Build a Budget

Fee Estimators should be created for all your Projects to support any quote being issued to prospective and existing clients. The Fee Estimator has two key purposes: (1) it is the basis of the calculation of the Fee that is going to be charged to the customer and secondly, it holds the budgeted days and other costs which are expected to be incurred to deliver the project.

The Fee Estimator Tool is set up slightly differently, depending on which edition of CMap you use. Click on your edition to be taken to the relevant section. 

PSA Edition

      1. From your Dashboard, head to the Projects tab and click Pipeline
      2. Click on the Project No-Title that you wish to build the Fee Estimate for. You will be taken to the Project Details area. Click on the Fee Estimator sub-navigation bar and a pop-up box will appear asking you to select which Fee Estimator template you would like to use.

      3. Choose a Rate Card (rates that will be charged to the client per role involved in the Project) you will be applying for the Project. This is found under the Project No-Title.
      4. Set up a Tab by clicking on the icon and enter a Name
      5. Add a Stage by clicking Add Fee Stage and type the Stage Name into the text box that appears underneath the tab. Click Save.
      6. Next, add a Task by typing directly into the text box under the heading Task. Then either press Enter on your keyboard or click Add Task. It will appear under the Stage. Continue to add the required Tasks for the Stage.
      7. Click Add a Role to choose roles for this Project. You will find this in the column heading underneath the Stage name
      8. Select the Office (this is only required if you have users in multiple Offices) and Roles from the drop-down list by clicking into the tickbox(s). Click away from the drop-down list and then press Save
      9. Add the number of hours or days required for each role for the Task, click into the Task name or in the Role column and text boxes will appear for the chosen Task.
      Now that you have covered the basics, you are able to build the budget out as the Project progresses to ensure that the Project is delivered profitably. 

Learn More:
Want to learn more... here's the full article on Building a Budget in CMap.

Architects & Engineers Edition

      1. From your Dashboard, head to the Projects tab. Click on the Project No-Title that you wish to build the Fee Estimate for. You will be taken to the Project Details area.
      2. Click on the Fee Estimator sub-navigation bar and a pop-up will appear. Select Fee Driven. Now click Create.

        You can also build a budget for a Resource Driven Project

      3. Choose the Time Charge Rate by selecting the appropriate Rate from the drop-down list, found under the Project Start date.
      4. Enter the Construction Cost (if applicable), the Fee% and Fee
      5. Next, click  Add your first Workstage and enter the Name. Here you can complete the following fields:

         

        Field

        Description

        Duration Weeks

         

        How long the Workstage will last in weeks. The Duration Weeks number sets the start/end date of the stage.

        Probability

         

        How likely you are to win that stage. This allows the weighting of your Fee Forecast and Resource Forecast at an individual Workstage level.

        Fee Type

         

        Whether the fee for the stage is derived from the Percentage Fee, or an agreed Fixed Fee/Time Charge. Fixed Fee is particularly useful when managing variations, whereas Time Charge is used when you need to bill the client for the time a task takes based on charge-out rates.

        Note: If you added a Fixed Fee stage, you will need to enter the amount in the Fee column. If you added a Time Charge stage, the fee will be calculated based on the days budgeted in the Resource Profile panel.

        Outside % Fee

         

        This tick box will be automatically ticked for Fixed Fee and Time Charge stages, as they do not derive their fee from the overall %-based fee.

        Workstage Fee %

         

        The percentage of the overall fee you wish to allocate to the workstage to spread your fees.

        Retention %

        How much of the fee you wish to ring-fence for profit.

        Expenses Retention % 

        How much of the fee you wish to ring-fence to cover expenses.

      6. Scroll down to the Resource Profile panel where you can define the types of resources you need on the project. Click the Add a Role button and select a required Role. 
      7. Click the Edit pencil icon to budget days for the Roles for each Workstage. 

Now that you have covered the basics, you are able to build the budget out as the Project progresses to ensure that the Project is delivered profitably. 

Learn More
Want to learn more... here's the full article on Building a Budget in CMap.

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