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Difference Between Blended Rates for Cost Plans and Actual Rates for Actuals

Question asked by Will_Lloyd on Aug 16, 2017
Latest reply on Aug 16, 2017 by Dale_Stockman

I just watched the 'Time and Resource Management Cost Oversight' video by Shannon Thoke (https://www.youtube.com/watch?v=jHQivuuR2EU) and really enjoyed the materials provided.

 

One comment she made at around the 14:00 mark differentiated the Blended Rate that you'd likely see in the Matrix to help develop Cost Plans, and the Actual Rate for a specific Resource that might be (slightly) different from the Blended Rate.

 

I have set up a number of Resource Roles with Blended Rates, for example, Junior, Intermediate and Senior Analysts that might have cost rates at $75, $100 and $125 per hour - good enough for estimating the Planned Costs from the Investment Team's (estimated) Allocation.

 

For actual Resources - which may have Role assigned as either a Primary Role or an Investment Role - their actual rates may vary from the Blended Rates, for example getting paid or charged out at $97/hr, $103/hr.

 

If actual time spent on a Project is recorded on Timesheets, is it possible to use the actual rate of a specific Resource in order to have the Actual Cost of the time spent displayed on Financial Plans, Hierarchy, and other forms and reprts, hopefully without the need to perform Transaction Entry and WIP processing?

 

Suggestions are welcome.

 

Cheers,

Will

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