| # Project Progress The Project Progress module is used to measure, record, and monitor the progress of a project. Progress You can use Project Progress to register and control the project data during the course of the project. The Monitoring part of the module combines information from Project Progress to generate project monitoring reports and financial statements. These reports are based on quantities and amounts, and can be presented for any project level. There is a wide range of selection criteria to ensure that the right data is received by the right people; for example, including or excluding expected costs (commitment accounting), current or accumulative period, and with or without final result forecasts. Budgets and performed costs are compared with the actual data. You can view the consequence of this comparison. You can also see the estimated cost at the end of a project during its execution. Physical progress You can track the physical progress of the project by monitoring the progress of the elements and activities at the cost object level, for all cost types. You can perform the following tasks: Generate physical progress master data: You can create master-progress data for elements and activities at the cost object level. You can only generate master data if both the project and the elements and/or the activities for that project meet the required conditions. Generate physical progress by element/cost object: You can globally change the progress for a range of elements. You can then monitor the result in the Project Progress module. You can maintain the progress of elements if both the project and its elements meet the required conditions. Generate physical progress from planning: You can copy the progress of the activity (planning) to the activity and element progress (production). In addition, cost objects are copied from the control data. Print physical progress: You can print a form that shows progress details for elements and activities. You can then use this form for recording details on-site. You can enter the current progress in the work center manually, either daily or weekly. Costs During project execution, you can record the actual costs. Cost recording can be performed in Project or in Financials, or be the outcome of logistical processes like procuring goods or services, and then transferred to Project. You can specify the level at which the project costs are recorded. . To track the progress of the costs, you can use these features: Costs: You can view, compare, and maintain the costs incurred for a project for all cost types. You can view the cost transactions that are not yet processed to Financials. If costs are the result of actions in Financials, Manufacturing or Order Management, these transactions are automatically created and processed. In addition, cost transactions that are manually entered can also be maintained. Using commitments: To keep your project control up-to-date you must ensure that the right costs and future costs are entered, for example, your monthly reports. Commitments are financial obligations that represent future costs. When costs are incurred, the commitment is replaced by the actual cost.. Commitments can be booked in two ways: manually and automatically. This depends on the specified parameters. The commitments are booked as soon as the purchase order is created and/or the goods receipt is registered in Procurement. you can track soft commitments, and hard commitments. You can also print the actual costs and commitments, and compare them. Cost history: You can view and maintain the history data of project and contract costs for the different cost types. Cost forecast: To generate or view the cost forecast on your project, you can use either cost objects or cost types. If you use cost objects, you can maintain the cost forecast for all cost objects related to elements and activities. If you use cost types, you can only maintain the cost forecast for activities. You can use a forecasting method to predict changes to the budget, or to predict extra costs or to predict the total project cost. These forecasts are displayed in performance measurement and monitoring. Revenues and revenue history You can manually register project revenues or the revenues can be registered through project invoicing. If a project invoice is posted to Invoicing, project revenues are available in Project. In addition, you can maintain the forecast deviations of the revenues by element and activities against the contract, which allows you to monitor the result in the Monitoring module. You can enter revenues in different currencies. To register revenues, you first must record cost control periods for the project. The control period is used for registering the revenues. You can modify the project revenues coming from the Invoicing module. You can also enter additional revenues. You must confirm the revenues and then process the registered revenues to the project history and to Financials. You can also view and maintain the history data of revenues. This includes invoice data and posting data. Financial result You can view the financial results of the project costs, revenues, and profits. You can view over/under billing, and over/under costs, as well as revenues. You can also track interim financial results and IFRS WIP balances. Extension transactions You can track the progress of the project extensions. These type of extension transactions are supported: Fluctuation settlement: Use this extension type to indicate the price fluctuations' influence for invoicing purposes. You cannot define this extension type for Cost Plus projects and for projects with Invoicing Method set to Unit Rate. There are two types of fluctuation settlements: Index fluctuation settlements and Price fluctuation settlement. Provisional amount: Use ths extension type if you do not know a certain part of the project costs when you develop your project. You can settle the differences with the provisional-amounts budget and the actual costs at a later stage. Quantities-to-be-settled: Use this extension type to invoice the difference between the budgeted quantity and the actual quantity for a range of cost objects. Use this type when you are unsure of the quantities that you will spend in the project. Processing progress You can approve all the transactions related costs, commitments, and revenues for the project. You can post confirmed transactions to the project history, and to Financials (by using the accounts that are selected in the Financials Integration). You can also globally confirm costs, revenue transactions, and interim results. Costs are transferred to Invoicing and to project history. You can also undo the confirmed transactions. |