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 Agile Cost Measurement Rules  Agile Cost Measurement Rules   Cost data collection   Cost data collection

Manage   »   Cost   »   Currency

First of all we should discuss currency. If you have a project that is based in just one country the developers, the business, your testing team and the rest of the project are all based and the costs are likely assigned in that country. Therefore, we would traditionally assume that the currency of the country would be used as the currency. This is often but not always the case.

Often times a corporation is based in one country whilst its projects are delivered and costs are applied in another. This is often the case for companies that deliver to customers in other countries. These customers often require the project costing to support their home currency. It happens in organisations whose industry is pegged to a particular currency as in the oil industry, pegged to the US dollar. Whatever the agreed currency, it is important to agree the currency that you will use to measure project costs from the outset.

We do not want debates about currency rates, currency rate changes and rate fluctuations that occur at various times throughout the project. This further complicates the project that we are trying to deliver. It will also further complicate cost measurement, project cost data collection and the communication of your projects financial success. If you are mandated to cost a project in one currency and communicate in another then, you will agree conversion rules.

You will likely agree either a standard rate at which the project costs are converted from currency one to currency two or have a mechanism to demonstrate the rate that was used in currency conversion. As you can see, if you can, keeping your project in one currency will help minimise the cost measurement complexity, substantially and whatever currency you choose be truthful and accurate with identifying true costs and true benefits.


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