Glossary

Absolute Project Progress

This value indicates how much a project is advanced since its beginning. For example, a project with:

  • Budget days: 200;
  • Last project status: 40;

Has an absolute project progress of: ( 200 - 40 ) / 200 * 100 = 80 % .

Bluesky

It represents the value you think is missing in order to reach an hypothetical overall value.

For example: if I have an actual value of 5 but I know that, in a particular moment in time, actual value will reach the final value of 7, then I can use a Bluesky of 2.

This is a theoretical definition, look at the context to find more accurate information.

Budget Consumption

This value indicates, for a project, the percentage of the budget already used. For a project with status compiled as completed percentage, budget consumption is calculated by comparing budget costs to timesheet costs (derived from employees’ level cost).

For instance, a project with:

  • Budget days: 200
  • Junior budget days: 160
  • Senior budget days: 40
  • Last week timesheet: 10 junior hours and 20 senior hours
  • Junior cost per hour: 100
  • Senior cost per hour: 150

Has budget costs of 160 * 100 + 40 * 150 = 22.000 and timesheet costs of 10 * 100 + 20 * 150 = 4.000. This leads to a budget consumption of 4.000 / 22.000 * 100 = 18 %.

The situation is different for projects with status auto or compiled as work days to complete. In this case budget consumption is calculated by comparing timesheet hours and budget days.

For instance, a project with:

  • Budget days: 200;
  • Last week timesheet hours: 80;

Has a budget consumption of: 80 / 200 * 100 = 40 %.

Project status compile mode can be assigned for single job order category in company settings.

Expected Value

This value indicates the estimated value of a project, weighed on its probability.

Job Order

It’s a code which identifies a project inside a company, which may not be unique.

Production Value

This value indicates how much a project has produced at a specific moment in time. This is calculated by multiplying the project’s value for the project’s percentage of completion (obtained from the Project Status).For example, a project with:

  • Budget days: 100;
  • Last project status: 40;
  • Project’s value: 10 K;

Has a production value of: 10 K * ( ( 100 - 40 ) / 100 ).

Purchase Order (PO)

It’s a commercial document and first official offer issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services. It is used to control the purchasing of products and services from external suppliers.

If a seller accepts a buyer PO, a contract is created between them.

Relative Project Progress

This value indicates how much a project is advanced between two weeks, it’s calculated as the difference between the project statuses of the the two given weeks.

Revenue Pipeline

This value is the sum of all the pipeline projects’ expected value.

Roadrunner Index (RRI)

This value indicates, for a given week, the ratio between the project’s progress and timesheet:

  • If ratio is greater than 1: last week an hour of work led to a project’s progress greater than one hour. This means that project advanced faster than expected;
  • If ratio is equal to 1: last week project’s progress (based on Project Status) was consistent with the worked hours (based on Timesheet);
  • If ratio is lower than 1: last week an hour of work led to a project’s progress lower than one hour. This means that project advanced slower than expected.

The perfect managed project has a constant RRI of 1.

Wasted Hours

Let’s say Alice is planned 4 hours this week into project ACME but she doesn’t work at all or she works on the project R&D which has a non chargeable job order category.

Those 4 hours are considered wasted by the end of the week, because Alice was supposed to produce 4 hours of “chargeable” work (that is work on projects which can be charged to a client) but this did not happen.

Wasted hours can’t be planned anymore.

If Alice had worked 4 hours for another chargeable project, those hours wouldn’t be considered wasted and they would be available again for the project ACME by the end of the week.

You can disable this wasted hours mechanism via the dedicated option in the company section.