Budget vs Actual Cost Report in Jira

Can you create a Budget vs Actual cost report in Jira? Absolutely! The Performance Objectives: Charts for Jira app presents an array of advanced features customized for the diverse reporting needs of Jira users. Among its standout capabilities is the integration of Formulas for metric calculations. In this article, we’ll walk you through using this feature to directly create a Budget vs Actual Cost report within Jira. Yet, you can use the Formula feature to effectively monitor other custom-calculated costs based on specific criteria or Jira fields.

Stay on Budget Using a Budget vs Actual Cost Report in Jira

Keeping track of actual costs is essential to see how a company is performing compared to its budget over time. In our example report, we’ll utilize the Performance Trend gadget to build up a budget tracking report. However, it’s worth noting that a comparable chart can also be generated using the Performance Objectives gadget.

Please note that in our scenario, the initial value and target value (160000) are set per person because of our Assignee-based grouping in the demo report. If you’re not using the ‘Group by’ option, set values based on your whole budget.

Budget vs Actual cost report in Jira chart 2

Refer to this comprehensive step-by-step guide for configuring a cost report in Jira using the Performance Trend gadget:

Step 1: Begin by selecting “Resolved” issues and specifying the desired time period for analysis within your Data Source.

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

Step 3: Add the metric ‘Σ Time Spent (h)’ as a parameter in the formula.

Step 4: Assign the name ‘Cost of work’ to the Formula metric.

Step 5: Define the formula equation as ‘P1 * 30’, representing “Time Spent x Hourly rare,” with a assumed cost per hour of 30 USD.

Step 6: Opt for ‘Resolved by Week’ for the Display by setting.

Step 7: Group the data by ‘Assignee’. Alternatively, you can use ‘Work Log Author’. If you choose this option, make sure to adjust the formula accordingly by employing the ‘Work Log Time (h)’ metric.

Budget vs actual cost report settings

Step 8: Choose the Decreasing mode for the metric.

Step 9: Establish the starting point from which the calculated metric value will be divided for each subsequent x-axis item.

Step 10: Activate the Target section and select the ‘Fixed’ tab. Opt for the ‘Burndown’ option to evaluate the result for each x-axis item against the target.

Step 11: 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 9, both will commence from the same level on the chart.

Step 12: Set the target as negative by switching ‘Exceeding is’ to ‘Bad’. This implies that achieved values above the target value will be marked in red, indicating a negative result.

budget vs actual settings2 2

Enhancing Budget Tracking: Rich Result Customizations

Discover numerous result customization options in the ‘More Settings’ section. When establishing goals or targets, the Threshold feature proves invaluable. Optimize chart readability by positioning your Threshold and Target labels effectively. In our sample chart we have used the following:

Step 13: Enable the ‘Warning threshold’. This will color values above the threshold and below the target in amber.

Step 14: Enable the ‘Custom Target Label’ and label it as ‘Budget’ or any label that aligns better with your process.

budget vs actual settings3

Watch the comprehensive step-by-step configuration video:

Using the Performance Objectives: Charts for Jira app, you have the ability to create a dedicated “KPI Dashboard” directly on your Jira dashboard. This dashboard can include a set of reports focused on your objectives, all aimed at reinforcing your SMART goals. Our support team is prepared to assist you.

For additional use cases that can enhance your performance management process, take a look at the KPI Examples page.

Start your 30 days free trial of Performance Objectives: Charts for Jira from Atlassian Marketplace.

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