We already know that it is a best practice to track the costs for delivering a class in Lumens to calculate accurate go numbers, determine class success and plan for future content. But while entering in your costs to determine your go number, have you ever wished that you didn’t have to overwrite your estimates after the class was over so you could compare your estimated costs to those you actually incurred? Good news: this functionality is now available and it allows you to not only create your own cost labels, but also to track and report estimated costs versus the actual costs for each class.
In conjunction with the option of creating customized cost labels to track your unique expenses, the estimated and actual cost tracking feature allows you to keep a full record of costs from beginning to end. Quite often, budget planning is tied to ‘estimated costs’ so it’s helpful to know how close those estimates are (or aren’t). The Class Cost Comparison report will help you look at either estimated costs, actual costs or both side by side. If you have not been tracking costs of your classes, then you have been missing out on data collection which is critical for program analysis and planning. There is no better time to begin now that you can get the full picture in one view.
Read past Tips of the Month.