Resource Classes let you categorize — or class — your resources. Resource classes are important for two reasons:
- For Reporting: Grouping of resources into a class for reporting. For example, you can create an Equipment class called Light Machinery, and report on all assets within that class.
- For Billing of Time and Materials projects: Billing rates are applied to a resource class. For example, you can create a billable resource class called Project Managers, and apply a single billing rate to that class. All resources included in this resource class are then charged out at one single billing rate.
A tip to keep in mind, when thinking about Resources and Resource Classes is:
Resources are people, items of equipment or materials: example, Bernadette. Resources have cost rates assigned to them, and generate cost in your project estimates and timesheet transactions.
Resource Classes are groupings or roles: example, Project Manager. Every Resource must have a Resource Class assignment. Resource Classes have billing rates assigned to them, and generate revenue in your project estimates and timesheet transactions.
For example, John Smith is a Project Manager. John has a cost rate of $75.00 assigned to him as a Resource, and a billing rate of $150.00 assigned to his Resource Class of Project Manager.