Project Financial Planning

The new Financial Planning feature brings improved accuracy in your Project Planning.

Financial Planning is a critical part of successful projects.  Clarizen combines the simplicity of a spreadsheet for data entry, together with the granularity, control and structure that organizations need to keep track of the bigger picture of project financial data at scale, and over time.

 

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This new component builds on the “time-phase” principles you may be familiar with from Resource Planning and adds the ability to incorporate Non-Labor Resources (NLR) and plan budgets and actuals on a Monthly basis. Quarterly, and Annual groupings will be introduced later.

 

An NLR can be any Materials, Equipment, Infrastructure or any other costs that impact the overall cost and revenue of your Project, and can be categorized for easier management.

 

How can I get started? 

Project Managers, Owners, and Administrators with Financial Permissions can all add NLR’s and set the financial plan, actual and forecast amounts to keep track of financial dimension of the project (Costs, Revenue). The Financial Planning view is accessed from the Work Plan’s Resourcing tab where you can manage the time-phased data and view calculated variances and margins.

 

What other information can I collect?

When adding an NLR you will provide a name, category, whether or not it is billable, its expense type (Capex/Opex) and a short description. The standard categories are: materials, external consultant, travel, hardware, software, and "other". You may add or remove categories to match your organization's naming convention.

 

Financial data can be viewed at a Project or Portfolio level summary. When viewed at a Portfolio level, financial data is aggregated from all of the sub projects.

 

Note

Financial Planning is released as a controlled availability feature which will gain additional enhancements over the coming months. Limitations and features in development will be listed in the extended documentation. If you have requested to be part of this initial release you will have a new System Setting which will enable you to activate the functionality. If you would like to start exploring this feature, please contact your Customer Success Manager.

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