Budgeted vs Actual Cost of Work

Step 1: Begin by selecting “Work Logged” date field and specifying the desired time period for analysis within the Data Source.

Step 2: Select ‘Formula’ for your metric calculation.

Step 3: Add the metric ‘Work log time (h)’ as a parameter in the formula.

Step 4: Define the formula equation as ‘P1*30’, representing “Work log time x Hourly rate,” with an assumed cost per hour of 30 USD.

Step 5: Assign a name to your Formula metric.

Step 6: Opt for ‘Work Logged by Week’ for the ‘Display by’ field.

Step 7: Choose the Declining mode for the metric.

Step 8: Establish the initial value from which the calculated metric value will decrease.

Step 9: Activate the Target section and select the ‘Fixed’ tab. Opt for the ‘Burndown’ option to track progress from target level to 0.

Step 10: Determine the starting point of the Target value, which will progressively decrease to zero, providing an ideal guideline on the chart. If it matches the value from Step 8, both will commence from the same level on the chart.

Step 11: Switch the ‘Exceeding is’ to ‘Bad’. This implies that achieved values above the target level will be marked in red, indicating a negative result.

Step 12: (Optional) Select your preferred inline result type to be displayed on the top of the x-axis items. In our demonstration we have chosen to display the remaining values.

Step 13: (Optional) Enable the ‘Warning threshold’ to color values above the threshold and below the target in amber.