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Working with projects in 4castplus is intuitive: you can easily create projects, assign resources, estimate project costs and revenues, procure your project resources and bill your customers. Once you have created your project, interactive reporting provides you with deep visibility into your project progress and performance.

Before we get started, a few points to remember when you are creating a project:

1)      Determine your project type first.  The project type you select is important for both estimating and billing your project.

a)      In a Cost Plus project type, you estimate the resources required for each work package or can estimate a lump sum value for the work package.  A mark-up is applied to the work package cost to determine the overall revenue estimate. Cost and revenue are calculated on each transaction entered into your project.  When you invoice a Cost Plus project, you select the individual billable transactions that you wish to invoice.

b)      In a Time and Materials project, you estimate the resources required for each work package.  Billing rates are set up in a Billing Table.   Each resource has a cost and a billing rate, and cost and revenue are calculated on each transaction entered into your project.  When you invoice a Time and Materials project, you select the individual billable transactions that you wish to invoice. 

c)      In a Fixed Price project, you estimate the resources required for each work package or the lump sum value of the work package.  A mark-up is applied to determine the overall revenue.  Cost is calculated on each transaction entered into your project.  Revenue is calculated from the % of Progress, or Earned Revenue, that you record for your project.  When you invoice a Fixed Price project, you specify a % or $ of the total revenue that you want to invoice. 

d)      In a Unit Price project, you estimate the resources required for each work package or the lump sum value of the work package, and the unit measurement associated with the work package i.e 1,000 cubic meters of soil moved to determine the unit cost of the work package.  A mark-up is applied to the unit cost of each work package to determine the unit price of each work package.  Cost is calculated on each transaction entered into your project.  Revenue is calculated based on the unit price and the total units completed for each work package in your project.

e)      In a Cost project, you estimate the resources required for each work package.  This project type does not include any estimated or actual revenue, and is never billed out.

f)       In an Overhead project, no revenue is generated and most often, there are no estimates for this project type.  This project type is meant to track corporate ‘overhead’ such as Banked Time and Vacation.  This project type has 'system' work packages, which cannot be deleted, as they are used in the HR workflows for Banked Time and Vacation tracking.

 

Project Type

Cost

Revenue

Billed

 

Cost Plus

Cost

Cost + Mark-up

Individual Transactions

 

Time & Materials

Cost

Billing Table

Individual Transactions

 

Fixed Price

Cost

Cost + Mark-up

% of Contract, Milestone

 

Unit Price

Cost

Unit Price

# of Units Progressed

 

Cost

Cost

N/A

N/A

 

Overhead

Cost

N/A

N/A

 

 

Working with Projects

 

Once your Project Profile is created, you can then get started on the exciting stuff - Estimating, Bidding, Cost Tracking, etc.  The flow of the Projects tabs is designed to guide you through the remaining set up of your Project, such as:

  1. Create your project WBS and CBS.
  2. Assign project resources and roles.
  3. Create an estimate for your project.
  4. Create and track requisitions, RFQs and purchase orders in Procurement
  5. Import or enter project costs.
  6. Create your project progress measurement.
  7. Prepare project invoicing.
  8. Analyze project costs.
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