Project Resources Budgetary Analytics Tool

By PMI Nashville, TN Chapter

Format: Evaluation Assessment

Use this project template to track and manage resource costs for any type of project; it is simple to load and update, easy to modify and customize as a project key deliverable and—most importantly—easy for any end user to understand and interpret (regardless of experience or skill level).

It is designed to show projected budget costs for project human resources (a consulting team, for example) and provide a comparative analysis of actual money spent on those resources and hours used to date by those resources. It can be easily updated as desired (weekly, monthly, quarterly, etc.). The tool provides an immediate illustration of the state of the project at any point along the project life cycle by showing whether the money and hours utilized to date are above, at or below the projected budget amount.

It can be easily understood and immediately comprehended by anyone in the organizational hierarchy, from executive leadership to mid-level managers to line staff members. It is broken into multiple analytic work streams common to most projects (Finance, Project Governance, IT, etc.) and shows both budgeted versus actual dollars and budgeted versus actual hours side by side.

It also provides a simple red, yellow and green indicator showing the project's current fiscal state. A second tab allows basic project assumptions to be entered for reference, and also has a weekly burn rate tracking analysis chart. Even clients that manage their own project budgets appreciate this tool as a simple way to validate their system data figures (as well as vendor invoices)—and assure that the project remains on time and on budget.

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