedule.
If SPI < 1, the project is behind schedule.
This parameter guides the project manager to know where the project stands. If the project is behind schedule, the project manager needs to align work to match the schedule.
For instance,
Budgeted cost of work performed: $20,000
Budgeted cost of work scheduled: $40,000
SPI = 20,000/ 40,000 = 0.5 < 1 (Project is behind schedule)
Cost Performance Index (CPI)
Cost Performance Index helps identify the efficiency of the work performed in comparison to the budget. Evaluate how well the actual costs align with the planned or budgeted costs for the amount of work completed.
CPI = BCWP/ ACWP
Here,
- BCWP = Budgeted Cost of Work Performed
- ACWP = Actual Cost of Work Performed
Interpretation based on CPI:
If CPI = 1, work is being performed exactly as budgeted.
If CPI > 1, work is more efficient than budgeted (under budget).
If CPI < 1, work is less efficient than budgeted (over budget).
For instance,
Budgeted cost of work completed (ECWP) = $80,000
Actual cost of work completed (ACWP) = $100,000
CPI= 80,000 / 100,000 = 0.8 < 1 (i.e, project cost is going over the budget). You need to plan your budget for the upcoming work items to complete the project within the expected budget.
To-Complete Performance Index (TCPI)
Find out how much cost is required to complete the remaining project work items within the project budget. To calculate TCPI, use the formula below:
TCPI = (BAC – EV) ÷ (BAC – AC).
Here,
- BAC is Budget At Completion
- EV is Earned Value
- AC is Actual Value
Interpretation based on TCPI:
TCPI < 1, you have been working ahead of your schedule.
TCPI = 1, you need to continue performing at the current efficiency to meet the objective.
TCPI > 1, you need to scale up and work more efficiently to meet the objective.
For instance,
Budget At Completion: $500,000
EV: $300,000
AV: $350,000
TCPI = (500,000 - 300,000) / (500,000 - 350,000) = 1.33 > 1 (i.e, you need to work 33% more efficiently than currently to attain the objective) to complete the project within the budget.
Budget Variance
Budget Variance helps identify the difference between the planned or budgeted amount and the actual amount incurred for the project. If the variance is positive, then you've spent less than the planned cost, while negative indicates that you have overrun the planned budget.
Schedule Budget Variance
Find out the variance between the budgeted hours of work performed and budgeted hours of work scheduled. Use the formula below to calculate schedule budget variance:
Schedule Variance SV = BCWP - BHWS
Here,
- BCWP = Budgeted Cost of Work Performed
- BHWS = Budgeted Hours of Work Scheduled
For example, if BCWP is $300,000 and BHWS is $250,000, then SV = 50000 which is positive, this indicates that you've spent less than the planned cost.
Cost Budget Variance
Find out the variance between the expected cost of an item and its actual cost. This metric helps us understand if the project is adhering to the budget.
Cost Budget Variance: Planned Item cost (BCWP)- Actual Item cost (ACWP)
Interpretation based on Cost Budget Variance:
CV > 0: Under budget (cost saving)
CV = 0: On budget
CV < 0: Over budget (cost overrun)
If the budget for a task is $10,000 and you have completed work worth $8,000 (BCWP) but spent $9,000 (ACWP), then:
CV = 8,000−9,000 = −1,000 (negative)
The negative variance of $1,000 means the project is over budget by $1,000.
Schedule Variance Percentage
Find the progress of the project, whether the project is ahead or behind its schedule, expressed in terms of percentage.
SV% = (SV / BCWS) * 100
Here,
- SV = Scheduled Variance
- BCWS = Budgeted Cost of Work Scheduled
Interpretation based on Schedule Variance Percentage:
SV% > 1: Project ahead of schedule
SV% = 1: On schedule
SV% <1: Behind schedule
For example, if your project is supposed to be completed 50% as per the schedule but you have already completed 60% of the work, then 60% - 50% = 10%, which is positive. Your project progress is ahead of its schedule.
Cost-based Budget Tracker
Keep a tab on your project related expenditures, considering the hourly rates of the labourers working in the project.
Find out if the planned hours and actual hours are in the same phase or if there is any deviation from this Cost-based Budget Tracker bar chart. Checking the progress of the project in real-time helps to match the planned hours, ensuring that the project is delivered as per the schedule.
Track budget based on Hour
Know your project progress in terms of hours from a bar chart using planned, actual, forecast, and variance in hours. This helps us to know if we are ahead or behind the schedule in terms of work hours.
Budget Summary
View the sum of all the budget metrics from the above components in table format under the Budget Summary section. You can also view the work item details by clicking the respective work item in the table.
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