Financial Periods

Financial Periods are an important aspect of “Monitoring and Control” in Primavera. They help us in keeping a check on the incremental performance of our project by storing Performance Data in pre-defined periods.

Let’s go through the steps on how to setup Financial Periods for use in our project;

Assumptions:

  • Project network has been created
  • Resources and Costs have been assigned to the activities
  • Baseline has been saved
  • We have a fixed update cycle (weekly, monthly etc)

Step 1 – Creating Financial Periods

Update Cycle – Weekly

To create periods goto – Admin > Financial Periods

  1. Batch create financial periods and choose dates

    Batch Start Date – 07-Mar-2011

    Batch End Date – 31-Dec-2012

    Note – You need to choose dates that cover all your projects in database so that Financial Periods can be stored for all of them

  2. Choose Financial Periods Every 1 Week. (The periods lengths can be changed as per you requirements)
  3. Choose period ends on as Sunday.
  4. Click on Batch Create

Step 2 – Updating and monitoring project

Workflow: Update Activity > Update Resource Units (Actual this Period Units) > Update Costs > Store Financial Periods

Actual this Period Units: While updating your resource units, you need to update the actual units in “Actual this Period Units”. This column shows the incremental values for the update.

I prefer updating “Actual this Period Units” as I just need to put in the incremental value for Actual Units instead of calculating cumulative units for “Actual Units”

As seen in the fig. above, you just need to input the incremental units used in that week and the cumulative values are automatically incremented in Actual Units column. Actual This Period Units are reset to 0 every time you store Financial Periods after scheduling your project.

Step 3 – Next step is to Store Financial Periods

Goto Tools > Store Period Performance > Choose your “Financial Period” > “Store Now”

In order for the Financial Periods to be visible in your columns, you have to enable them by going to Edit > User Preference > Application > Columns and choose the range of periods to be visible in the columns.

Generating Reports – Reports can be generated by using the “Time Distributed Data” option in Reports Wizard.