Enter Cost Impact for a To Do

Indicate how construction tasks may financially affect the overall project cost via ConstructionOnline's Cost Impact field

BACKGROUND

Designed with success in mind, ConstructionOnline™ To Do Lists provide construction companies with task management tools that not only store all the comprehensive data related to their tasks but integrate task information with other platform tools, supporting the intricate nature of construction project management. Among the many fields available for ConstructionOnline To Dos and Subtasks, ConstructionOnline provides the Cost Impact field where users can indicate the dollar amount in which a task may effect the overall project cost, if any. Utilizing this field not only create better records and allows project managers to track the financial implications of tasks within the To Do Lists tool, but it ensures better budget control, more efficient resource allocation, easier ways to identify potential financial risks, and informs better decision-making overall.

This article contains the following sections: 

1. Video walkthrough
2. Step-by-step instructions
3. Best use recommendations
4. Additional information

VIDEO WALKTHROUGH 

STEPS TO ASSIGN COST IMPACT TO A TO DO

1. Navigate to the desired Project via the Left Sidebar.
2. Select the Project Tracking tab to automatically open the To Do Lists category.
3. Within the To Dos pane in any View, locate the To Do you wish to assign Cost Impact to.
4. Right-click on the To Do, and select the "Edit To Do" option. 
5. This will open the To Do blade extension where you should indicate the dollar amount in which this task may effect the overall project cost in the Cost Impact field.   
   1. If this amount has yet to be determined, mark the checkbox next to ☑️ To Be Determined.
6. Finalize the changes to the Cost Impact field by clicking the blue "Save" button. 
   1. Cost Impact will populate within the "Cost Impact" column in List and Group By Views.
   2. Additionally, Cost Impact values are used to populate the aggregate metrics displayed at the bottom of table(s) in List and Group By Views. To learn more about what aggregate metrics are shown and how they can be customized, visit the Edit Totals & Averages Row Settings article.

BEST USE

There are several ways your team and company can benefit from appropriately and consistently utilizing the Cost Impact field in ConstructionOnline's To Do Lists feature and across the platform, including - 

• Budget Tracking and Management:

  • Cost Awareness: By associating cost impacts with specific tasks, project managers can easily see how individual tasks affect the overall budget. This helps in maintaining a clear view of where the money is being spent and identifying potential areas of overspending.
  • Forecasting: Understanding the cost impact of upcoming tasks allows for more accurate financial forecasting, helping to ensure that projects stay within budget and that funds are allocated efficiently.

• Prioritization of Tasks:

  • Critical Path Identification: Cost impact fields can help identify which tasks are critical from a financial perspective. Tasks with higher cost impacts can be prioritized to ensure they are completed on time, preventing costly delays.
  • Resource Allocation: By knowing the cost impact, project managers can allocate resources (labor, materials, equipment, etc.) more effectively to tasks that have significant financial implications, ensuring that high-impact tasks are adequately supported.

• Performance Analysis and Reporting:

  • Detailed Reporting: Cost impact data can be used to generate detailed financial reports, offering insights into the financial performance of specific tasks, phases, or the entire project. This data can be valuable for stakeholders and for making informed decisions.
  • Variance Analysis: Comparing estimated cost impacts with actual costs incurred can help identify variances and understand the reasons behind them. This analysis can lead to better cost control measures and improved future project estimates.

• Risk Management:

  • Identifying Financial Risks: By tracking cost impacts, project managers can identify tasks that pose significant financial risks. This awareness allows for proactive measures to mitigate these risks, such as adjusting timelines, reallocating resources, or negotiating with vendors.
  • Contingency Planning: Having a clear understanding of the financial impact of potential delays or changes helps in creating robust contingency plans. This ensures that the project can absorb financial shocks without jeopardizing its success.

ConstructionOnline makes it easy for construction teams to stay informed on the project's financial health in relation to their task lists by compiling and displaying aggregate cost impact metrics at the bottom of the table(s) in List and Group By Views. To learn more about the metrics displayed, and how they can be customized, visit the Edit Totals & Averages Row Settings article. 

ADDITIONAL INFORMATION

• Working with To Dos that are not assigned to a Project? All Company To Dos can be accessed from Company Overview > Project Tracking > To Do Lists.
• Cost Impact can be set for both To Dos and Subtasks.
• Permissions: ConstructionOnline Company Users must have "Can Create, Edit, & Delete" To Do Lists permissions to be able to set or modify To Do details, including Cost Impact. 
  
  • Additionally, any Company User added as an Assigned Resource to a To Do can manage the To Do's Cost Impact, despite their To Do Lists permissions. 
• ClientLink™/TeamLink™ Access: In addition to global ClientLink/TeamLink permissions for To Do Lists, ClientLink and TeamLink Users must also be added as an Assigned Resource in order to manage a To Do's Cost Impact field.
• CO™ Mobile App: The Cost Impact of To Dos can be modified from the CO Mobile App.

HAVE MORE QUESTIONS?

• Frequently asked questions (FAQ) regarding To Dos can be found in the FAQ: To Dos article. 
• If you need additional assistance, chat with a Specialist by clicking the orange Chat icon located in the bottom left corner or visit the UDA support page for additional options.