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How to calculate total cost/price of task or project based on time spent and cost per hour/per employee

How to calculate total cost/price of task or project based on time spent and cost per hour/per employee
   
Home  » Support  » Frequently Asked Questions (FAQ)  » How to calculate total cost/price of task or project based on time spent and cost per hour/per employee

Timesheet solutions

Solution 1.

You need to measure job/project progresses when the price of units depends on time spent on producing the unit.
For example, you have the following variables:
  • Time each employee has spent on his part of the project [Actual Time]
  • Cost of each employees per hour [Cost per Hour]
  • Total cost per of job/project as the cost per hour multiplied by the quantity of hours spent [Actual Cost]
  • Price per hour at which you sell the units [Price per Hour]
  • Total price of job/project as the price per hour multiplied by the quantity of hours [Price]
  • Profit as a difference between the price and total cost [Profit]

The timesheet can be displayed as follows:

Also you can get a graphical report based on the spreadsheet variables.
For example, if you need to compare actual cost and price or see the profit per task:

Solution 2.

You need to measure job/project progresses when the price of unit is fixed and you need to measure effectiveness by comparing estimated and actual time spent on producing the unit.
For example, besides the variables mentioned above you have the following:
. Time each employee should spend on his part of the project [Estimated Time]
. Total cost of each job/project as cost per hour multiplied by the quantity of hours each employee should spend [Estimated Cost]
. The money each employee can get because he managed to do the job faster than it was planned [Bonus]
The timesheet can be displayed as follows:

Also you can get a graphical report based on the spreadsheet variables.
For example, if you need to compare actual and estimated time per task per employee:

Or you can compare the profit each employee makes and the bonus he can get.



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