Cost Data Entry Form - Summary Page
The Summary page of the Cost Data Entry form provides a summary of the data for the current cost item and contains some general controls and inputs.
The Cost Summary frame shows a read-only summary of the cost data entered elsewhere on the form. Cost values can be shown with or without tax, by clicking on the Show Tax button.
You can adjust the number of decimal places shown with the summary data. Select Show percent to adjust percentages and Show actual to adjust cost values.
Variances (contingencies or high/low range values) will often be shown as non-integral percentages, e.g. 13.6% in the illustration above. This occurs because the variance shown is the summation of the variances for all the direct and defined costs that have been entered for this cost item.
You can display the summary in any currency. The base currency will be used by default. An automatic conversion will be made to whatever currency is selected for the display, provided that exchange rates exist for all currencies involved. If they do not, costs will not be shown. Use menu command Setup Menu/Currencies to insert appropriate exchange rates.
Cost Item Description
You can enter a text description for each cost item of up to about 1500 words of text. If the cost item has been denoted as a risk (see below), the Cost Item Description box will be relabelled as Risk Statement.
The History frame provides a brief summary of the current cost item to date, as follows:
Date Opened date on which data was first entered for that cost item
Last Update most recent date on which the data was changed
Rev no. number of times the data has been changed.
The revision number is normally incremented every time you make changes to that cost item. However, if you are only making a minor change to the data, such as an editorial change to text, you can prevent the revision number being incremented by clicking in the box marked Freeze revision number for this update.
When entering cost data it can be important to capture not only the estimated cost but also the level of uncertainty associated with that estimate. How you do this depends on the cost entry mode you select. Mandrel provides two different entry modes, base+contingency and high/mid/low. You can select either one for each cost item and can switch freely between the two.
If you intend to perform Monte Carlo analysis on your data, it is better to represent the data in high/mid/low mode than in base+contingency mode.
If a cost allocation system has been set up, cost elements will be allocated by default. However, if allocation is not relevant to a particular cost item, it may be ignored for that particular cost item. For example, if the allocation system is time-based, cost items which are not time sensitive may not need to be cost allocated. Click on the Ignore allocation option to disable cost allocation for the current cost item.
If no cost allocation system exists, the Cost Allocation frame will not appear.
Cost items can be either planned occurrences (100% probable) or possible occurrences (less than 100% probable). The latter are known as risks.
To create a risk, click on the Possible occurrence option in the Risk frame. The Risk probability button will then appear. Click on this button to enter a probability. Costs are entered in the normal way. If you have defined any non-cost risk impacts, the Risk page of this form will become available.
Overall risk impact level will be shown, based on your costs and any non-cost impacts, provided that the relevant risk impact scales have been defined.