Runn provides forecasts of key insights for each of your projects in time (hours or days) and financials (revenue and project costs). Examples include:
Project budget
Project revenue
Project people costs
Gross project profits
Margin (%)
The insights forecasts are for the entire project.
Note: The insights shown are based on your inputs. Runn assumes that you will bill all hours you have assigned/logged on this project. E.g. if you schedule a person for 10h per day but that person's capacity is 8h per day, Runn will use the 10h in your forecasts and that you will bill the 10h.
Time Insights
You can view these in hours or days.
These day units reflect the number of singular, full-time workdays over a given period, not the length of the period.
Forecast | Description |
Project Budget | The project budget you have set for the project. |
Total Billable Hours | The sum of hours or days that are scheduled or logged on billable assignments. |
Budget Remaining | The number of hours or days that you are expected to go over or under budget. |
Completed Billable Hours (Time and Materials / Fixed Price)
Completed Hours (Non-billable) | Time and Materials / Fixed Price The number of billable hours or days that have been scheduled/logged before today.
Non-billable The number of hours or days that have been scheduled/logged before today. |
Completed (%) | Time and Materials / Fixed Price The percentage of total billable hours or days that have been completed.
= Completed Hours / Total Billable Hours * 100
Non-billable The percentage of total hours or days that have been completed.
= Completed Hours / Total Hours * 100
|
Financial Insights
Forecast | Description |
Project Budget | The project budget you have set for the project. |
Project Revenue | The revenue you are expected to earn on a project.
It's the sum of the assigned/logged hours for each person and placeholder on the project, multiplied by their respective charge out rates.
For Time and Material projects, Runn calculates Project Revenue from your project's Total Billable Hours and the project rates you have set for each role.
For Fixed-Price projects, Budget ($) will equal Project Revenue ($). |
Budget Remaining | The $ amount that you are expected to go over or under budget. |
T&M Benchmark (fixed price projects only) | How much revenue you could earn if the project is charged as Time and Materials and you bill for every hour that is scheduled/logged on the project.
For fixed-price projects, Runn calculates it from your project's Total Billable Hours and the project rates you have set for each role. |
Project Costs | The sum of all labor expenses you are expected to incur on the project.
Runn calculates Project People Costs ($) from the Total Billable Hours and the cost to the business you have set for each person in their contract. |
Project Gross Profit | The money you will earn from the project after subtracting any people/placeholder costs from your project revenue.
= Project Revenue ($) - Project People Costs ($) |
Margin (%) | The percentage of revenue that exceeds your project people costs.
= Project Profit ($) / Project Revenue ($) * 100 |
Example
In the example below, we had 3 people scheduled on a project to work 80 billable hours each. The project is completed.
Their cost is $60 each (See employment contracts for how to set and manage a person's cost rate)
Their project charge-out rate is $150 (See rate cards to set and manage charge-out rates)
Note that for simplicity's sake, this example uses the same cost and role charge-out rate for each person on the project. In reality, these figures will likely be different.
Time Insights:
Project Budget
= budgeted hours
= 80h * 3
= 240h
Total Billable Hours
= scheduled billable hours
= 80h * 3
= 240h
On Budget
= project budget - total billable hours
= 240h - 240h
= 0h
Completed Hours
= no. of billable hours scheduled/logged before today
= 240h
Completed
= completed hours / total billable hours * 100
= 240 / 240 *100
= 100%
Financial Insights:
Project Budget
In this example, the budget uses the rate and hours assigned.
= (budgeted hours * charge out rate) * 3 people
= (80h * $150) * 3
= $36,000
Project Revenue
= (assigned hours for period * charge out rate) * 3 people
= (80h * $150) * 3
= $36,000
On Budget
= project budget - project revenue
= $36,000 - $36,000
= $0
Project People Costs
= (assigned hours for period * cost rate) * 3 people
= (80h * $60) * 3
= $14,400
Project Gross Profit
= Project Revenue - Project People Costs
= $36,000 - $14,400
= $21,600
Margin
= (Project Gross Profit / Project Revenue) * 100
= ($21,6000 / $36,000) * 100
= 60%
Still have questions? We're happy to help!