Building your project budget (fee)

Not all projects have their budgets established the same way. Projectworks offers three different methods for setting the fees/budgets for projects.

Project pricing options

When creating a project you are able to build your budget with different levels of granularity. In it's most simple, set a fee for each phase/budget line within your project, or at the most granular build it from the "bottom up" by based on hours and rates.

Explore the different pricing options:

• "Top Down" setting fees against budget lines
• Set fees against timecodes
• "Bottom up" using hours and rates per role, per timecode

"Top down" Budget-level - Fee-based pricing 

• Create a budget for each phase/budget line you want to track. You will need to create separate budgets for time (effort worked) and expenses (e.g. licenses, hosting fees, travel costs).
• Assign a financial amount to each budget line.
• Create as many timecodes as needed within each time budget.

Timecode level - Fee-based pricing

• Create a budget for each phase/budget line you want to track. You will need to create separate budgets for time and expenses.
• Within each time budget create as many timecodes as needed and assign these a dollar amount.
• The sum of these are your budget amounts.
• In this mode only expense budgets are assigned a dollar amount

"Bottom up" Timecode level - Hourly-based pricing (hours x rate)

• Create a budget for each 'chunk' of work you want to track. You will need to create separate budgets for time and expenses.
• Within each time budget create as many timecodes as needed
• Within each timecode assign roles with the number of hours and billable rate (e.g. Senior Consultant for 100hr x $150 per hr). This calculates the dollar fee for each timecode. The sum of these are your budget amounts.
• Everything is “bottom-up” so any changes you make will impact the timecode and budget amounts.
• In this mode only expense budgets are assigned a dollar amount