Budgets & Estimation

Teamhood allows you to track the budget of your projects and items.

Workspace Currency

To start doing so, you will first want to set the currency for your workspace. To do so, open the Workspace settings and choose from the predefined list.

Note – the currency will be the same for all boards and views located in the same workspace.

Item Budget

Once this is done, you are ready for setting budgets for all of your items. The ‘Budget’ field is a predefined field in Teamhood. So, all you need to do, is open item details and add the budget that is allocated to the item.

If you work in List or Gantt view, you can also add the budget directly from the view. For this, you will need to enable the budget field to be seen in the view.

Also, by doing so, you will be able to see the sum value of the budget for each row.

Limit Budget for Row

You can track the total amount of budget needed for each row, by specifying the row budget limits in any of the three views – List, Gantt and Kanban.

To do so, open the action menu next to the row’s name, and select Settings -> Limits. This way, you will be able to see the total budget available and what is already planned for all items in that row.

Total Project Budget

To see the total budget for your project, you can use two views – Portfolio overview or Custom dashboard.

In the Portfolio overview, you will see the total budget for all boards on your workspace. Additionally, you will also see the total number of earned value. This means, the total budget for items that have been completed already.

With Custom Dashboards, you can create a report on the budget that fits your needs. You can sum the budget for all projects, o analyze each of them individually.

Moreover, if you use custom fields to track the cost of each item, you can include this data in the dashboard as well.

Automatic Cost Calculation

To have Teamhood calculate the cost of each item automatically, you will need two things – Time tracking and Hourly rates.

Hourly rates have to be set for each team member individually. This can be done via Settings -> Workspace -> Team.

The hourly rates will be set in the currency that has been defined for the Workspace.

Once, the hourly rates are set, the team can begin working on the project. As they do, they will need to track time.

The tracked time will be automatically calculated by the hourly rate of the user that has logged it. And you will see the calculated cost in the Time Sheet report.

Estimation Units

Besides the budget, you can also estimate items in Hours and Points. So, when planning your efforts, you would have a better idea of how long each item is going to take.

To choose your estimation unit, open Settings -> Workspace -> Board -> General -> Estimation Units.

Note – you can set different estimation units for all boards in your workspace.

Item Estimates

You can set item estimates right from the List, Gantt, and Kanban views, or by opening item details.

Both – hour and point estimations will be visible on item cards. Moreover, you can check their sum values in the List and Gantt views.

Estimates can be tracked in Custom Dashboards, Workload and other views.

Limit Estimations for Rows

Lastly, to manage how much work is added to each row, you can limit Estimations.

To do so, open the action menu next to the row’s name, and choose Settings -> Limit Type.