Visualize Project Cost

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We've discussed calculating project costs using Cost Tracker for Jira Cloud.

They also advised on tracking costs of epic, sprints, one single task, etc. (these use cases are described in the documentation - 💡Cost Tracker for Jira Cloud: Use Cases ).

But what about visualizing data by cost and work scoping? 

Let's talk about why visualization is so necessary and critical. 

Advantages, Objectives, and Significance of Data Visualization

Data visualization is an advanced method of conveying information to an audience. The traditional approach of using tables and spreadsheets to communicate data narratives to stakeholders, such as investors and stockholders, comes with significant drawbacks. But wait, there's more!

Let's explore the limitations of using tables and spreadsheets for creating data narratives: 

• Solely Numerical Representation: Tables and spreadsheets primarily present data in numerical form, lacking visual elements that can enhance comprehension and engagement. 
• Limited Scalability: Tabular data becomes increasingly challenging to handle as its size grows. As tables and spreadsheets expand, managing and interpreting the data becomes more cumbersome, making it challenging to grasp key patterns or insights.
• Shallow Insights: Tabular representations often provide only superficial insights, such as primary totals or sums. Such information may lack actionable value or fail to understand the underlying trends and relationships within the data comprehensively.
• Insufficient Descriptiveness: Tables and spreadsheets fail to capture the descriptive elements required for constructing compelling data stories. They often lack visual context.

Data visualization is a powerful tool that quickly identifies trends and patterns within your business data.

When presented with visual information, such as charts and graphs, our brains can process it approximately 60,000 times faster than analyzing spreadsheets and textual data reports.

So, we decided to implement such an option in Cost Tracker for Jira Cloud. Let's see what we've done 🙂.

Charts in Cost Tracker

Cost reports require visualization. Informative visualization. With charts, you reach a new level of data analysis and understanding: 

1. Visual Representation: Instead of analyzing raw numbers or tables, users can grasp the data trends and patterns at a glance, making it more intuitive and user-friendly.
2. Data Analysis: Visualizing cost data over time or across different dimensions allows users to make informed decisions and take appropriate actions based on the information presented.
3. Performance Monitoring: Charts enable users to assess whether they stay within budget, identify cost overruns, or track cost-saving measures.
4. Communication and Collaboration: Whether it's a progress report, budget presentation, or project review, charts can effectively communicate cost-related information and foster productive discussions.
5. Trend Analysis:  This information helps forecast future costs, identify cost-saving opportunities, or allocate resources.
6. Decision Making: Charts provide a clear and concise overview of cost-related data, enabling users to make data-driven decisions. Whether it's determining the feasibility of a project, prioritizing tasks, or reallocating resources, charts help users evaluate options, compare alternatives, and make informed choices.

When generating a cost report, a chart with detailed visualized information will be generated for you:

• on all expenses;
• understanding of costs in the context of the planned budget;
• decoding of the data on the chart;
• progress of the project/sprint/version according to the work scope (this indicator is on the way and will be released soon 🙂);

Takeaway

Overall, implementing charts in a Cost Tracker app enhances data visualization, facilitates data analysis, supports performance monitoring, fosters communication, enables trend analysis, and aids decision-making processes. By leveraging visual representations, users can better understand project costs, leading to improved cost management and more effective project outcomes.

Join the movement of powerful cost-tracking and data visualization with SaaSJet!

Here is a 30-day trial to make sure the app is useful. The add-on is free for up to 10 users. We are waiting for you to join our team.