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Choose the Right Budget Method for Effective Project Management
Choose the Right Budget Method for Effective Project Management

Tracking Hours and Costs with the Right Budget Method

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Written by TimeChimp
Updated over a week ago

This article provides an overview of various budget methods including total hours, activity hours, and total costs, and explains how to use each method effectively.

To keep track of a project's progress and to know how many hours or costs have already been incurred and what remains, it's important to choose a budget method. You can find the budget in the project overview and dashboard, where helpful indicators will alert you by turning red when you exceed the budget.

There are various methods to track your budget, including:

  • No budget

    Pick this if you're feeling carefree and don't want to budget at all.

  • Total hours

    Choose this option if you have one budget for the entire project. After selecting this option, a new field will appear where you can enter the total budget.

  • Activity hours
    If you want to track a budget per activity, for example Marketing = 40 hours, Development = 80 hours, you can select this option. After selecting this option, an additional column will appear in the Activity tab where you can enter the budget per activity.

  • Employee hours
    If you want to track a budget per employee or team, for example Jan de Vries = 50 hours, Pieter Smit = 90 hours, you can select this option. After selecting this option, an additional column will appear in the Employee tab where you can enter the budget per employee or team.

  • Total rate
    Choose this option if you want to track a budget based on one rate. After selecting this option, a new field will appear where you can enter this amount.

  • Total cost
    It's possible to budget based on total costs. You can set a maximum amount to spend on a project to keep it profitable. All hours, expenses, or kilometers that are registered for this project contribute to the total cost.

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