Costs
Cost functionality is supported across several areas of the Primavera Cloud application.
Schedule
Cost-loaded project schedules function very similarly between P6 and Primavera Cloud. Costs can be entered at the activity level or on individual resource and role assignments. Assignment-level costs roll up to corresponding activity fields, while activity level costs are distributed across activity assignments. Depending on your settings, cost values can be entered directly on cost fields or they can be calculated from corresponding unit fields. A variety of earned value metrics are available to track schedule and work performance.
Project Budget
Budget-related cost functionality in Primavera Cloud is similar to P6, but there are some new features in Primavera Cloud that do not exist in P6 and some P6 functionality that is not supported by Primavera Cloud.
The following table compares budget-related costing between the two applications:
Feature | P6 | Primavera Cloud |
|---|---|---|
Actuals | Run Apply Actuals to update the schedule based on approved timesheet actuals or manually entered actuals, or set up Auto Compute Actuals. Actuals are integrated with your schedule in that you can schedule activities that have the Auto Compute Actuals option set. | Track pending and confirmed spending for work delivered on a project. You can manually enter actuals or roll them up from scope assignment and scope item costs. Budget-related actuals cannot be integrated with the project schedule, but actual units and costs are supported for resource and role assignments on project activities. |
Budget | P6 uses a top-down approach to budgeting by setting high-level estimates at the EPS level and then distributing budget amounts to projects within each EPS. You can track budget changes as they occur, use the budget log to record monthly, quarterly, and yearly spending of budgeted funds, track the current and undistributed variance amounts, and aggregate the monthly spending plan of each project in a branch to its higher EPS nodes. | Primavera Cloud supports both top-down and bottom-up budgeting model. In the bottom-up model, the budget estimates are manually entered at the project level; whereas, in the top-down model, the budget estimates are defined at the portfolio level and distributed down to the program and project level. |
Cash Flow | Cash Flow functionality is not supported in P6. | Plan and manage high-level costs associated with your projects, collaborate with various stakeholders on budget allocations, and take snapshots of data to review progress over time. Note: Schedule data does not drive the cash flow. |
Cost Accounts | Monitor project expenses, activity costs, and earned value throughout the project life cycle. Assign default or created cost accounts to any project. Cost accounts are established in a hierarchy at the Enterprise level. For example, if you created a cost account for a project component such as hardware, you would create other cost accounts beneath this component to show its parts such as coding and installation. | In Primavera Cloud, a cost breakdown structure (CBS) is used to track, manage, and report costs related to a project or program. The CBS standardizes costs into categories. CBS is comprised of cost codes - expense, capital, or none. It can be created at the workspace, project, or program level. The CBS can be optionally pulled down from a parent workspace into child workspaces and projects. CBS functionality is used on the project Cost Sheet. At the workspace level, a Summary Cost Sheet rolls up and summarizes costs and hours of all projects or child workspaces within the workspace.
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Expenses | Expenses are non-resource costs associated with a project. They are assigned to activities and typically represent one-time expenditures for non-reusable items. Examples includes facilities, travel, consulting, and training. | Expense functionality is not supported in Primavera Cloud. Project actuals can be used to track expenses, although they are not integrated with activities. Activity configured fields (UDFs) may be used to track activity expenses. |
Funding | Created at the global level, funding sources are the agencies, businesses, or groups that provide funding for a project. You can maintain a hierarchical list of funding sources and then assign specific funding sources to a project or to EPS elements as they develop. You can assign the same funding source multiple times with varying amounts and share contributions for different levels of the EPS. | Created at the workspace level, you can manage workspace-level funds and allocate portions of the funds to projects, portfolios, programs, and child workspaces. You can also create funds at the project, portfolio, and program levels for funds specific to those objects. Funds can be consumed by project actuals. |
Portfolio Budgets
Primavera Cloud also supports budget planning at the portfolio level. Create what-if budget scenarios, select projects for execution manually or using automated tools, and then send budget proposals for review and approval.
Last Published Tuesday, May 21, 2024