Project Cost Management



The success of a company or any small, medium and large size business depends on many factors. For one thing, among the most key elements is the control over revenue or budget and expenditure. Spent too much and you will go out of business, earn too much and not account for it properly, you will experience trouble.


Managing employees and projects with tasks they are appointed to isn’t a piece of cake. Fortunately, there are plenty of HR project management tools that may help you to coordinate employees. HRMatrix provides you with the best Project and Expense Management HR module.


HRMatrix Project Management HR module facilitates hassle-free and effective management of company projects. The end user can seamlessly create the project in the HRMatrix Project module and can add project data i.e Estimated Cost, Estimated hours, Starting and Ending Date. HRMatrix also offers an efficient management of tasks and next activities along with reporting of task analysis.

Project Dashboard

The Dashboard of HRMatrix Project module deals with all project details like project status, starting or ending date, actual cost and estimated time etc. The end user can create the new project and can add all necessary details along with the timesheet. Thereby analyze the tasks.


Cost Analytics

You can check the amount or budget according to the required date i.e. Last 7 Days, Last 30 Days, Last 3 Months, and Last 12 Months etc. 

You can check the accurate value of project cost, actual cost and forecasted cost. Graphical representation will surely help you to easily understand the cost value on a specific date.

image_2021_03_15T11_54_23_976Z (new).jpg


What is Project Cost, Actual Cost and Forecasted Cost?


Project Cost is the total budget of your project and you need to decide this budget before creating any new project task.

Actual Cost is the cost that you have spent on your project till now.

Forecasted Cost is actually the estimated cost that you can use in future.

Project Information


HRMatrix Project Management Module helps to track project cost details. You can check the status, budget and all important information related to your project very easily.

You need to add Project Name, Unique Code, Project Starting and Ending Date, Project Status, Description, Location and all other required information that are mentioned on the module.

This will help you to chase or track your project with proper and accurate information.


image_2021_03_15T11_55_04_149Z (new).png

Assign and Manage Task to Team


HRMatrix project management module or operation allows you to assign the project to your employees. A list of available employees will show on your screen and you can easily select the team members for the respected project.

You can also check the status of the employee. You can check whether this employee is available for this task during these days or not. In this way your employees will not feel any burden and you can keep an eye on each employee task.


doc.jpg

Time Settings


Initially you can set the total required time for a project like 60 hours per week. It means per day team members will work 12 hours on the project. This module also helps you to edit the status of your employee. You can change and edit the time from Over Time to Regular Time or Double Time etc.


Documents Details


Documents are the important part of every project, every task. You don’t need to write details or other requirements of your project on paper manually and save the paper in a secure place. Now you just need to drag or upload the required document in this module and you can easily access the document anywhere and at any time.

Features

This module aim at different but complementary goals, from this project cost management module we can identify the following advantages:

  • Reduced time in processes: By automating the tasks or projects, an organization becomes more efficient, and processes take less time to complete.

  • Centralized information: It becomes much easier to find information as it is stored in one place.

  • Accuracy: Automation helps reduce errors and offers much more reliable processes.

  • Data security: Since information is stored in a database, only the right persons with the proper credentials can have access to critical and personal information.

  • Better fit for business:  Since custom HRMatrix software is built according to the organization’s process, it is more suitable and optimized.



ABOUT THE AUTHOR

AMTA SAJJAL

HR Manager with 20 years of Experience.