Note: You must have financial access in your projects to use this feature.
Milestone Weighting is for revenue recognition and billing cycle completion. It's great for projects where payments are tied directly to achieving certain milestones during the project lifecycle. Weighting milestones allows you to define various percentages of project completion along the way. Once you complete a milestone, you will know what percent of the project’s budget it’s time to invoice for.
Let’s say you’re building a website for your client and in your contract you both agreed that when wireframes and mock-ups are complete you can collect a payment of 30%. Once you’ve delivered the finished website, you get paid the remaining 70%. By weighting the design and delivery milestones 30% and 70% respectively, you can invoice those percentages of the budget when each milestone is reached.
Under the Task View drop-down in your project's Task Tracker, select Milestone Weighting to begin adding milestones and their weighted percentages. Keep in mind that your total weighted percentages cannot exceed 100% and must add up to exactly 100%. As you add your weighted percentages to each milestone, a pop-up message will alert you if your total is less than 100%.
In the Activity Feed view of a project workspace, click the Schedule tab to see your weighted milestone progress.
Note: The Schedule tab only updates when the status of a weighted milestone is completed.
WHAT THE MAVENS KNOW
This feature is especially valuable to people who bill for Fixed Fee projects. In Gantt, milestones have a zero day duration so our Mavens recommend just setting a due date instead of a start and due date to your milestones. This will help your Gantt Chart accurately reflect what’s in your Task Tracker. Milestone Weighting is currently supported by top-level or parent milestones only.