Break down project budgets into detailed, manageable components for accurate tracking and control.
Break down project budgets into detailed, manageable components for accurate tracking and control.
Mastt enables fast and easy project Work Breakdown Structure using our budgets tool, for detailed financial reporting of costs and variances. With Mastt, see in real time how your project, program or portfolio is tracking against Work Breakdown Structures.
Learn more about Work Breakdown Structures in Mastt below. 👇
A Work Breakdown Structure (WBS) is a detailed, hierarchical tree structure that breaks down a project into smaller, more manageable parts. Each level of the WBS represents an increasingly detailed definition of project work, represented in Mastt by a budget or sub-budget.
The primary purpose of a WBS is to simplify project planning, execution, monitoring, and control by organizing the work into smaller, manageable sections. A budget then represents the amount of money available for a WBS line item to be delivered.
Common challenges we see when managing Work Breakdown Structures:
❌ Budget & WBS Alignment: Tracking costs in relation to the WBS can be difficult, leading to potential misalignments between budget and work packages.
❌ Tracking Contracts & Commitments: Tracking contracts and commitments across multiple WBS using spreadsheets is error-prone and cumbersome.
❌ Managing WBS Changes: Adjusting and reallocating budgets and WBS to reflect contracted scope creates increasingly complex and unwieldy spreadsheets.
❌ Forecasting & S Curves: Accurate forecasting of future costs, including uncommitted amounts, risks, and contingencies, is challenging and often inaccurate.
❌ Standardizing Budget Structures: Establishing a consistent budget structure across a portfolio is essential but challenging in large-scale projects.
Mastt offers a suite of budget management tools designed to address the key challenges of Work Breakdown Structures:
💡 Simple Budget Table: View a straightforward table that shows your budget, Work Breakdown Structure, committments and foreacasting on one page.
💡 Budget vs Actuals vs Forecast: Easily compare WBS budget data against commitments, total costs to complete, and payments made to quickly identify variances.
💡 Easy Drill Down: Access Work Breakdown Structure items quickly for detailed interrogation and faster decision-making, enabling deeper insights.
💡 Easy WBS Changes: Move money between budgets easily or make direct changes to adapt to project shifts and requirements.
💡 Auditing: Maintain a log of changes for compliance and record-keeping.
💡 Auto Reporting: Budgets automatically power reports like dashboards, project status reports, and monthly reports.
Mastt's simple, easy to use budget tools make creating a WBS easy.
🔷 Budget Register: Track the Work Breakdown Structure, commitments and forecasting on one page so you can see budget variances.
🔷 Budgets & Sub-Budgets: Create budgets and sub-budgets for detailed tracking and management of work elements, scope, anything!
🔷 Budget Transfers: Move money between budgets easily.
🔷 Budget Changes: Make direct additions or subtractions to budgets.
🔷 Link Budgets: to Contracts, Variations, Risks, Forecasts.
🔷 Budget Tagging: Use tags to categorize and track budget items across multiple projects, making it easier to sort, filter, and retrieve budget data in a portfolio.
Mastt's simple, easy to use budget tools make it getting started today a possibility.
🟢 Keep It Simple: Avoid complexity to ensure Work Breakdown Structure are easy to understand and manage.
🟢 Track Only What Matters: Focus on financial areas you will actively monitor to avoid unnecessary details.
🟢 Standardize Your Budgets: Use the same budget or WBS templates and structures for consistency and ease of management.
🟢 Limit to Three Layers: Keep WBS manageable by having no more than three layers.
🟢 Align Budgets with Funding: Match top-level budgets with your project’s funding stages for easier tracking and reporting.
Are you a Mastt user? For detailed information about this feature, please visit this Help Page article. You can also explore more articles at help.mastt.com.
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