Managing Project Budgets with MS Project. Sonja Streuber, PMP, SSBB
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1 Managing Project Budgets with MS Project Sonja Streuber, PMP, SSBB
2 Sonja Streuber Project Mgmt & Engineering, Six Sigma, Risk Mgmt & Risk Analysis: Agilent Technologies Lockheed Martin ITT Exelis 2011 present Valparaiso University 2012: Founded PMReboot 2012 recent: NiSource Education, Certifications: Six Sigma Black Belt, Caterpillar Corp., 2012 PMP, Project Management Institute, 2010 M.S. (Systems Engineering), George Washington U M.A./ A.B.D. (English), UC Davis
3 Agenda PMIS and Typical Tools for Schedule and Budget Tracking Basic Schedule and Cost Metrics in MS Project Recording Cost in MS Project Reviewing Rolled-Up Costs in MS Project Cost Reports in MS Project Custom Formulas Summary and a Note of Caution
4 Tools! Tools! Tools! Project Management Information Systems (PMIS) An automated tool, such as a scheduling software tool, a configuration management system, an information collection and distribution system, or web interfaces to other automated systems. (PMBoK 5, p. 28) An Enterprise Environmental Factor
5 Project Management Information System (PMIS) PMIS help plan, execute and close project management goals. 1. Planning Phase Budget framework such as estimating costs. Specific schedule Scope baseline 2. Execution and Monitoring and Controlling Phases PM team collects information into one database. Compare baseline with actual accomplishment of each task, manage materials, collect financial data, and keep a record for reporting purposes. 3. Closing Phase Review goals to check if tasks were accomplished. Create final report of the project close. Archive
6 Microsoft Project Typical Use WBS Task Sequencing Schedule/ Gannt Chart Task Completion Tracking Metrics Schedule Variance, SPI (various baselines) Getting Fancy Staffing Plan/ Resource assignments Resource Cost Metrics Cost Variance, CPI (various baselines) Project Budget
7 Typical Budget Tracking Multiple Tools for Schedule and Budget = Multiple Updates
8 Microsoft Project Typical Use: Metrics Schedule Variance SPI (various baselines) Start Variance Finish Variance SV SV% Number 1 thru n
9 Microsoft Project Schedule Metrics Start/ Finish Variance difference baseline start/ finish date and current start/ finish date SV difference between current progress and baseline plan of task, all assigned tasks of a resource, or assignment up to the status date SV%--ratio of Schedule Variance to Planned Value (SV% = (SV/ PV) * 100) SPI ratio of Earned Value vs Planned Value (SPI = EV/ PV) Based on recorded COST
10 Microsoft Project Cost Metrics Cost Variance difference between baseline cost and total cost for a task, resource, or assignment CV difference between how much it should have cost and how much it has actually cost to achieve the current level of completion up to status date (= EV AC) CV%--ratio of Cost Variance to Actual Cost. Indicates variance between how,uch it should have cost to how much it has actually cost to achieve the current level of completion (CV% = ((EV-AC)/ PV) * 100) CPI ratio of Earned Value vs Actual Cost (CPI = EV/ AC) All based on recorded COST
11 Recording Rates 1. Go to the Resource tab and select Assign Resources 2. Double-click on desired resource 3. Go to Costs tab in Resource Information screen 4. Edit cost information
12 Reviewing Cost 1. Assign resource to task (regular resource loading) 2. Add Column Cost
13 Reviewing Cost Per Task 1. Right-click on desired task and select Information 2. In Task Information screen, go to Resource tab. Cost for this task appears in Cost column.
14 Reviewing Project Budget (1) 1. Go to the Project tab and select Project Information 2. In the Project Information screen, ensure you have a Current date and a Status date 3. Hit the Statistics button
15 Reviewing Project Budget (2) 1. Go to the Project tab and select Reports 2. Select Overview, then double-click on Project Summary
16 Reviewing Project Budget (2) This is what the Project Summary Report looks like
17 Reviewing Project Budget (3) 1. Go to the Project tab and select Reports 2. Select Costs, then double-click on Budget
18 Reviewing Project Budget (3) Columns: Task Name Fixed Cost Fixed Cost Accrual Total Cost Baseline Variance Actual Remaining End
19 What Else Can I Do? You can always use Custom Fields to calculate just about anything. 1. Add a Column Number <n> 2. Right-click on Column header and select Custom Fields 3. Select Formula radio button, ignore the warnings, and enter your own formula.
20 Custom Formulas You can always use Custom Fields to calculate just about anything. 1. Add a Column Number <n> 2. Right-click on Column header and select Custom Fields 3. Select Formula radio button, ignore the warnings, and enter your own formula based on Field and Functions or mathematical operators
21 Custom Formulas Example SPI based on company-defined calculation: IIf([Number1]=0,IIf([% Complete]>0,[% Complete],100),[% Complete]/[Number1]) Where [Number1] is the project % complete, based on Budgeted Cost of Work Scheduled and a proprietary formula for EAC (both of these are also custom-defined). Use Custom Formulas to account for Enterprise Environmental Factors or culture-specific definitions and re-definitions of commonly used metrics.
22 Summary and A Note of Caution Reviewing Project Budgets over time makes only sense if you compare the current state with at least 1 baseline. Examples in the previous slides include Direct Labor Cost only per WBS breakdown Other costs to include in separate category and record as paid per company policy: o Other Direct Costs (ODCs) such as travel, etc. o Materials o Leases o Indirect Costs o Sunk Costs o Reserves/ Contingencies o Learning Curve/ Investments
23 Resources Calculating your Project Cost Information. help/calculating-your-project-cost-information- HA aspx 5 Steps to Prepare Your Project Budget Costing using Microsoft Project 2010 or Microsoft Project 2013: The Missing Manual. Missing-Manual/dp/ Also available for MS Project 2010.
24 Questions? Sonja Streuber, PMP SSBB 8/20/
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