As an accomplished project manager, I understand the critical importance of seamless project tracking and cost management. In this blog, I’ll walk you through how ProjectContexts, an advanced project management tool, offers an integrated solution that streamlines time and cost tracking, making project management more efficient and insightful.
1. Time Tracking Made Simple
ProjectContexts features a robust timesheet module that benefits all project team members. It goes beyond project-specific activities, offering a stand-alone mode for tracking non-ProjectContexts tasks [figure 1]. With user-defined account numbers, activities ranging from training and vacations to specific projects can be efficiently monitored [figure 2].
Effortless time tracking down to the task level in a Gantt chart and action item level in the Change Management Process simplifies the process. The system ensures that time can be logged within various detail screens, providing a prepopulated timesheet for efficient weekly submission.
2. Smart Cost Tracking
ProjectContexts differentiates between two types of costs: supplier contracts and informal supplier costs [figure 3]. Supplier contracts involve formal agreements, while informal costs, such as ad-hoc services, are seamlessly tracked using a similar methodology to time tracking [figure 4].
Cost tracking includes logged costs, Estimate to Completion (ETC), and Estimate at Completion (EAC). The system allows project managers to allocate overhead hours, ensuring comprehensive tracking and reporting at both the task and project levels.
3. Baselines for Progress Interpretation
ProjectContexts incorporates schedule and cost baselines to provide deeper insights into project progress [figure 6].
Schedule baselines, superimposed onto the actual schedule, help interpret progress, allowing managers to identify potential causes for shifts in timelines [figure 7]. Similarly, cost baselines facilitate a clear understanding of financial progress [figure 8].
4. Seamless Integration and Export
ProjectContexts ensures seamless integration of timesheet data and allows easy export to accounting systems via CSV files, enhancing overall project visibility and financial transparency [figure 9].
Conclusion: Elevate Your Project Management with ProjectContexts
In conclusion, ProjectContexts empowers project managers with an all-encompassing solution for streamlined time and cost tracking. Whether it’s tracking project-specific activities or managing supplier costs, ProjectContexts simplifies the process, enabling managers to focus on strategic decision-making.
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