When you open a project and click the Details tab to see the hours, here’s a list of what you’ll see: 

Budget Hours 

The estimated number of hours to complete the project that is calculated before starting the project. This number is a total of the Budget Hours estimated for each Task. As you add Tasks to a project—either in a Template or adding them manually—the time estimates contribute to the project’s Budget Hours. As the service provider, this helps you estimate costs and for the customer, it helps them understand the size of the project. When assigning work items, you can book a resource (or multiple resources) for all of the hours or you can book less than the Budget Hours to reserve some for later.

Actual Hours 

The number of hours that have been logged. This number will increase as Users log time against Tasks and User Stories. In an ideal scenario, the Budget Hours and Actual Hours will be equal at the end of the project. If not, project managers will find the Actual Hours helpful in planning and estimating future projects. For Time & Materials projects, the Actual Hours are what get invoiced to the client. 

Remaining Hours 

The estimated number of hours left before completion. It’s critical to note that Remaining Hours are manually entered by the User. It’s not the Actual Hours subtracted from the Budget Hours. Remaining Hours are an estimated time left to complete the work item. This number helps you see whether the Task or User Story—and thus the Project—are behind or ahead of schedule. 

Effort estimate at complete (EAC) 

The sum of actual hours and remaining hours. The EAC, when compared to Budget Hours, allows you to see if things are on the right track. This is the combination of hours already logged and the estimated number of hours left to completion. 

Variance 

The difference between EAC and Budget Hours. A negative number means the EAC is higher than the Budget Hours. A positive number means the EAC is lower than the Budget Hours. The Budget Hours are what you initially planned while the EAC gives you a snapshot at any point in the project. Understanding how Variance works will help you manage the project better. A negative Variance means you’ll need to make up time somehow, while a positive tells you that you’re ahead of schedule. 

Non-Billable Hours 

The number of hours logged against the project that won’t be billed to the client. Even if you aren’t billing that time to a client, it’s still important to record non-billable time. Accurate time tracking helps your project team to better plan and estimate future projects.