The Retainer Tracking tab within a project is the hub of a retainer project and is typically used by Project Managers to ensure the project is financially on track. Retainer Tracking includes Retainer Status Chart, Retainer Totals and a breakdown of all periods.
This article covers:
- Understanding the Retainer Status chart
- Viewing Retainer Totals
- Reviewing Retainer Periods
- Related articles
Understanding the Retainer Status chart
At the top of Retainer tracking is the Retainer Status chart. This chart reflects a series of data points shown in the following image, where each data point is defined below.
- Default Period Target: Depicted by a thin blue line running horizontally across the chart. Fixed Price retainers display default period targets as price, while Fixed Hours or Time & Materials retainers display default period targets in hours. This is the original target value set when the project was created. You can change it at anytime by navigating to Settings > Financials > Change Budget Type.
- Period Target: the actual target value on an individual period.
- Subtracted Price/Hours: The value, in hours or price, deducted from a past or future period.
- Rolled Over Price/Hours: The value, in hours or price, added to a past or future period.
- Planned Time/Price: The planned time or price as derived from the estimated hours of tasks in the project's Scoping that corresponding to the period.
- Actual Billable Time Spent to Date/Time Entries: The actual hours and revenue derived from the time registered to tasks as reported within the dates of the period.
- Remaining capacity: The remaining project allocated hours from the current date through the end date of the period.
You can hide/show any of these data points by clicking on them in the legend section at the bottom of the chart.
Viewing Retainer Totals
Retainer Totals provides an at-a-glance overview of the project and its current standing.
- Retainer Type: The type of retainer, Fixed Hours, Fixed Price or Time & Materials.
- Total Project Target: The total target on the project derived from the sum of all the period targets (or by multiplying the default target value by the number of periods).
- Total Actual Revenue/Billable Time Entries in Periods: The total price that has accumulated in the project or the total amount of hours registered.
- Dates: The start date of the first period and the end date of the last period.
- Periods: The number of periods within the project.
- Default Period Target: The default period target set when the project was created. Aligns with the horizontal blue line in Retainer Status chart.
- Average Price/Hours per Period: The average price or hours per LOCKED period. Calculated by adding the actual revenue or time entries in all locked periods divided by the number of locked periods.
- Conflicted Time/Price: Actual hours or revenue from time entries made after a period has been locked.
Reviewing Retainer Periods
Below the Retainer Status chart and Retainer Totals are the retainer's Periods. View subsets of your project's Periods by using the tabs at the tops of the period list, based on your periods' dates.
- All Periods: Displays all periods.
- Past Periods: Displays past periods.
- Current Periods: Displays current, or active periods.
- Future Periods: Displays future periods.
Period Navigation bar
Each period contains information specific to the period's data. Each period contains the following detail, with naming convention specific to the type of retainer, i.e. Fixed Hours, Fixed Price or T&M.
- Period: The name of the period.
- Dates: The dates of the period.
- Progress: The difference between a period's target and its hours/price defined by time registrations.
- Period Type: The type of the period: Fixed Price, Fixed Hours or T&M.
- Period Target: The target value set on the period.
-
Planned time: Estimated time on tasks within the period.
- T&M Planned Time: Appears on Fixed Price retainers.
- Period Plan: Appears on Fixed Hours or T&M retainers.
-
Remaining Time: Time remaining on unfinished tasks within the period.
- Rem. T&M Period Plan: Appears on Fixed Price retainers.
- Rem. Period Plan: Appears on Fixed Hours or T&M retainers.
- Remaining Capacity: The amount of allocated hours left within the period. (Specific to Time & Materials retainers)
- Time Entries: The total of time registered on tasks within the period.
- Forecast: The total of actual time registered on tasks plus any estimated time remaining on tasks.
Period Details
Expand a period for additional data specific to the period. You will see a graph, gauge, breakdown of time registrations and other important detail about the period.
Graph
The period graph shows the total price or total hours of time entries dates within the period. The horizontal blue line represents the period's target. Hover over the green shading to see the Total Price of Time Entries or Total Time Entries totals for a given date.
Gauge
The period gauge shows overall progress of the period by comparing the period target to its actuals.
Period Breakdown
To the right of the progress gauge is the period breakdown showing Period Target, Time Entries and Remaining Time. Hover over Period Target for rollover or subtracted values.
See Time Registrations
A list of all time registrations made against the period prior to it being locked. Any time registrations made after locking the period appear as Conflicts and are outlined in red in the list. Project Managers should review any conflicts using FIX or by opening the WARNING displayed at the top of the page.
Learn how to handle conflicted time in Managing Retainer Periods.
Comments
0 comments
Article is closed for comments.