Key Terms

This section explains the key terms and concepts used throughout the Project Finance feature in Worklenz.

Term	Description
Manual budget	Manual project budget amount set by project manager.
Budget utilization	Percentage of manual budget utilized.
Remaining budget	Remaining budget amount.
Estimated hours	Total estimated hours from all tasks.
Total Time logged	Total time actually logged by team members across all tasks.
Estimated cost	Estimated cost calculated as: Estimated Hours × Hourly Rates for assigned team members.
Actual cost	Actual cost based on time logged. Calculated as: Time Logged × Hourly Rates for team members.
Time-based cost	Actual cost from time tracking (excluding fixed costs).
Fixed cost	Fixed costs that don’t depend on time spent. Added manually per task.
Total budgeted cost	Total budgeted cost including estimated cost (Hours × Hourly Rates) + Fixed Costs.
Total actual cost	Total actual cost including fixed costs.
Variance	Cost variance: Total Budgeted Costs - Total Actual Cost. Positive values indicate under-budget, negative values indicate over-budget.