Would you like to inspect the original subtitles? These are the user uploaded subtitles that are being translated: 1 1 00:00:01,210 --> 00:00:02,770 To manage costs we need 2 2 00:00:02,770 --> 00:00:04,653 to set up cost accounts. 3 3 00:00:05,830 --> 00:00:09,400 We typically set up financial codes called cost accounts 4 4 00:00:09,400 --> 00:00:11,830 during planning against which all expenditures 5 5 00:00:11,830 --> 00:00:13,960 will be recorded during execution 6 6 00:00:13,960 --> 00:00:16,363 so we can track spending against the plan. 7 7 00:00:17,680 --> 00:00:20,600 Personnel will enter their time by cost account 8 8 00:00:20,600 --> 00:00:24,750 on timesheets and all purchased material and services 9 9 00:00:24,750 --> 00:00:26,983 will be allocated to a cost account. 10 10 00:00:28,610 --> 00:00:31,960 Cost accounts can be assigned to an individual work package, 11 11 00:00:31,960 --> 00:00:34,720 a deliverable or a set of deliverables 12 12 00:00:34,720 --> 00:00:36,963 depending on the desired level of tracking. 13 13 00:00:38,130 --> 00:00:39,670 Very important elements of work 14 14 00:00:39,670 --> 00:00:41,740 might get a single cost account 15 15 00:00:41,740 --> 00:00:43,980 even if the effort is relatively small, 16 16 00:00:43,980 --> 00:00:45,973 for example for a key piece of equipment. 17 17 00:00:47,180 --> 00:00:49,840 Alternatively several deliverables can be grouped 18 18 00:00:49,840 --> 00:00:51,870 under a single cost account, 19 19 00:00:51,870 --> 00:00:53,240 for example a consecutive series 20 20 00:00:53,240 --> 00:00:56,453 of short duration deliverables all done by one person. 21 21 00:00:58,130 --> 00:01:00,670 The number of cost accounts is usually negotiated 22 22 00:01:00,670 --> 00:01:03,600 between the project manager and the finance department 23 23 00:01:03,600 --> 00:01:05,990 depending on how much granularity is needed 24 24 00:01:05,990 --> 00:01:07,463 for tracking and reporting. 25 25 00:01:08,610 --> 00:01:12,400 Usually the finance department wants fewer cost accounts 26 26 00:01:12,400 --> 00:01:14,817 however too few won't provide enough visibility 27 27 00:01:14,817 --> 00:01:16,193 in the cost tracking. 28 28 00:01:17,270 --> 00:01:19,400 On the other hand too many cost accounts 29 29 00:01:19,400 --> 00:01:21,360 will drive the team crazy, 30 30 00:01:21,360 --> 00:01:23,070 for example if they have to enter their work 31 31 00:01:23,070 --> 00:01:25,813 under several accounts on their timesheets every day. 32 32 00:01:26,890 --> 00:01:30,460 So in general lean towards fewer accounts 33 33 00:01:30,460 --> 00:01:34,180 to reduce the complexity while making sure you have enough 34 34 00:01:34,180 --> 00:01:36,340 to get the cost reporting detail you will need 35 35 00:01:36,340 --> 00:01:37,363 during execution. 3071