The Project Dashboard gives you a top level view of the project's finances. This allows you to graphically interpret planned versus actual income and expenditure of not only the project but also the individual stages.
Let's see how to go about reading the project dashboard in order to extract the most information possible:
- Open the relevant project and navigate to the Dashboard.
- First, let's focus on the doughnut chart to the left of the screen.
- The doughnut chart is, first and foremost, comprises the Fee in the left hemisphere and the Cost in the right hemisphere.
- The Fee in the left hemisphere is indicated by the grey segment and represents the total agreed upon fee with the client. As you begin invoicing on the project, a new black segment will appear, beginning at 12 o'clock and moving in a counter-clockwise direction over the grey segment. Ideally, once the project is complete, the grey segment should be totally covered by the black segment, indicating that the client has been invoiced for 100% of the fee. The value of the black segment is reflected by the Invoiced amount.
- The Cost in the right hemisphere is indicated by the light blue and navy blue segment and represents the total internal budget set for the project. As time and expenses are captured to the project and then approved, the navy blue segment will appear, beginning at 12 o'clock and moving in a clockwise direction. Ideally, the navy blue segment should always stay within the confines of the light blue segment, indicating that the true project costs are still within the budgeted amount. The value of the navy blue segment is reflected by the Actual Cost amount.
- The segment in the right hemisphere represents the Profit, and is equal to the Fee less the Actual Cost and Cost Remaining. If the Actual Cost exceeds the budgeted cost at any point, the navy blue segment will eat into the green segment, effectively lessening the Profit. If the Actual Cost increases to such a degree that it negates the Profit entirely, the green segment will be replaced by a red segment in the left hemisphere, indicating a Loss.
- The thin green segment in the left hemisphere indicates a Positive Cash Flow and is calculated as the difference between the amount Invoiced and Actual Cost. If, at any point, the Actual Cost exceeds the amount Invoiced, this will be reflected by a thin red segment in the right hemisphere.
- Now, looking at the project breakdown to the right of the screen, you will see the groups and stages that comprise this project.
- Next to each stage there will be two horizontal bars. The grey bar indicates the Fee and the light blue indicates the Cost Remaining for that stage.
- As you begin invoicing against a stage, a new black bar will appear over the grey bar. Ideally, once the stage is complete, the grey bar should be totally covered by the black bar, indicating that the client has been invoiced for 100% of the fee for that stage. The value of the black bar is indicated by the amount Invoiced.
- As time and expenses are captured to the stage and then approved, a navy blue bar will appear over a section of the light blue bar. Ideally, the navy blue bar should always stay within the confines of the light blue bar, indicating that the true costs for the stage are still within the budgeted amount. The value of the navy blue blue is reflected by the Actual Cost amount.
We hope this article was helpful. If you have any questions, please do not hesitate to reach out to us. Our support team is always happy to help!