The Optimal setup for tracking project costs

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Following on from my previous post about how easy it is to lose valuable project data (How you are losing key project data) then I want to offer a solution. I think if you set yourself up like this from the start of your project then you ensure that (a) you can compare actuals vs estimates on each specific deliverable; and (b) you can meet your reporting obligations to your Finance team, Project Stakeholders and Delivery Teams without having to spend long hours analysing your data.

Following each of the points raised in the first picture above, create a hierarchy of effort/cost tracking codes with a main overall Project bucket and then various levels of sub-buckets.

People only track to the lowest level buckets.

If a level isn’t required e.g. the project will only be in one Financial Year, then completely remove that level i.e.  go straight from the Project Total to the Stage level.

 

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