New Product Update - Project Budget and Cost in Orangescrum

Hello, Orangescrum’ers! It’s update time! Now get a clear picture of your project cost within Orangescrum.

With this release, project managers can view project budgets and costs for all your projects. Not only this, but also you can define a role-based hourly rate for your resources.

We are committed to making our product more valuable to customers.

At Orangescrum, we always want to provide the best solution for our customers, so we have created the solution you want to ensure your successful support for the product.

We sincerely thank everyone who contributed by presenting and sharing their views before developing this feature.

Expressing the core values with more clarity and simplicity are the keys to our success.

Recently, we released the Guest user, Custom fields, Timesheet update, Resource Skill Set, and this time we are back with “Budget & Cost”.

What’s New: Budget and Cost

Orangescrum’s Budgeting feature gives a clear picture of whether you’re completing your projects within the budget and how much you’re making profits for your projects.

It includes

• Setting up the budget for the project

• Define the approved cost

• Define hourly rate

The Benefits of Budget and Cost

Budget and Cost give you access to important metrics that are not accessible in traditional project management tools.

This is essential for any company looking to increase the efficiency of their workflow and ensuring they’re getting maximum ROI on their projects.

Budget and Cost also allow you to forecast your project’s profitability, which will make it easier to make the right business decisions.

• It helps us to specify the cost and keep transparency.

• It makes the projects’ profitability starting from the planning phase and through the execution.

How to Define Budget and Cost in Orangescrum:

Cost management is a discipline that evaluates the cost of delivering on the product promises made to customers and communicates this information to various stakeholders.

To define the budget & cost the user needs to add the cost value at the time of creating a new project.

• Click on the create project

• Scroll down and put the Budget amount

• Default hourly rate

• Cost Approve value

User Note

Default hourly rate: When a resource will log to the same project or associated task, the Default hourly rate will be added to the billing.

Cost Approve value: If you’re working on a fixed bid project then you can mention the cost approved, so you can know what is the profit when your project gets over.

Add Role-Based Billing Rate

You can define the role-based billing rate for different resources for any project. To make this setup, go to the “Project Setting” and click on “Cost Setting”.

You can select the user role and then define the cost to company, the cost to client.

User Note:

Cost to Company: How much you’re paying to your resources in hourly rate

Cost to the client: How much you’re billing or charing your customer in the hourly rate

Budget & Cost Report

When the resources start log time or submit the timesheet with billable hours, the cost value will be added to the Project cost report.

You can find two cost reports within Orangescrum. Project Cost Report and Resource Cost Report.

Project Cost Report –  You can find the project cost report on your organizational dashboard page and in-side any individual project overview page. In Dashboard, you can find the Budget & Cost report (that includes Approved Cost, Cost to Client, and Cost to Company) of all projects under your organization.

On the Project Overview page, you can find the Budget & Report for that particular project.

Resource Cost Report –  As like Project Cost Report, you can find the Resource Cost Report at on your organizational dashboard page and in-side any individual project overview page.

In Dashboard, you can find the Resource Cost Report for your all projects that includes the value of Resource-wise billable hours, Hourly Rate for Company, Cost to Company, Hourly Rate for Clients, and Cost to Client reports for each project.

On Project Overview Page,  you can find the Resource Cost Report for that particular project. The reporting value includes Resource Name, Billable Hours, Hourly Rate for Company, Cost to Company, Hourly Rate for Clients, and Cost to Client.

User Note

Users can export this report as well. The report can be export in CSV.

Coming Soon

The “Profitability Report” would be the next release for our users.

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Join 20,000+ others who get our weekly newsletter with insider project management tips! This report will show you how much you have spent vs how much you billed, by this comparison we will show the profitable report for each and every project.

Takeaways:

Budget and Cost provides a way to forecast finances, track project performance, and identify savings opportunities.

You can’t keep a project on track without knowing your costs and the cost of materials. Budget and Cost is the only tool that gives you this information in one place.

Please let us know if we can assist you in your mission to successfully deploy Orangescrum in your company.

Main Article Source: Product Update: Budget and Cost for Project - Orangescrum

Find out what open source has to offer your team's productivity

Combining Open source with Agile Project management will provide you with many amazing results.

With Open Source Agile Project Management your team can effectively organize and prioritize their work, you can check on the work progress and provide solutions to the problems.

This effective methodology doesn’t only help you with planning, organizing, fixing bugs but also increases the productivity of your team.

Source: Delta Matrics

Leveraging Agile Project management Software with open source creates a positive impact on both the development and runtime environment of your software applications.

The team that uses this advantage has observed better productivity, they were able to deliver applications by following all the goals before the deadline.

According to 2018 data, projects that follow agile methodology are 28% more successful but the productivity increases to 50% higher when they follow agile methodology with open source.

Why does Agile Project Management work with Open Source?

Agile and Open Source works well together. An organization can effectively collaborate, share, have more flexibility, and contribute faster that help to speed up the organization’s deployment.

Source: IntellectSoft

You get the ability to edit and share code in real-time with other developers which is productivity growth. The agile teams that rely on open source gain productivity in the tasks that help the organizations to create High-Quality Software.

An agile Framework in a project helps the contributors to understand the process and the order it follows to complete a work.

When it’s paired with Open Source, the simple framework follows a long way that creates confidence among the potential contributors to get indulged and understand the bugs and how it is fixed.

It creates a bigger impact and provides amazing results to the projects.

Companies are managing their change in velocity by adopting Open Software along with Agile Practices.

How does Open Source Agile Project management Software improve Productivity?

With the Agile Development process and open-source software, you can build the software at a faster and cheaper price.

Open Source offers a large amount of productivity and enhances opportunities. This gives you the ability to easily assess the best open source component that creates productivity in developers.

Know more about open source has to offer your team's productivity

Project Management Methodology and the best practices

The leading business leaders are relying on project management methodologies.

Without it, the project literally gets many drawbacks.

In a recent report by Standish Group, it was observed that only “36% of projects have reached the entire requirement in a project.”

So now the question arises, why do many projects get off track?

There might be a lot of reasons for the lack of requirements in the project. But most of the projects marked a common factor. It is because of unclear directions.

So you can overcome this issue by following the project methodology.

Project management Methodology

A Project management Methodology refers to a set of principles and processes used to manage a project.

The project methodologies help in defining a governance structure, process guidelines, processes involved, test activities, and deliverables. All the features involved are necessary for project success.

So, if you want to manage your project in the best possible way, the project management methodology will help you in achieving it.

Why do you need a Project management Methodology?

Project Management methodology generally aims to standardize, organize and structure the work methods.

This helps to keep the focus on all the projects and allows you to repeat the successful aspects in every project and if any mistakes occur, you can rectify it and learn from them.

It results in continuous improvement in a project.

With Project Management methodology, you are adding more efficiency to the project.

“No matter how good the team or how efficient the methodology, if we’re not solving the right problem, the project fails” – Woody Williams

What are the various types of Project Management Methodologies?

A project becomes successful depending on the project methodology it has used. A methodology that works for you doesn’t mean the same methodology will work for the other.

Therefore it is important to understand the various methodologies and choose the right one.

Here is the list of project management methodologies to use for your project:

1. Agile:

After the dissatisfaction with the linear approach of traditional project methodologies, agile project management was developed.

Agile project management methodology was created to manage complex projects. It is an iterative and people-centric approach to project management.

With Agile Project Management Software, you can reduce the compressibility of the project by breaking down the project into small segments.

The key principle of Agile Project management methodology is:

• Open to data-driven change

• Quick

• Collaborative

In many methods of Agile Project management, you can add the “work to be done” in the backlog. The team can work through various phases or cycles.

Benefits:

• Flexibility and Freedom: As there are no fixed stages or focus only on requirements, this provides your resources more freedom to experiment and create incremental changes. This makes it fit for creative projects.

• Low risk: Using Agile Project management, you will receive regular feedback from the stakeholders.
  This helps to get the review and change it accordingly. This reduces the risk of project failure, as the stakeholders are involved in every step.

2. Scrum Methodology:

It is a form of Agile Project Management. It is more like a framework than a project management methodology.

It solves most of the problems faced by software developers. Such as inflexible projects plan, convoluted Development Cycles, and shifts in production Schedules.

In Scrum, a small team that is led by the scrum masters works to clear all the obstacles to work more effectively.

The team works in short cycles of two weeks, which is known as “Sprints”. The team members held daily meetings to discuss the work and problems that needed to be solved using this methodology.

This methodology allows rapid growth and testing mostly within small teams.

3. Kanban:

It is another framework used for implementing Agile, based on the capacity of the team.

It is a simple, clear, and most effective project management methodology. With Kanban, the project can manage the task, files, and list in a single interface.

• Kanban Board: The Kanban Board, which is used to help the team management work effortlessly. Kanban Boards are mostly represented as interactive panels with virtual forms of sticky notes. It can move around easily and that helps in organizing the task and to-do list.

It can move around easily and that helps in organizing the task and to-do list. The Kanban board works great for the team, as the team can get a visual representation of the project progress.

Critical Path Method: The Critical Path methodology categorizes all the important activities that are necessary to complete the project within a work breakdown structure.

You get to map the projected duration for each task and the dependency on them. It helps to map out the tasks that can be completed simultaneously, and what activities need to be completed before others start.

Advantages

Prioritize: The success of CPM methodology depends on pointing to the critical and non-critical activity. Once the mapping is done, it helps you to prioritize the resource in a better way.

Schedule Better: As you emphasize mapping the duration of activities and their interdependence. Once the mapping is done you can schedule the task in a better way. If task X depends on task Y that needs to be finished first. With CPM you can identify and schedule the task.

5. PRISM:

PRISM stands for Project Integration Sustainable Method, is a methodology created by the Green Project management Global.

The approach focuses on accounting and minimizing the adverse environmental impact on the project. It varies from the traditional methodologies. This methodology focuses on the entire lifecycle of the project post-delivery that helps in maximizing sustainability.

6. Waterfall project management methodology:

It is a traditional form of managing projects. The Waterfall methodology follows the common process of planning out a project, Sequence the tasks, and working out on it to get the final results.

Main Article Source: Project Management Methodology - Orangescrum

The best practice to run the Agile Project

If you want your business to grow like Google and Microsoft, then you need to follow their methods of working.

Successful companies update their product once in a week or two whereas other companies took almost a year to deliver a new product.

So, the secret of developing your business is Agile Project Management. With Agile Project management, the process becomes easy and quick.

What is Agile Project Management?

Agile Project management is an iterative approach used to manage software development projects. It focuses on continuous releases and getting customer feedback with every iterative process.

The iterative process refers to the approach used by designers, developers, and others to improve designs and products.

Many software teams have observed their growth in the speed of development. It has raised their ability to better respond to market trends, and expand the collaboration by using agile project management tools.

Agile Project management is a philosophy for products. It is built to create an often releasing, fast-moving, and helps to learn from actual users.

Many researchers have discovered that Agile organizations are more likely to complete the projects on time and they successfully achieved their goals.

With agile boards, you can organize projects and check out the progress of every task.

Principle of Agile Project Management

The Agile Project management tool is widely used because of its key principles.

So here is the list of major principles of Agile Project management:

• Easy to collaborate

• Provide quick response

• Open for data-driven change

The Agile Project management Methodologies involved many short phases of work such as frequent testing, reassessment, and adaptation throughout.

What are the benefits of Agile Project management?

The Agile approach helps the team in many ways. It helps the team to keep up with the demands of a modern workplace.

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Agile Project Management Methodologies focus on providing flexibility, quality, and transparency with continuous development.

Here are some of the benefits you get from Agile Project Management tools:

Customer Satisfaction: The customers are always involved in the decision-making process. This generates customer retention.

Getting feedback from the customer and changing it accordingly, delivers value to your customer.

It also ensures the result or final product is according to the customer’s requirement.

Quality product: The client is involved in the development process and can ask for changes depending on the market realities.

In Agile Project Management, repeated testing occurs in the execution phase. It states that the final product delivered is of good quality.

Improved Project Prediblity: Effective mitigation plans get easier with increased visibility and better risk identification.

With the Agile Framework, you can follow many ways to identify and predict risks and plan accordingly to ensure the smooth run of the project.

How to run an Agile project?

If you want to run an Agile project, the first thing you need is to choose your project framework.

Some of the popular agile frameworks are Kanban, scrum, and lean, it helps you to organize and run a project.

So here are six steps you need to follow these six simple steps to run an Agile Project by using scrum methodology.

Browse More for How to Run an Agile Project