How does Price&Cost work? I am not sure what it’s for.
We’ve created a simple explanation – see this article.
I have lost my password, how can I reset it?
It’s very easy – just reset you password here.
Can I add more users to my Price&Cost account?
Absolutely! Best of all – it’s FREE on any plan. Read more about user management.
Projects and versions
What types of project does Price&Cost support?
You may have come across different project billing methods. Some projects benefit from utilising one or another project type. Price&Cost support the following types:
- Time and materials (T&M) – this is the default option. Total project budget = (resource effort) * (price). Your margin would therefore be (total budget) – (total cost). Therefore, the more time you spend – the more you charge the client. Your margin rate is fixed as it’s “baked into” your rates.
- Capped T&M – exactly the same as Time and materials, until your price reaches the cap. Once the cap is reached – the project acts as Fixed Priceproject.
- Fixed Price – the total project price is set in the contract, however you choose what and how much resource to apply. Your price to the client is not affected by your changing cost and as a result – your margin will change as you add or remove resource from the project.
When to use Capped T&M and Fixed Price projects?
- Capped T&M – to be honest, this is what you would see clients demanding most of the time without even knowing it. They are happy with pure-play T&M approach, until you tell them you are about to exceed the original budget. They tell you “I am not paying more” and at that point you get your cap and the project turns into Fixed Price.
- Fixed Price – use this billing method/contract type when you are confident about your estimates. It’s usually accompanied by fixed time and fixed scope. To arrive at the price – start by creating an estimate version as a T&M project. Then – see your total price, add around 15% on top and you have the price you can fix now.
What is the difference between tracked and estimate version?
Tracked versions are your official project “snapshots”. When you are happy with your estimate – you push the project to tracked state. This creates your first tracked version and acts as a reference point for all future versions. Tracked versions bring in the concepts of actuals and forecast as opposed to estimate versions which don’t have this separation. You can be creating as many estimates as you like to test some what-if scenarios – all without affecting you stream of tracked versions.
What types of files can I import into Price&Cost?
We currently support importing 2 types of files:
- Project plan files
- Timesheet CSV files
We currently only support MPP, MPX or XML files generated by Microsoft Project. We have tested other software that has an MS Project file export (iTaskX, OmniPlan, Merlin), however we’ve seen some small deviations occasionally. We were able to successfully import project files spanning across multiple years with hundreds of resource rows. Standard file size limitation of 8MB applies.
Timesheet CSV files
There's virtually no set rule for your CSV files, however, we need those to follow a specific format:
- You can have CSV files with column headers or without
- You need to have at least the following represented in your CSV files for every entry:
- Date / timestamp
- Resource name
- Standard file size limitation of 8MB applies
Why is there no effort for some resource when previewing the imported Project plan XML file?
We currently only support XML Project files generated by Microsoft Project. We’ve tested a lot of software packages across multiple platforms. Even though XML Project file a standardised format, different software packages output a very differently structured XML file. We rely on some metadata in the XML file which only Microsoft Project outputs.