When a cost item (or task or line item in other parlance) is created as part of a cost breakdown structure, it is an empty container waiting for data. Data entry and editing consists of the creation and subsequent maintenance of that data.
Cost data is added in individual cost elements. Each cost item can hold up to 256 cost elements. An example of cost elements in a cost item is shown below. In addition, cost items can also contain large amounts of supporting information.
Direct and Defined Costs
Mandrel recognizes two different types of cost elements - direct and defined. Direct costs are specified as actual cost values, e.g. subcontract X will be $10,000. Defined costs are specified in non-cost terms, e.g 50 hours of labor, and require a predefined unit price to convert them into cost values.
Cost Variance
Costs can be added in base + contingency mode, e.g. $1000 +10% contingency, or in variance mode, e.g. $1000 -10%/+20%. Contingencies and variances can be added manually or in terms of a predefined confidence level.
Currencies
Direct costs can be in any currency. Defined costs have an associated unit price, which can be in any currency.
Taxes
Each cost element in a cost item can have taxes applied to it, independently of all the other cost elements.
Time Splitting
Each cost element can be split into a series of time periods, so you can plot cash flow over the course of a project or program.
Cost Performance Data
Cost item data includes the percentage of work completed in that cost item and the cost incurred to date. This provides the ability to track earned value, and enables predictions of cost to completion and cost at completion to be made, both for individual cost items and for the project as a whole.
Descriptive Data
Cost items can contain descriptive data. This includes the cost item description itself, which can be up to about 1500 words in length, plus the general comments section attached to each cost item. The latter is an ongoing, date-stamped series of comments which can be added to at any time.
Cost History
Every cost item also contains an audit trail which records the initial cost data and any subsequent changes. Cost history comments can be added to record the reasons for changes. Revision numbers and dates of last update are also tracked.
Identification Fields
Identification fields are user-definable fields which can be attached to individual cost items, as if they were identifying labels. Identification fields can have drop-down lists of possible entries attached to them.
Probability and Risk Data
Any cost item can be defined to be a risk by assigning it a probability of less than 100%.
Risks are defined not only by probability but also by the impacts they will have if they occur. In addition to cost impact you can also define non-cost impacts such as schedule or safety.
Actions
Each cost item can have several actions attached to it, plus supporting data.
