The Cost of an Issue in Jira with Cost Tracker

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Have you ever thought about how much a separate task in certain project costs? Is it important? Definitely. Projects should always be considered holistically, breaking them down into molecules and analyzing the execution process. In the same way, it is necessary to estimate the cost of the tasks so that in the future, it will be possible to more comprehensively evaluate the profit obtained and compare it with the costs. You will understand which tasks are ineffective and take a lot of money to optimize the roadmap of other projects in the future. Also, this approach will help predict the cost plan for subsequent developments.

In the previous article, we talked in general about how we estimate the cost of the project using the Cost Tracker for Jira Cloud app. Now, we want to share our experience and how we evaluate the value of a single issue.

How to estimate the issue cost?

Before the project starts, the manager is supposed to do the job to predict when it will finish, how much it will cost and what exactly will be delivered.

When the project is in the execution stage, it is necessary to understand whether all goes well and according to the plan.

The schedule can be tracked by version burndown charts and other similar reports; the scope tracking can be done in several ways, such as regular demo sessions, refinement and rigorous planning sessions.

However, financial monitoring is quite different. Jira, by default, has no option to track project costs at no level, and therefore, it is not possible to use it as a full-fledged component of financial management. At SaaSJet, we tried to resolve this issue and released the Cost Tracking add-on.

The easiest way to track the project cost is to see the big picture in detail. So, we provided the tool where you can track the Issue Cost. Seriously, any issue. 

What you have to do, is to add the people's hourly rates to the add-on and set the permissions for who is allowed to see it. 

Then, open any issue and see what's the cost of it.

It’s even broken down to see every assignee’s effort cost.

The formula is very straightforward - people’s rates * logged work.

Install the Cost Tracker for Jira Cloud, and bring your project reporting to the next level.