Enterprise integration and interoperability
When you provide your estimates in the Project Request, you fill in three fields for the Status:
* Estimated Work (this is in hours)
* Estimated Labor Cost (this is a calculation of the estimated hours by each resource type times their internal "Cost" rate)
* Estimated Labor Revenue (this is a calculation of the estimated hours by each resource type times their external "Revenue" rate, in
other words, what you can bill someone for your time)
When you apply resources to to the tasks in the Task application, you get another three figures once you update your status:
* Total Scheduled Work (the total number of hours of scheduled time)
* Total Planned Labor Cost (again, you take the internal rate times the scheduled hours to get your "Cost" of work)
* Total Planned Labor Revenue (you take the external rate times the scheduled hours to get the "revenue" you can gain if you bill a customer)
When you update tasks and then update your status, you get:
* Total Acutal Work in hours
* Total Actual Labor cost which is the Total Actual Work times the internal rate for each individual.
Everything is dependent on your updating the Project Status. This action pushes all hours and expenses through the system.
About John Filicetti
John Filicetti is a Sr. PM Consultant/Leader with a great depth of experience and expertise in enterprise project management, project management methodologies, Project Portfolio Management (PPM), Project Management Offices (PMOs), Governance, process consulting, and business management. John has directed and managed project management teams, created and implemented methodologies and practices, provided project management consulting, created and directed PMOs, and created consulting and professional services in such areas as project portfolio management, Governance, business process re-engineering, network systems integration, application development, infrastructure, and complex environments.
John is also a member of the Project Management Institute (PMI) and the PMI Project Management Professional (PMP) certification training team.