My-Project

My-Project based on the Work-In-Progress methodology, My-Project allows for the setup and management from an (administration perspective) of human resources based projects for service delivery firms.

 

My-Project gives organisations the ability to manage the financial coverage for their projects including project stages and invoices. Once setup My-Project can produce a series of reports relating to work in progress (and contract value); work on hold, long term hold and projects completed.

My-Project enables the tracking of the entire cost of project from a resource perspective, it successfully tracks and monitors the cost of winning the business, covering time spent on meetings and proposal developments. After the business has been awarded, it tracks the financial performance of every stage of the project from establishment to handover.

Built into My-Project are powerful all of business reporting tools that gives an overview of the current financial project position of the organisation. The reporting functions drill down to display all active work, all work on short term hold, long term hold and the number of active proposals out in the market. This provides a powerful whole of business view of the forward looking work for any services organisation.

Employee work reports allows users to drill down to their organisation and understand the forward resource utilisation of each employee, a powerful tool for resource planning and project planning.

The HR Tools My-Project module is a useful Work-In-Progress solution (WIP). My-Project allows service organisations to identify the value of projects which are currently being worked on by their firm.

Financial tracking of your projects for the entire project lifecycle.

FOUR DISTINCT VALUES

To properly account for each project, My-Project records FOUR distinct values for each project at the end of any given month (or period):

  • The Sales Price for the project, by phase
  • The total Cost Estimate for the project,
  • The Costs-To-Date,
  • The Billed-To-Date.

COSTS-TO-DATE
PERCENTAGE COMPLETE

By taking the Costs-To-Date divided by the Cost Estimate, the “percentage complete” My-Project is able to calculate the percentage complete. For example:

  • Assume a project is estimated to cost $70,000 by the time the work is complete
  • Assume at the end of December, $35,000 has been spent to date for the project
  • $35,000 divided by $70,000 is 50%, therefore, the project can be considered 50% complete at December 31.