Summary

There are different ways to handle Labor Cost in PMI R&P. In the Cockpit the Rate will always be displayed and the box where it is displayed can either be open for edit or closed depending on other settings done. We differentiate between Current Rate (Live Forecast Rate), Forecasted Rate and Budgeted Rate.

The calculation of this rate is either done inside or outside of PMI, this is a choice in the Cockpit Settings and in the Upload section.

Intended Users

Financial Controllers and perhaps Department Heads (Cockpit Owners)

Requirements

Correct user rights to be able to add, edit or upload Rate or Total Labor Cost.

Instructions

There are 2 ways of handling Labor Cost in PMI R&P.

1. Rates – if this option (default) is chosen you will need to calculate the average labor cost outside of PMI both for Budget, Forecast and Actual (past month) Rate. You will then add Budget & Forecast directly into Budget & Forecast module and Actual Rate is only possible to update either in each cockpit in the Current Rate box or via the Upload Module.
2. Total Labor Cost – if this option is chosen you will enter total Labor Cost in the Budget & Forecast module for each cockpit. In the cockpit the Budget & Forecast boxes will be locked for editing. In the Budget & Forecast module you are able to hover over the Total Labor Cost entry to see the rate thats has been calculated by dividing the Total Labor Cost with the Budgeted or Forecasted hours. If you change the hours the Total Labor Cost will change accordingly. Live Forecast Rates for past month is calculated automatically from the rate in the Current Rate box in the Cockpit. You can Upload ACTUAL Labor Cost for past month. You can edit directly in the Budget & Forecast module by clicking the calculator in front of the hand to manually add Total Labor Cost. In the cockpit the Current Rate will then be locked for editing.

Current Rate in Cockpit will automatically update with Forecasted Rate when new Forecast is entered. This will only affect future month. Past month will not change if, by mistake, Forecasted Rate is changed.

Tools

In Cockpit Settings you choose if you want to work with Rates or Total Labor Cost. The setting affects the view in the Budget & Forecast module.