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Capital Project Management / Project Management

Managing and Reviewing Costs Using the Management Console

From the Management Console - Cost tab, you can review cost summaries for work packages and for actions, and you can track and manage invoices and payments.

Recording payments for vendor invoices can only be done from the Management Console - Cost tab. Otherwise, the tasks on the Management Console - Cost tab can also be accessed in the following ways:

• You can review vendor payment history and performance from the Procure process (Review Vendors Invoices and Payments and Report Vendor Performance tasks).
• You can review a report on cost variance for a comprehensive list of projects from the Review History process on the Process Navigator. From the Management Console - Cost tab, you review cost variance for a single project that includes the breakdown by work package and a report of at-risk work packages. 

For a description of the entire Project Management workflow, see Project Management: Application Overview.

For a description of the entire Project Management workflow, see Project Management: Application Overview.

This topic includes the following sections:

• Viewing Cost Summaries
• Recording Payments
• Viewing Invoice and Payment Details

Viewing Cost Summaries

From the Management Console - Cost tab, you can:

• View the following Cost Summaries. Cost summaries are view analysis views; you can click any cell in the report to see details for that item. From the detail view for action items, you can generate a report for the action item details, or export the details to Excel.
  • Committed and Anticipated: View the committed and anticipated costs for each work package for the selected project. Click any cell in the row for a work package to see work package details, and details for the action items that contributed to the work package summary. Generate a report of these action items, or export the action item details to Excel.
  • Costs by Work Package: For each work package, view the baseline, design -estimated, contracted, and actual costs. The program computes the variance (design to baseline and actual to design) and counts the change order requests. To view details for a work package, click on any cell in the row for the work package.
  • At Risk Work Packages: View the budgeted cost of work performed compared to the actual cost of work performed, and the Cost Performance Index. The Cost Performance Index is calculated as Budgeted Cost/Actual Cost. An index of 1 or greater means that the work package actual costs are equal to or less than budgeted costs. Click any cell in the row for a work package to see details for the at-risk work package and its action items. You can generate a report of all the actions by clicking DOC, or export the action data to Excel by clicking XLS.
  • Action Cost Variances: Select a work package to view its total baseline, design, and actual costs, and the variances (design to baseline, and actual to design). You can also view this data for each action. Click on any cell in the Total row to see work package and action item details. You can generate a report of all actions by clicking DOC, or export the action item data to Excel by clicking XLS.

Recording Payments

You will be receiving invoices from your Vendors. After you have sent a payment to a vendor, you can record the payment using the Management Console Cost tab.

When you record a payment for an invoice, you enter a payment number and payment amount. When you save your payment, the payment is added to your payments for the selected invoice. The total payments amount is calculated as the total amount for all the payments you have entered for the selected invoice. If the total payment amount is greater than or equal to the invoice amount, then the invoice status is changed to "Closed."

For more information on using the Management Console, see the Using the Management Console topic.

To record payments for invoices:

1. In the Process Navigator, select the Execute/Management Consoles: Cost task.
2. Select the project that you have received invoices for.
   
   The Management Console appears with the Cost tab selected.
3. Select the Record Payments for Invoices button.
4. Select the invoice that you are entering a payment for.
5. Click the Add New button.
6. Enter a payment number and the payment amount.
7. Click the Record Payment for Invoice button to save your payment information.
8. Review your current invoices and payments information using the Invoices and Payments by Work Package and Invoices and Payments by Vendor tasks on the Management Console Cost tab.

Viewing Invoice and Payment details

From the Management Console - Cost tab, you can:

• View details for invoices and their payments. From the Invoices and Payments tab, select an invoice to view details for the invoice and for its payments for the selected project.
• View invoices by work package. From the Invoices by Work Package tab, select a work package, and then select an invoice to see its details, including its payments.
• View invoices by vendor: Select the Invoices by Vendor tab, select a vendor, and then select an invoice to see its details, including its payments.