Your project's budget is a reflection of the roles you require to complete the project's scope, and the associated timings and costs. It's an indication of how you are expecting to utilise your people and project funds over the course of the project.
Runn's project budget feature enables you to rapidly budget a project by adding high-level hour estimates to the roles needed to complete the project.
Runn calculates the cost per role and the overall project cost based on the charge-out rates you have set-up in your project’s rate card.
Having a project budget will help you to schedule and track your project and report on your project's progress. Once your project budget is saved, the budgeted hours and costs will show on the budget panel on the Projects Planner and you can use them to plan out and track your project. See Scheduling a project.
Creating a Project Budget
- Select the project you want to create a budget for from the Project list
- Click Add Budget button
- Select the roles you want to put hours again from the Role drop down. The role's charge out rate will show on the right as a reference. The charge out comes from the rate card you have selected for the project.
- You can add your budget estimates using either Hour or Financial estimates. Add your hour estimate for the role in the Time (h) field. Add your Financial estimate for the role in the Budget ($)You will see the subtotal for the role and the Total update accordingly.
- Click Save button
Note that the roles and rates used in your project budget are based off the roles you have set-up for your organisation and the rate card you have selected for your project.
Editing a Project Budget
You can edit your project budget at any time.
- Click Update Budget button
- Add or remove roles
- Update fields
- Click Save button
For more information on how to create a project budget and schedule, read our blog post Building a budget and schedule for your project proposal.
Still have questions? We're happy to help!