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Good morning, all. Has anyone out there tried to use, or is using, Maximo's Cost Management app in the Financials module? We've recently discovered it and are looking at that app as a starting point for capital project tracking within Maximo. I'd love to hear from anyone who has tried it and any lessons learned about successful / unsuccessful usages of this app. Thanks.
Maximo Cost Application is a much under-utilized and misunderstood application which has significant benefit to those experienced in cost management. Perhaps you have a cost background and are familiar with the terms work breakdown structure (WBS). The purpose/benefit of WBS style management is to manage costs, scope and schedule from a higher level, e.g. upper management. A typical design would have a one-to-many relationship from the Cost Account to the Work Order.
You can build an infinite level deep WBS with Cost Accounts, move money around (e.g. from contingency), and freeze scope. And through the use of your reporting tool you can create an indented-level, Project Cost Tracking report to manage Major Capital Projects, Software Projects, and even Outage/Shutdowns. No need to download data to some external system. It is all there in Maximo, from budgets, to committed costs, to actuals. Plus you can create your own ETC and EAC calculations. And if you link-up the detailed schedule data (e.g. progress complete) you can get earned value.
Hardly anyone talks about this application but maybe that is due to (1) no std vendor-provided training curriculum, (2) no presentations on the subject, and (3) not sure they actually understand the potential of the app. Oddly enough, there was a company called PSDI that sold the integrated Cost/Schedule Manager back in 1989.
The following link explains how to use an EAM system to perform cost management.
http://www.plantservices.com/articles/2010/03CMMSToManageProjects.html?page=full
Note: the current design/linkage of the Maximo Cost Application seems to be "freyed" but it is quite easy to add a new field to Wotrack to link these two apps up.
w/br
j.r.
--- In MAXIMO@yahoogroups.com, "Bill" <bill.e.murphy@...> wrote:
>
> Good morning, all. Has anyone out there tried to use, or is using, Maximo's Cost Management app in the Financials module? We've recently discovered it and are looking at that app as a starting point for capital project tracking within Maximo. I'd love to hear from anyone who has tried it and any lessons learned about successful / unsuccessful usages of this app. Thanks.
>
I agree completely with your assessment. We have added addtional tabs to track costs by month and additional fields to track more information about a project.
Cost Management can also be used to extract/import information from Oracle Financials Project application (and others I am sure).
NOTE: PSDI changed its name to MRO about 2000, then was bought out by IBM a few years ago. The P2 product they had was a complete Project Cost Planner/Scheduler product. I used to track costs and do scheduling in construction of power plants (1989-1993).
Pat Morrow
pmorrow8@yahoo.com
________________________________
From: John <planschd@yahoo.com>
To: MAXIMO@yahoogroups.com
Sent: Thursday, March 15, 2012 11:03 AM
Subject: [MAXIMO List] Re: Cost Management application in v7
Maximo Cost Application is a much under-utilized and misunderstood application which has significant benefit to those experienced in cost management. Perhaps you have a cost background and are familiar with the terms work breakdown structure (WBS). The purpose/benefit of WBS style management is to manage costs, scope and schedule from a higher level, e.g. upper management. A typical design would have a one-to-many relationship from the Cost Account to the Work Order.
You can build an infinite level deep WBS with Cost Accounts, move money around (e.g. from contingency), and freeze scope. And through the use of your reporting tool you can create an indented-level, Project Cost Tracking report to manage Major Capital Projects, Software Projects, and even Outage/Shutdowns. No need to download data to some external system. It is all there in Maximo, from budgets, to committed costs, to actuals. Plus you can create your own ETC and EAC calculations. And if you link-up the detailed schedule data (e.g. progress complete) you can get earned value.
Hardly anyone talks about this application but maybe that is due to (1) no std vendor-provided training curriculum, (2) no presentations on the subject, and (3) not sure they actually understand the potential of the app. Oddly enough, there was a company called PSDI that sold the integrated Cost/Schedule Manager back in 1989.
The following link explains how to use an EAM system to perform cost management.
http://www.plantservices.com/articles/2010/03CMMSToManageProjects.html?page=full
Note: the current design/linkage of the Maximo Cost Application seems to be "freyed" but it is quite easy to add a new field to Wotrack to link these two apps up.
w/br
j.r.
--- In MAXIMO@yahoogroups.com, "Bill" <bill.e.murphy@...> wrote:
>
> Good morning, all. Has anyone out there tried to use, or is using, Maximo's Cost Management app in the Financials module? We've recently discovered it and are looking at that app as a starting point for capital project tracking within Maximo. I'd love to hear from anyone who has tried it and any lessons learned about successful / unsuccessful usages of this app. Thanks.
>
I add my endorsement of this application as well. Another use for it: cost management through workflow. For instance: picture a PR charged to a capital work order that is in turn tied to the Cost Management application. The user puts the PR into workflow, which then checks the Cost Management data to see if there are sufficient funds left in the budget - BEFORE allowing the PR to be approved …
Shannon
From: MAXIMO@yahoogroups.com [mailto:MAXIMO@yahoogroups.com] On Behalf Of Pat Morrow
Sent: March-15-12 8:33 AM
To: MAXIMO@yahoogroups.com
Subject: Re: [MAXIMO List] Re: Cost Management application in v7
I agree completely with your assessment. We have added addtional tabs to track costs by month and additional fields to track more information about a project.
Cost Management can also be used to extract/import information from Oracle Financials Project application (and others I am sure).
NOTE: PSDI changed its name to MRO about 2000, then was bought out by IBM a few years ago. The P2 product they had was a complete Project Cost Planner/Scheduler product. I used to track costs and do scheduling in construction of power plants (1989-1993).
Pat Morrow
pmorrow8@yahoo.com <mailto:pmorrow8%40yahoo.com>
________________________________
From: John <planschd@yahoo.com <mailto:planschd%40yahoo.com> >
To: MAXIMO@yahoogroups.com <mailto:MAXIMO%40yahoogroups.com>
Sent: Thursday, March 15, 2012 11:03 AM
Subject: [MAXIMO List] Re: Cost Management application in v7
Maximo Cost Application is a much under-utilized and misunderstood application which has significant benefit to those experienced in cost management. Perhaps you have a cost background and are familiar with the terms work breakdown structure (WBS). The purpose/benefit of WBS style management is to manage costs, scope and schedule from a higher level, e.g. upper management. A typical design would have a one-to-many relationship from the Cost Account to the Work Order.
You can build an infinite level deep WBS with Cost Accounts, move money around (e.g. from contingency), and freeze scope. And through the use of your reporting tool you can create an indented-level, Project Cost Tracking report to manage Major Capital Projects, Software Projects, and even Outage/Shutdowns. No need to download data to some external system. It is all there in Maximo, from budgets, to committed costs, to actuals. Plus you can create your own ETC and EAC calculations. And if you link-up the detailed schedule data (e.g. progress complete) you can get earned value.
Hardly anyone talks about this application but maybe that is due to (1) no std vendor-provided training curriculum, (2) no presentations on the subject, and (3) not sure they actually understand the potential of the app. Oddly enough, there was a company called PSDI that sold the integrated Cost/Schedule Manager back in 1989.
The following link explains how to use an EAM system to perform cost management.
http://www.plantservices.com/articles/2010/03CMMSToManageProjects.html?page=full
Note: the current design/linkage of the Maximo Cost Application seems to be "freyed" but it is quite easy to add a new field to Wotrack to link these two apps up.
w/br
j.r.
--- In MAXIMO@yahoogroups.com <mailto:MAXIMO%40yahoogroups.com> , "Bill" <bill.e.murphy@...> wrote:
>
> Good morning, all. Has anyone out there tried to use, or is using, Maximo's Cost Management app in the Financials module? We've recently discovered it and are looking at that app as a starting point for capital project tracking within Maximo. I'd love to hear from anyone who has tried it and any lessons learned about successful / unsuccessful usages of this app. Thanks.
>
Wow
Sent on the Sprint® Now Network from my BlackBerry®
-----Original Message-----
From: "Shannon Rotz" <shannonrotz@yahoo.ca>
Sender: MAXIMO@yahoogroups.com
Date: Thu, 15 Mar 2012 11:05:31
To: <MAXIMO@yahoogroups.com>
Reply-To: MAXIMO@yahoogroups.com
Subject: RE: [MAXIMO List] Re: Cost Management application in v7
I add my endorsement of this application as well. Another use for it: cost management through workflow. For instance: picture a PR charged to a capital work order that is in turn tied to the Cost Management application. The user puts the PR into workflow, which then checks the Cost Management data to see if there are sufficient funds left in the budget - BEFORE allowing the PR to be approved …
Shannon
From: MAXIMO@yahoogroups.com [mailto:MAXIMO@yahoogroups.com] On Behalf Of Pat Morrow
Sent: March-15-12 8:33 AM
To: MAXIMO@yahoogroups.com
Subject: Re: [MAXIMO List] Re: Cost Management application in v7
I agree completely with your assessment. We have added addtional tabs to track costs by month and additional fields to track more information about a project.
Cost Management can also be used to extract/import information from Oracle Financials Project application (and others I am sure).
NOTE: PSDI changed its name to MRO about 2000, then was bought out by IBM a few years ago. The P2 product they had was a complete Project Cost Planner/Scheduler product. I used to track costs and do scheduling in construction of power plants (1989-1993).
Pat Morrow
pmorrow8@yahoo.com <mailto:pmorrow8%40yahoo.com>
________________________________
From: John <planschd@yahoo.com <mailto:planschd%40yahoo.com> >
To: MAXIMO@yahoogroups.com <mailto:MAXIMO%40yahoogroups.com>
Sent: Thursday, March 15, 2012 11:03 AM
Subject: [MAXIMO List] Re: Cost Management application in v7
Maximo Cost Application is a much under-utilized and misunderstood application which has significant benefit to those experienced in cost management. Perhaps you have a cost background and are familiar with the terms work breakdown structure (WBS). The purpose/benefit of WBS style management is to manage costs, scope and schedule from a higher level, e.g. upper management. A typical design would have a one-to-many relationship from the Cost Account to the Work Order.
You can build an infinite level deep WBS with Cost Accounts, move money around (e.g. from contingency), and freeze scope. And through the use of your reporting tool you can create an indented-level, Project Cost Tracking report to manage Major Capital Projects, Software Projects, and even Outage/Shutdowns. No need to download data to some external system. It is all there in Maximo, from budgets, to committed costs, to actuals. Plus you can create your own ETC and EAC calculations. And if you link-up the detailed schedule data (e.g. progress complete) you can get earned value.
Hardly anyone talks about this application but maybe that is due to (1) no std vendor-provided training curriculum, (2) no presentations on the subject, and (3) not sure they actually understand the potential of the app. Oddly enough, there was a company called PSDI that sold the integrated Cost/Schedule Manager back in 1989.
The following link explains how to use an EAM system to perform cost management.
http://www.plantservices.com/articles/2010/03CMMSToManageProjects.html?page=full
Note: the current design/linkage of the Maximo Cost Application seems to be "freyed" but it is quite easy to add a new field to Wotrack to link these two apps up.
w/br
j.r.
--- In MAXIMO@yahoogroups.com <mailto:MAXIMO%40yahoogroups.com> , "Bill" <bill.e.murphy@...> wrote:
>
> Good morning, all. Has anyone out there tried to use, or is using, Maximo's Cost Management app in the Financials module? We've recently discovered it and are looking at that app as a starting point for capital project tracking within Maximo. I'd love to hear from anyone who has tried it and any lessons learned about successful / unsuccessful usages of this app. Thanks.
>
Wow. I have been wanting to compare PRs against budgets for sometime now and while i thought it could/should bepossible i didn't know how. Also, our Capital Project process is a disaster and extremely primitive as far as utilizing Maximo is concerned. Perhaps I should look for some training related to this app so as to better understand its uses for our business? Assuming, of course, that this app exists in v6.2.6.
Thanks for sharing
On Mar 15, 2012, at 2:05 PM, "Shannon Rotz" <shannonrotz@yahoo.ca> wrote:
> I add my endorsement of this application as well. Another use for it: cost management through workflow. For instance: picture a PR charged to a capital work order that is in turn tied to the Cost Management application. The user puts the PR into workflow, which then checks the Cost Management data to see if there are sufficient funds left in the budget - BEFORE allowing the PR to be approved …
>
> Shannon
>
> From: MAXIMO@yahoogroups.com [mailto:MAXIMO@yahoogroups.com] On Behalf Of Pat Morrow
> Sent: March-15-12 8:33 AM
> To: MAXIMO@yahoogroups.com
> Subject: Re: [MAXIMO List] Re: Cost Management application in v7
>
> I agree completely with your assessment. We have added addtional tabs to track costs by month and additional fields to track more information about a project.
>
> Cost Management can also be used to extract/import information from Oracle Financials Project application (and others I am sure).
>
> NOTE: PSDI changed its name to MRO about 2000, then was bought out by IBM a few years ago. The P2 product they had was a complete Project Cost Planner/Scheduler product. I used to track costs and do scheduling in construction of power plants (1989-1993).
>
> Pat Morrow
> pmorrow8@yahoo.com <mailto:pmorrow8%40yahoo.com>
>
> ________________________________
> From: John <planschd@yahoo.com <mailto:planschd%40yahoo.com> >
> To: MAXIMO@yahoogroups.com <mailto:MAXIMO%40yahoogroups.com>
> Sent: Thursday, March 15, 2012 11:03 AM
> Subject: [MAXIMO List] Re: Cost Management application in v7
>
> Maximo Cost Application is a much under-utilized and misunderstood application which has significant benefit to those experienced in cost management. Perhaps you have a cost background and are familiar with the terms work breakdown structure (WBS). The purpose/benefit of WBS style management is to manage costs, scope and schedule from a higher level, e.g. upper management. A typical design would have a one-to-many relationship from the Cost Account to the Work Order.
>
> You can build an infinite level deep WBS with Cost Accounts, move money around (e.g. from contingency), and freeze scope. And through the use of your reporting tool you can create an indented-level, Project Cost Tracking report to manage Major Capital Projects, Software Projects, and even Outage/Shutdowns. No need to download data to some external system. It is all there in Maximo, from budgets, to committed costs, to actuals. Plus you can create your own ETC and EAC calculations. And if you link-up the detailed schedule data (e.g. progress complete) you can get earned value.
>
> Hardly anyone talks about this application but maybe that is due to (1) no std vendor-provided training curriculum, (2) no presentations on the subject, and (3) not sure they actually understand the potential of the app. Oddly enough, there was a company called PSDI that sold the integrated Cost/Schedule Manager back in 1989.
>
> The following link explains how to use an EAM system to perform cost management.
>
> http://www.plantservices.com/articles/2010/03CMMSToManageProjects.html?page=full
>
> Note: the current design/linkage of the Maximo Cost Application seems to be "freyed" but it is quite easy to add a new field to Wotrack to link these two apps up.
>
> w/br
> j.r.
>
> --- In MAXIMO@yahoogroups.com <mailto:MAXIMO%40yahoogroups.com> , "Bill" <bill.e.murphy@...> wrote:
> >
> > Good morning, all. Has anyone out there tried to use, or is using, Maximo's Cost Management app in the Financials module? We've recently discovered it and are looking at that app as a starting point for capital project tracking within Maximo. I'd love to hear from anyone who has tried it and any lessons learned about successful / unsuccessful usages of this app. Thanks.
> >
>
>
>
>
>
>
It exists in 6 (was even in 5).
Pat Morrow
pmorrow8@yahoo.com
________________________________
From: "zeroxpectations@yahoo.com" <zeroxpectations@yahoo.com>
To: "MAXIMO@yahoogroups.com" <MAXIMO@yahoogroups.com>
Sent: Thursday, March 15, 2012 6:33 PM
Subject: Re: [MAXIMO List] Re: Cost Management application in v7
Wow. I have been wanting to compare PRs against budgets for sometime now and while i thought it could/should bepossible i didn't know how. Also, our Capital Project process is a disaster and extremely primitive as far as utilizing Maximo is concerned. Perhaps I should look for some training related to this app so as to better understand its uses for our business? Assuming, of course, that this app exists in v6.2.6.
Thanks for sharing
On Mar 15, 2012, at 2:05 PM, "Shannon Rotz" <shannonrotz@yahoo.ca> wrote:
> I add my endorsement of this application as well. Another use for it: cost management through workflow. For instance: picture a PR charged to a capital work order that is in turn tied to the Cost Management application. The user puts the PR into workflow, which then checks the Cost Management data to see if there are sufficient funds left in the budget - BEFORE allowing the PR to be approved …
>
> Shannon
>
> From: MAXIMO@yahoogroups.com [mailto:MAXIMO@yahoogroups.com] On Behalf Of Pat Morrow
> Sent: March-15-12 8:33 AM
> To: MAXIMO@yahoogroups.com
> Subject: Re: [MAXIMO List] Re: Cost Management application in v7
>
> I agree completely with your assessment. We have added addtional tabs to track costs by month and additional fields to track more information about a project.
>
> Cost Management can also be used to extract/import information from Oracle Financials Project application (and others I am sure).
>
> NOTE: PSDI changed its name to MRO about 2000, then was bought out by IBM a few years ago. The P2 product they had was a complete Project Cost Planner/Scheduler product. I used to track costs and do scheduling in construction of power plants (1989-1993).
>
> Pat Morrow
> pmorrow8@yahoo.com <mailto:pmorrow8%40yahoo.com>
>
> ________________________________
> From: John <planschd@yahoo.com <mailto:planschd%40yahoo.com> >
> To: MAXIMO@yahoogroups.com <mailto:MAXIMO%40yahoogroups.com>
> Sent: Thursday, March 15, 2012 11:03 AM
> Subject: [MAXIMO List] Re: Cost Management application in v7
>
> Maximo Cost Application is a much under-utilized and misunderstood application which has significant benefit to those experienced in cost management. Perhaps you have a cost background and are familiar with the terms work breakdown structure (WBS). The purpose/benefit of WBS style management is to manage costs, scope and schedule from a higher level, e.g. upper management. A typical design would have a one-to-many relationship from the Cost Account to the Work Order.
>
> You can build an infinite level deep WBS with Cost Accounts, move money around (e.g. from contingency), and freeze scope. And through the use of your reporting tool you can create an indented-level, Project Cost Tracking report to manage Major Capital Projects, Software Projects, and even Outage/Shutdowns. No need to download data to some external system. It is all there in Maximo, from budgets, to committed costs, to actuals. Plus you can create your own ETC and EAC calculations. And if you link-up the detailed schedule data (e.g. progress complete) you can get earned value.
>
> Hardly anyone talks about this application but maybe that is due to (1) no std vendor-provided training curriculum, (2) no presentations on the subject, and (3) not sure they actually understand the potential of the app. Oddly enough, there was a company called PSDI that sold the integrated Cost/Schedule Manager back in 1989.
>
> The following link explains how to use an EAM system to perform cost management.
>
> http://www.plantservices.com/articles/2010/03CMMSToManageProjects.html?page=full
>
> Note: the current design/linkage of the Maximo Cost Application seems to be "freyed" but it is quite easy to add a new field to Wotrack to link these two apps up.
>
> w/br
> j.r.
>
> --- In MAXIMO@yahoogroups.com <mailto:MAXIMO%40yahoogroups.com> , "Bill" <bill.e.murphy@...> wrote:
> >
> > Good morning, all. Has anyone out there tried to use, or is using, Maximo's Cost Management app in the Financials module? We've recently discovered it and are looking at that app as a starting point for capital project tracking within Maximo. I'd love to hear from anyone who has tried it and any lessons learned about successful / unsuccessful usages of this app. Thanks.
> >
>
>
>
>
>
>
Good informative thread.
--- On Thu, 3/15/12, Pat Morrow <pmorrow8@yahoo.com> wrote:
From: Pat Morrow <pmorrow8@yahoo.com>
Subject: Re: [MAXIMO List] Re: Cost Management application in v7
To: "MAXIMO@yahoogroups.com" <MAXIMO@yahoogroups.com>
Date: Thursday, March 15, 2012, 5:52 PM
It exists in 6 (was even in 5).
Pat Morrow
pmorrow8@yahoo.com
________________________________
From: "zeroxpectations@yahoo.com" <zeroxpectations@yahoo.com>
To: "MAXIMO@yahoogroups.com" <MAXIMO@yahoogroups.com>
Sent: Thursday, March 15, 2012 6:33 PM
Subject: Re: [MAXIMO List] Re: Cost Management application in v7
Wow. I have been wanting to compare PRs against budgets for sometime now and while i thought it could/should bepossible i didn't know how. Also, our Capital Project process is a disaster and extremely primitive as far as utilizing Maximo is concerned. Perhaps I should look for some training related to this app so as to better understand its uses for our business? Assuming, of course, that this app exists in v6.2.6.
Thanks for sharing
On Mar 15, 2012, at 2:05 PM, "Shannon Rotz" <shannonrotz@yahoo.ca> wrote:
> I add my endorsement of this application as well. Another use for it: cost management through workflow. For instance: picture a PR charged to a capital work order that is in turn tied to the Cost Management application. The user puts the PR into workflow, which then checks the Cost Management data to see if there are sufficient funds left in the budget - BEFORE allowing the PR to be approved …
>
> Shannon
>
> From: MAXIMO@yahoogroups.com [mailto:MAXIMO@yahoogroups.com] On Behalf Of Pat Morrow
> Sent: March-15-12 8:33 AM
> To: MAXIMO@yahoogroups.com
> Subject: Re: [MAXIMO List] Re: Cost Management application in v7
>
> I agree completely with your assessment. We have added addtional tabs to track costs by month and additional fields to track more information about a project.
>
> Cost Management can also be used to extract/import information from Oracle Financials Project application (and others I am sure).
>
> NOTE: PSDI changed its name to MRO about 2000, then was bought out by IBM a few years ago. The P2 product they had was a complete Project Cost Planner/Scheduler product. I used to track costs and do scheduling in construction of power plants (1989-1993).
>
> Pat Morrow
> pmorrow8@yahoo.com <mailto:pmorrow8%40yahoo.com>
>
> ________________________________
> From: John <planschd@yahoo.com <mailto:planschd%40yahoo.com> >
> To: MAXIMO@yahoogroups.com <mailto:MAXIMO%40yahoogroups.com>
> Sent: Thursday, March 15, 2012 11:03 AM
> Subject: [MAXIMO List] Re: Cost Management application in v7
>
> Maximo Cost Application is a much under-utilized and misunderstood application which has significant benefit to those experienced in cost management. Perhaps you have a cost background and are familiar with the terms work breakdown structure (WBS). The purpose/benefit of WBS style management is to manage costs, scope and schedule from a higher level, e.g. upper management. A typical design would have a one-to-many relationship from the Cost Account to the Work Order.
>
> You can build an infinite level deep WBS with Cost Accounts, move money around (e.g. from contingency), and freeze scope. And through the use of your reporting tool you can create an indented-level, Project Cost Tracking report to manage Major Capital Projects, Software Projects, and even Outage/Shutdowns. No need to download data to some external system. It is all there in Maximo, from budgets, to committed costs, to actuals. Plus you can create your own ETC and EAC calculations. And if you link-up the detailed schedule data (e.g. progress complete) you can get earned value.
>
> Hardly anyone talks about this application but maybe that is due to (1) no std vendor-provided training curriculum, (2) no presentations on the subject, and (3) not sure they actually understand the potential of the app. Oddly enough, there was a company called PSDI that sold the integrated Cost/Schedule Manager back in 1989.
>
> The following link explains how to use an EAM system to perform cost management.
>
> http://www.plantservices.com/articles/2010/03CMMSToManageProjects.html?page=full
>
> Note: the current design/linkage of the Maximo Cost Application seems to be "freyed" but it is quite easy to add a new field to Wotrack to link these two apps up.
>
> w/br
> j.r.
>
> --- In MAXIMO@yahoogroups.com <mailto:MAXIMO%40yahoogroups.com> , "Bill" <bill.e.murphy@...> wrote:
> >
> > Good morning, all. Has anyone out there tried to use, or is using, Maximo's Cost Management app in the Financials module? We've recently discovered it and are looking at that app as a starting point for capital project tracking within Maximo. I'd love to hear from anyone who has tried it and any lessons learned about successful / unsuccessful usages of this app. Thanks.
> >
>
>
>
>
>
>