Project success has been historically nebulous to qualify. Producing a deliverable does not guarantee a favorable outcome with regard to time, cost, and/or quality. While there is no universal or comprehensive definition, formula, or equation to validate success or failure, utilizing indicators throughout the project’s lifecycle can provide guardrails to help a project reach completion. One of those guardrails entails the planning, monitoring, and controlling project financial benefits. Financial Benefits on Cloud Coach projects are used to track and report on planned vs realized value.
The Financials page creates a point of entry for a project’s Expense and Benefit data in order to help determine the planned and realized success of a project from a fiscal perspective. Cloud Coach users with access to the Financial Benefits tab on the Financials page enter data to track monetary gains on a project. Financial Benefit records are created when values are entered in currency fields to document planned and realized financial benefits in Cloud Coach.
Area Setup is where an organization can define benefit structure. In order to associate planned and realized benefits (see Benefit object), Areas and Sub Areas must be defined within Cloud Coach.
The Area Object offers two record types to define expenses; Benefits and Costs.
To customize your internal benefit areas using Cloud Coach, add and remove Areas and Sub-Areas as needed.
The red highlight shows what is pending removal
The yellow highlight shows unsaved changes
When changes are complete, click save.
FINANCIAL BENEFIT OBJECT
Whether a Financial Benefit is planned or realized, by default, Financial Benefits can only be associated at the Project level.
Financial Benefits are involved in the calculations under the Financial Details section of the Project Details page. The impacted fields are:
- Total Planned Benefits
- Total Realized Benefits
ENTER FINANCIAL BENEFITS
Financial Benefits can be entered by type; Planned or Realized.
There are two ways to add Financial Benefits on the Financials page:
Click any value to enter Financial Benefit values. Description can be used to create detailed records.
Financial Benefits are entered into cells in a grid layout. This will allow for multi-cell entry that is a familiar experience for users who have worked in spreadsheets in the past.
To enable this functionality, select the financials tab, select the “Single Monthly Budget” checkbox on the Details tab of the side panel.
When the editing indicator has changed from red to green, Financial Benefits may be input directly into cells on the Expenses tab.
When benefits are saved, the new values will be reflected on the Project Detail Page – Total Planned Benefits and Total Realized Expenses fields respectively. If several financial benefits are created, those fields will aggregate values. To see a breakdown of the created Financial Benefit records, navigate to the Financial Benefits Related List.