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Project Forecast and Labour costs

View Forecast and Labour costs in the Cost codes tab for a Project.

Introduction

Forecast and Labour costs


Introduction

In the Cost Codes tab for a Project, you can view the Forecast and Labour Costs that have been assigned to this Project via the Cost Codes.

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Forecast and Labour costs

Explanation of the fields displayed in this section are:

Forecast:

Revised Budget: The sum of Budgets plus Variations for all Cost Codes on this Project.

Spent: Total amount spent on the Project from invoices, expenses, time sheet entries, and payable claims.

Cost to complete: The sum of all positive values in the Remaining column of the Cost code grid.

Final Cost: Committed amount (i.e. sum of Purchase Order amounts for the Project) plus Spent amount plus Spend Adjusted (from the Cost code's spend adjustments). (Note: Purchase Orders must not be cancelled, rejected, or completed to be included in this calculation.)

Invoiced values: Sum Invoice amounts (excluding tax) for the Head Contract.

Variance: Revised Budgets less Spent less Cost to complete.

Budgeted margin: Contract value plus Contract Variations less Revised Budget.

Budgeted margin percentage: (100 x Budgeted Margin) / (Contract Value plus Contract Variations)

WIP: Total Revenue Claimed on Head Contract (including variations) less ((Total Spent cost/Revised Budget) x (Contract Value less Variations))

Forecast margin: Budgeted Margin less Variance.

Labour:

Original budget hours: Initial budget hours for all time sheet Cost codes for the Project.

Spent hours: Time sheet entries for the Project and Cost Codes.

Budget hours variations: Variation from the Cost Codes used for Time sheet entries.

Revised budget hours: Original Budget hours plus Variation.

 

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Last updated: 25 October 2022