Lump Sum Fixed Fee T&M Urgent!!!

J

Jerry

I know in project it is easy to get the total budget when
dealing with a T&M project. Can someone tell me the best
way to handle a fixed fee or lump sum job in Project?
Basically a client comes to me and says they have %million
on this project, where do I put this number so that I know
if we are below budget or above? Or, can someone consult
me how to go through the estimating phase in project
server?
Thank you
J
 
B

Brian K - Project MVP

Jerry said:
I know in project it is easy to get the total budget when
dealing with a T&M project. Can someone tell me the best
way to handle a fixed fee or lump sum job in Project?
Basically a client comes to me and says they have %million
on this project, where do I put this number so that I know
if we are below budget or above? Or, can someone consult
me how to go through the estimating phase in project
server?
Thank you
J
Click to expand...

Tools | Customize | Fields
Pick a Task Cost field. Name it Remaining Budget

Click the Formula button
enter this formuala:
1000000-[cost]
Click OK
on the Rollup section click the Use Formula option
Click OK
Insert this field into your Gantt Chart
Show the Project Summary by clicking the Tools | Options | View tab and
selecting the Show Project Summary option.


You could also allow for a task by task budeting by have a field called
Budget at the task level and then having the other formula use this
field instead of a hard coded 1Million. The rollup for this field
should be set to SUM. Then you could establish a bugdet for each
individual task and have that be summed at the summary task and Project
Summary level. keep budgeting tasks until you get to 1million.

Then the Remaining Budget field would read how much budget you have
left for each task and then again at the summary and project levels.

I hope this helps.
 
J

Jerry

Thanks Brian will try that, appreciate it.
-----Original Message-----
Jerry said:
I know in project it is easy to get the total budget when
dealing with a T&M project. Can someone tell me the best
way to handle a fixed fee or lump sum job in Project?
Basically a client comes to me and says they have % million
on this project, where do I put this number so that I know
if we are below budget or above? Or, can someone consult
me how to go through the estimating phase in project
server?
Thank you
J
Click to expand...

Tools | Customize | Fields
Pick a Task Cost field. Name it Remaining Budget

Click the Formula button
enter this formuala:
1000000-[cost]
Click OK
on the Rollup section click the Use Formula option
Click OK
Insert this field into your Gantt Chart
Show the Project Summary by clicking the Tools | Options | View tab and
selecting the Show Project Summary option.


You could also allow for a task by task budeting by have a field called
Budget at the task level and then having the other formula use this
field instead of a hard coded 1Million. The rollup for this field
should be set to SUM. Then you could establish a bugdet for each
individual task and have that be summed at the summary task and Project
Summary level. keep budgeting tasks until you get to 1million.

Then the Remaining Budget field would read how much budget you have
left for each task and then again at the summary and project levels.

I hope this helps.


--
___
Brian K
Project MVP
www.quantumpm.com
.
Click to expand...
 
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