This glossary defines the main terms used across project budgets, resourcing, variations and cost-to-complete estimates.
Budget and pricing
Term | Definition |
Original budget | The project’s initial budget baseline, shown separately from variations on the Budget tab. |
Internal budget | The estimate used to plan and monitor delivery. Its value depends on the task pricing and estimates used; it is not the same as actual payroll or incurred expenses. |
Contract value | The commercial value associated with the client’s agreed work. |
Buffer | The difference between contract value and internal budget. A positive buffer means contract value is higher. |
Dynamic pricing | Task pricing calculated from resource and expense estimates. |
Fixed pricing | A manually entered task price. Where estimates exist, the internal estimate and client price can differ. |
Resourcing
Term | Definition |
Resource estimate | A quantity and rate used to estimate work on a task, optionally associated with a resource type and preferred person. |
Staff assignment | The person associated with a task or resource requirement. |
Allocation | Work scheduled for a person over particular dates or weeks. |
Actual time | Time logged against the task. Logging time is distinct from creating a future allocation. |
Variations
Term | Definition |
Variation | A recorded change to a project’s scope, resources, budget or commercial value. |
External variation | A change associated with the client agreement. Approved changes can alter contract value. |
Internal variation | An internal adjustment that does not change the client’s contract value. |
Delta | The change represented by a variation, rather than the entire resulting project total. |
A draft variation can appear in the variation list before its changes are approved. Its listed value is not, by itself, evidence that the project’s active budget has changed.
Cost to complete
Term | Definition |
Cost to Complete (CTC) | A forecast of the value required to finish the remaining work, assessed at an effective date. |
Remaining Budget | The budget remaining after the recorded usage shown by Drum. This is a budget balance, not a fresh assessment of the work still required. |
Estimated % Complete | The progress estimate recorded for the task in the CTC assessment. |
Previous CTC | The earlier forecast shown for comparison with the current assessment. |
Effective Date | The date to which the CTC assessment relates. |
Active CTC | The estimate identified as active for the project’s current forecasting. |