Who can use this capability
Resourcing Administrators, Portfolio Editors, People Schedulers, and Project Editors can track the profitability of a project.
Track project profitability
You can track your project’s profitability by monitoring the budget bar on the left side of the screen.
When starting a project, it is important to establish a profitability goal and integrate it into the project budget, including the target for each hour of work. Resource Management provides only external fees for individuals and projects.
Suppose you are working on a project that requires a budget of $50,000, and you want to achieve a profit margin of 20%. In order to accomplish this, you will need to determine the hourly billing rates for each individual working on the project. These rates typically range between $75 and $150 per hour, and have a margin of 20-30%. It's important to keep in mind that these rates are specifically for external billing, as opposed to internal billing. Additionally, it's important to note that each person can only have one bill rate.
To keep track of how close you are to meeting your profitability goals, check the budget bar on the left side of your screen, which indicates how much you are over or under budget.