Need help on understanding Labor Rate Card
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12-01-2019 08:32 AM
Hi,
I am new to Cost & Resource Management, we having a Demo on these modules i keep reading about Labor Rate cards but i am unclear. Can anyone please help me in understanding this how important is this in ITBM
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Cost Management
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Resource Management
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12-01-2019 09:18 AM
Hi,
Please find the below links which could be helpful for you.
Kindly mark my answer as Correct and Helpful based on the Impact
Regards,
Chaitanya
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12-01-2019 08:41 PM
Hi,
Cost or Resource Management allows planning the cost of hiring or allocating a resource to Project or Demand. The resource's cost is being estimated using per hourly rate. These rates are defined using Labor Rates. Having appropriate Labour rate for a resource helps to calculate the total cost of allocating that resource to the Project.
The Labour rates are also being referred while calculating the actuals cost , when they submit the time cards against the task they are working on.
ITBM allows more advanced version of defining resource's hourly rate using Rate Model.So it is worth looking at Rate Model module as well.
- Yogesh
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12-02-2019 03:31 AM
Hi,
The rate model is fundamental to calculating and deriving date-effective, criteria-driven hourly rates for calculating planned and actual costs for a project or demand.
OOTB the default rate is $50, however you can set up different rates for different resource groups, roles and locations. On a current project we have three separate rate models for USA, UK and Ireland. This is because we have different groups and roles in each location.
When setting up a rate model don't go mad an have lots of entries. Use it as an opportunity to streamline your processes. For example, I had one client that went from 400 to 40, it just needs a bit of thought.
