Generate Project Cost Codes

Prerequisites

  • When you have created a user defined rate class for the estimate to complete values, add the rate class in the project's Rate Structure. Then enter or import the rate class data into the Rate Structure. See Add a Rate Class.

These steps are specific to a new project in EVMax. You do this once for a new project to generate the Earned, Actual, and Forecast (estimate to complete) cost codes. You also set the level of detail for the actual cost and forecast values. The actual cost and forecast values may be at the control account or work package level depending on your business environment. Some business environments also use estimated costs. See Add Estimated Costs Cost Code when you need to include these values for your project.

  1. Select Project Data > Projects. The Manage Projects tab window displays.
  2. Click on the Structure [Select] dropdown in the Ribbon Menu and select the project you want from the list.
  3. Select the Cost Codes tab.
  4. Click Generate Actual & Forecast at the bottom of the window. The Select Level dialog box displays.
  5. Select either Account or Work Package from the Level dropdown and click OK. Selecting Account means the actual costs and forecast values are at the control account level. Selecting Work Package means the actual costs and forecast values are at the work package level.

  6. Click Save in the Ribbon Menu. Two new cost codes are added to the list of cost codes labeled "Actual" and "Forecast".

    Tip:

    The Earned cost code is also added when you click Save. It is always set to the work package level.

  7. Optional. Update the description for the Actual cost code.
    1. Select the Actual cost code row and click Edit. The Edit Cost Code dialog box displays.
    2. Update the Description.
    3. Click OK.
  8. Update the Forecast cost code settings as needed for the project.
    1. Select the Forecast cost code row and click Edit. The Edit Cost Code dialog box displays.
    2. Optional. Update the Description.
    3. When the estimate to complete values use a Rate Class that is different from the default, uncheck the Always use default check box to enable the dropdown. Then select the Rate Class you want to assign to the cost code from the dropdown.

    4. Optional. Select a Forecast Method from the dropdown. Typically the default setting (PF=1) is fine for a new project. You can change this setting once you determine how you want to create and maintain the estimate to complete values.

      Tips:

      Other project level settings control what happens to the estimate to complete values when the calendar is advanced to the next reporting period. In the Manage Projects tab window, select the Settings tab to verify the Adv Cal Delete Forecast option. When it is set to "All," the complete set of existing estimate to complete values are cleared every time the calendar is advanced. When it is set to "Current," just the current reporting period estimate to complete values are cleared since they are replaced with the current period actual costs.

      PF is short for "Performance Factor." This setting applies should you wish to use the Generate Forecast Ribbon Menu option in the main EVMax window. PF=1 means performance is the same as the budget plan. For a new project this is fine when you want to set the estimate to complete to equal the budget baseline. Once work begins on the project, you can manually update the data as needed, use the other performance factor options to regenerate the data, or import the data from your scheduling tool or another system. When you intend to import the data, set the Forecast Method to "User Forecast." See Set Forecast Options for more information about these settings.

    5. Click OK.
  9. Click Save in the Ribbon Menu.
  10. Optional. If you want to review which cost codes are assigned to cost report groups, select the Cost Report Groups tab. The list of cost report groups displays in the left pane. For each cost report group row in the left pane, the assigned cost codes are listed in the right pane. When more than one cost code is listed for a cost report group row, the cost code values are added together for data views and reports.
    1. Select the ACWP cost report group in the left pane. The Actual (actual costs) cost code is the default assignment.
    2. Select the EAC cost report group in the left pane. The Actual and Forecast cost codes are the default assignment (the Estimate at Completion is equal to the cumulative to date actual costs plus the estimate to complete the remaining work).
    3. Select the ETC cost report group in the left pane. The Forecast (the estimate to complete) cost code is the default assignment.
  11. Optional. Close the Manage Projects tab.