This article covers:
Accessing Nova Insights Budget
Nova Insights is available for Fixed Price projects in Forecast and is not available for connected projects.
To access Nova Insights
- Click on Projects.
- Open the preferred project.
- Click on Nova Insights tab on the project menu bar.
- Select Budget.
Understanding how Nova Insights Budget works
The user will first have to assign people to tasks and have a rate card. Until that is done, the message they will see is "Visible once you assign people to tasks".
After the tasks are assigned and rate cards are associated, Nova insights will calculate an estimation of the budget percentage used by the end of the project:
"We estimate that by project end you would have used X% of the fixed price budget"
The feature is supposed to answer the simple question of "Is the budget on track?". It's not a comprehensive feature where users get detailed financial information on things such as profit or cost. Furthermore, the graph is intended to be accessible in both visuals and language to people who are not necessarily fluent in financial terminology.
Nova Insights' usefulness to the PM lies within the trust that it will warn the user in case their budget is predicted to overrun. A good example is that the user has recently scoped out a project based on the client's requests, or added a large number of billable expenses that were not accounted for at the beginning of the project. Both will result in the jump of Forecasted total billable time and expenses at completion - which now may be over the client's agreed upon Fixed Price Budget