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almirz

Track cost allocations vs planned budget for each project (not just at portfolio level)

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Hi All.

New Meisterplan user here. This is my second post of the day. :)

Tracking project costs vs planned project budgets is an area of focus at my organization.

While testing out Meisterplan, I realized that even though I can enter budgets (capex, opex, benefits) at the portfolio level, there is no way for me to enter budgets (capex, opex, benefits) at the project level.

Even if i create a custom field to enter planned capex, opex and benefit $$ for each project, there is no way for Meisterplan to use that data and interactively show it as part of the financials section in the portfolio designer.

I think it would be immensely beneficial for portfolio managers if they were able to enter planned opex, capex and benefits $$ information against each project as this would allow them to track cost allocations (Actual costs) at the individual project level when cost events happen (instead of only tracking at the overall portfolio level).

Hope I was able to explain the use case somewhat. Please let me know if additional information is needed.

 

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Hello Almirz,

Today, the current Meisterplan structure is purely designed for PPM planning purposes, not tracking of actuals. Notwithstanding, I believe your request makes complete sense. This feedback is very helpful for us and I am happy to take this to our Product Development Team. 

From the experience of our customers though there is a workaround available using external BI software. For instance, you can create different scenarios in Meisterplan with different portfolio plans, budgets etc.. These scenarios are all available when accessing the Meisterplan reporting database and you can then compare multiple scenarios with each other. 

Feel free to reach out to us any time if you have more questions about this topic or the workaround I have described above.

Thanks,

Achim

 

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18 hours ago, Achim Gnan said:

Hello Almirz,

Today, the current Meisterplan structure is purely designed for PPM planning purposes, not tracking of actuals. Notwithstanding, I believe your request makes complete sense. This feedback is very helpful for us and I am happy to take this to our Product Development Team. 

From the experience of our customers though there is a workaround available using external BI software. For instance, you can create different scenarios in Meisterplan with different portfolio plans, budgets etc.. These scenarios are all available when accessing the Meisterplan reporting database and you can then compare multiple scenarios with each other. 

Feel free to reach out to us any time if you have more questions about this topic or the workaround I have described above.

Thanks,

Achim

 

Hi Achim,

Thanks for your response.

I agree with your statement about Meisterplan being a PPM planning tool and not a tracking tool for planned vs actual.

Having said that, and I think you'd agree as well, having the capability to define budgets and benefit targets at the project level (instead of only at the portfolio level) would help track project financial performance. Meisterplan already allows users to enter cost events for each project (edit project > financials) so it would definitely be helpful if it also allowed users to enter budget and benefit target for each project individually as well.

What might actually be a little tricky would be how this new information (budget and benefit target for each project) is show in the financials section of the portfolio designer in trace mode.

Ideal solution in my mind would be: User clicks on project and sees in financial section what capex budget, opex budget and benefits target was for selected project in grey bars. And then cost event are filled inside those grays for only the selected project, just like it is done now with color coding.

Hope the above info clarified my question a bit. Please let me know if this makes more sense.

Thanks again.

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Hi Almirz,

Yes, this is very helpful and I understand your approach. Thank you very much for your effort and the provision of a solution approach! 

I am not a Product Manager though, therefore I'd like to take this with me for a further discussion with the colleagues from Product Management. I will come back to you regarding this Feature Request! 

Best Regards,

Achim

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Has there been any movement on this?  This would be an excellent feature. I would also wish to compare these as part of the report function. Thanks

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Hi Chris, we have not released project budget functionality yet. However, we are in the process of collecting ideas and use cases around that topic to come up with a concept draft. Interesting questions would be whether this should include only money or also time budgets, whether costs are needed on role or also on resource level and whether this info should also be importable through an interface. Please feel free to contact me to chat about your specific use case! thomas.quandt@meisterplan.com

 

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