Rates estimate the value of the service that is rendered by a resource.
In project management, rates calculate the amount that is charged by management
for resources on an hourly basis.
When you create a rate, consider the following factors:
- The roles that are needed
- The amount of work that is involved
- The duration
- The skills that are required
Typically, you create multiple rates for the resources. For example,
the rate for an expert level Java developer is different from an associate
level tester. Rates are associated to a resource or a profile. After the project
manager allocates the resource or profile to a project, the rates become applicable
for the project.
To create a rate: