Creating rates

Rates estimate the value of the service that a resource renders. In project management, you can use rates to calculate the amount that management charges per day for resources.

About this task

The parameters for defining rates depend on the business needs of the organization. When you create a rate, you might consider the following factors:

Typically, you create multiple rates for resources. For example, the rate for an expert level Java™ developer is different from that of an associate level tester. Rates are associated to a resource or a profile. After the project manager allocates the resource or profile to a project, the rates become applicable for the project.

To create a rate:

Procedure

  1. In the Administration view, click Project Management Administration.
  2. In the left menu, click Rates, and click the Add icon Add icon.
  3. Add the details of the rate in the following fields:
    • Name: Enter a name for the rate.
    • Description: Enter a description of the rate.
    • Cost Rate: Enter the cost price of the rate.
    • Selling Rate: Enter the selling price of the rate.
  4. Click Save.

What to do next

You can modify a rate only if you have not assigned the rate to a resource or profile. However, you can modify the rate for a user or profile that is not assigned to any project.

To modify a rate:
  1. In the Rates viewlet, double-click the appropriate field.
  2. Make your changes and click Save.

If you have assigned a rate to a resource or profile, you cannot delete that rate. To delete the rate, first disassociate the rate from the resource or profile.


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