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BigTime Foresight Glossary

When you navigate to BigTime Foresight, you’ll notice some terms differ from those used in BigTime. You’ll also see terms you recognize from working in BigTime, but these terms may have slightly different definitions. To help make it a smooth transition, we’ve put together this glossary of terms you’ll come across in the Foresight resource management module. We’ve also matched each term up with its BigTime equivalent. This glossary is alphabetized to make navigation easy. Just click on any of the links below to find the term you’re looking for.

 

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BigTime Foresight Glossary

A

FORESIGHT TERM FORESIGHT DEFINITION BIGTIME EQUIVALENT
Actuals (Project Progress Report)

A term that defines current work, costs, profit and margins for a specific project.

Actuals
Administrator (system role)

Administrators have the highest level of permissions and access in Foresight. They can perform tasks such as managing integrations with external systems, defining custom attribute structures and project statuses, configuring system operation options, and assigning roles to firm members.

System Administrator (system role)
Assigned Manager

Assigned managers are employees who are assigned a specific employee and given access to that employee's timesheet. Lists and certain reports can filter employee names based on their assigned managers.

Department Manager
Assignment Planned project work that is assigned to a specific employee by their manager. Assignment

 

C

FORESIGHT TERM FORESIGHT DEFINITION BIGTIME EQUIVALENT
Capacity An employee's contract capacity, from which their time off/leaves are deducted. Capacity
Client An entity/organization your firm does business with.   Client
Contract Capacity The number of contract hours available for an employee to fill. This number includes public, regional and firm-specific holidays. Capacity
Contractor Contractors are employees with hourly rates specified in their contract. Their compensation depends on how much work they put towards a project. Staffer
Cost Restricted Financial user permission that can be granted or denied to managers by administrators. This permission restricts visibility of employee personal costs, so managers will only be able to see cost data for employees they directly manage. View staff rate/cost information
Custom Attribute Fields containing firm-specific information that can be configured by administrators. Custom attributes can be found throughout Foresight. Custom Field
Custom Report A report created and configured by a manager who has report-specific permissions. Managers can select specific values and groupings to display in their custom report. Custom Report

 

D

FORESIGHT TERM FORESIGHT DEFINITION BIGTIME EQUIVALENT
Data Fields Defined fields in different categories created for the entire organization. Data Fields
Department "Department" is a data field to which an employee or overhead categories can be assigned. Department
 

 

E

FORESIGHT TERM FORESIGHT DEFINITION BIGTIME EQUIVALENT
Employee This term differs from the Employee system role because it's not a security group, but a term used to describe staffers throughout Foresight. Employees have fixed monthly rates specified in their contract, and their costs are automatically settled on the final day of each month. Staffer
Employee (system role) Employees can use Foresight to log hours worked and track progress on their assigned tasks. A person needs to hold the Employee role in order to receive task assignments and request time off.  Everyone (system role)
Employee Profile Employee profiles contain information such as contact information, education, employment history, and skills. Managers can assign specific functional managers – for example, finance managers or time off managers – to that employee. If employees have certain user permissions, they may be able to edit their own profile. Staff Profile
 

 

F

FORESIGHT TERM FORESIGHT DEFINITION BIGTIME EQUIVALENT
Finance Manager A type of role that gives a person the ability to view an employee's costs if they directly manage that employee. If a Finance Manager also has certain HR permissions, they'll also be able to edit their employees' contracts. View staff rate/cost information (user right)
Fix Price Income Revenue generated during a specific timeframe using the Fixed Price model. % Complete
Fixed Price A billing model that bills clients a fixed amount at specific time intervals. If a firm uses Fixed Price billing, then invoice amounts and revenue won't be calculated by the number of hours employees worked, and clients will be billed the same amount every time. Fixed Fee
 

 

H

FORESIGHT TERM FORESIGHT DEFINITION BIGTIME EQUIVALENT
Hour Cost An established amount that an employee will charge per hour that they work on a project. Both full-time employees and contractors hired by a firm can have their own hour costs. Cost Rate
Hour Rate The hourly revenue rate set up at the project level. When calculating Time & Materials invoices, this is the rate that clients will be charged when employees put work toward their project. Billing Rate
 

 

I

FORESIGHT TERM FORESIGHT DEFINITION BIGTIME EQUIVALENT
Integration External software that can be integrated with Foresight. Integration
 

 

M

FORESIGHT TERM FORESIGHT DEFINITION BIGTIME EQUIVALENT
Manager (system role) Managers are able to manage both employees and projects. Managers can be granted or denied additional permissions that allow them access to more actions or firm data. Manager (custom security group)
Margin The percentage ratio of profit to revenue. Margin
Milestone Settlement A billing model that bills clients for project work that falls within milestone periods. Milestone Billing
 

 

N

FORESIGHT TERM FORESIGHT DEFINITION BIGTIME EQUIVALENT
Non-Billable If hours an employee worked are marked as "non-billable", then clients will not be billed for that work. Non-Billable
 

 

P

FORESIGHT TERM FORESIGHT DEFINITION BIGTIME EQUIVALENT
Person Any member of your firm, regardless of their role or activity status. Active persons will be able to carry out tasks and activities within BigTime and Foresight, depending on their assigned user permissions. Staffer
Phase A defined period of project work that is given a name, a duration, and an associated role. The BigTime equivalent is a "task", or a unit of work put toward a project. Task (or other customized term set in lexicon)
Platform Access Platform access determines the status of a specific employee and their access to Foresight features based on their role. Staff Member Access
Position The role, title or level assigned to an employee. Examples include "manager", "designer", or "engineer". Title
Profit The difference between revenue and cost. Profit
Profitability This refers to the profitability of an employee, calculated based on the ratio of their generated revenue and their hours worked versus the distributed costs for the whole firm. Profitability
Project A specific scope of work that a client agrees upon with a firm. Projects can exist in various billing models. Project
Project Billing Model A defined invoice calculation or billing model for a given project. Some project billing models include Time & Materials, Fixed Price, and Non-Billable. Default Invoice Type
Project Budget The balance of scheduled, unsettled, and settled costs/revenues generated for a specific project. Budget
Project Group The group of employees assigned to a given project. This is a data field that can be used later in data filtering and report creation. Project Team
Project Status A field determining whether a project has been completed or is still ongoing and active. This field can be used for filtering and grouping data in reports. Current Status
Project Status Aspects Data elements and success markers that can be used to monitor project progress and goal achievements. Project Health
Public Holiday General holidays for a firm's home country, or general holidays added by a firm's administrator. Holiday
 

 

R

FORESIGHT TERM FORESIGHT DEFINITION BIGTIME EQUIVALENT
Role (system) Roles determine what kind of permissions firm staffers have and what they see in Foresight. There are three main roles: employee, manager and administrator. Firm members can have one or multiple assigned roles. Security Group
Role (Employee Profile) Roles can be set on an employee's profile to give them permissions and access to certain features. An employee's role determines whether they can edit their experience, technical skills, soft skills, languages, and other details on their profile. Default Role
 

 

S

FORESIGHT TERM FORESIGHT DEFINITION BIGTIME EQUIVALENT
Scheduled Utilization, overheads, margins, budgets, or other planned aspects of a project. Allocated
Scheduled Utilization An employee's schedule work to be billed to a client, divided by that employee's capacity. Allocated Utilization
Skill A data field used to define the skills, experience, and language proficiency an employee possesses. Skill
 

 

T

FORESIGHT TERM FORESIGHT DEFINITION BIGTIME EQUIVALENT
Team A way to allocate an employee to a project. Each project has a designated team with employees who can log time toward that project. Staff Team
Time and Materials A billing model that calculated an amount based on the hours employees work on a project. A Time and Materials invoice can use two employee rates: Hourly rate and hourly cost. Time and Materials
Timesheet A tool with which managers and employees can record, edit, or delete hours worked on a specific project or assignment. Timesheet
Tracked Time Submitted hours that an employee worked on a specific assignment. Input Hours
 

 

U

FORESIGHT TERM FORESIGHT DEFINITION BIGTIME EQUIVALENT
Unutilized Time Costs Operational costs that include all non-billable expenses, costs logged by non-client-facing employees, and unutilized time for employees. Non-Billable Time
User Anyone with access to the Foresight. User
Utilization Billable hours logged by an employee, divided by that employee's capacity. Utilization
 

 

V

FORESIGHT TERM FORESIGHT DEFINITION BIGTIME EQUIVALENT
Vacancy A notification that a project has an empty role that needs to be filled by an employee with a specific role and skill set. Role Allocation

 

W

FORESIGHT TERM FORESIGHT DEFINITION BIGTIME EQUIVALENT
Worklog A detailed record for a single time entry. Input Hours
 

 

Resource Management Specific Terms

There are some terms in the Foresight that don’t have direct equivalents in BigTime, and you may not be able to find these terms in the glossary above. These refer to concepts or features that exist only within Foresight. Below, we’ve defined each of these terms.

FORESIGHT TERM FORESIGHT DEFINITION
Assignment Settlement Billing for a specific task from the start of its progress to the date of the next milestone.
Assignment/Milestone Withdrawal Rollback of an assignment or milestone.
Contract A method of billing and cost allocation for an employee’s work during a specific timeframe(s). The terms of an employee's contract also determine their capacity.
Contract Utilization An employee's logged billable work hours divided by their contract capacity. 
Data Mart The data structure used to forecast or report financial and work actuals on a daily basis.
Hash Tag A way to tag employees, projects, assignments and overhead categories in reports. 
Identity Provider A database platform that can be integrated with Foresight.
Not Settled Items that have been recorded but not yet settled. Such items could be overheads, work, or budgets, and they may be different in value from their "scheduled" or "settled" values.
Organization Overhead General costs and revenues generated under a specific category during a specific time frame. These costs can either be fixed or one-time, and they're defined by managers with organizational and financial access.
Overhead General costs and revenue generated by a project or organizational operations within a specific timeframe. Overheads can either be one-time or recurring.
Overhead Category A general organizational cost category planned for a specific time period. Overhead categories can be assigned to a department, which enables subsequent allocation of expenses to individual projects.
Seniority The level of experience or expertise an employee has in a specific position or role. Managers can use seniority types to plan workloads and manage employee vacancies.
Settled A way to describe overheads, work, budgets, milestones, or other items that have been completed or otherwise settled. Their value may differ from scheduled or "not settled" values.
Tentative Project A tentative project is one that hasn't been confirmed yet. The "tentative" label helps managers distinguish potential projects from confirmed ones.
Time Off Work leaves that have been requested by an employee. Firms can set different time off types within their account.
Time Off Manager A person who can approve or deny time off requests submitted by employees they manage. Multiple time off managers can be assigned to one employee, but they all need to approve a request for its approval status to change. If an employee hasn't been assigned a time off manager, then their requests will automatically be approved.
Time Off Type A data field that determines the type(s) of time off that an employee can request. Some examples of time off types include vacation, PTO, sick leave, sabbatical and parental leave. 
 




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