About

Within the Metrix Asset Management system, a bucket item is a specific item within a budget bucket. It represents a single line item or entry that contributes to the overall budget for a particular group of assets. Bucket items are used to track and manage the budgeted and actual values associated with specific activities, projects, or expenses.

The following topics are covered in this section:

Subsections of About

What is a Budget Bucket Item

An item within a Metrix Assets Budget Bucket is an Asset Component that has been assigned to the bucket, setup with a proposed budgeted treatment method, and hence, a proposed budgeted cost. The allocation of a budget bucket is the sum of all the bucket items within it.

In order to be assigned to a bucket as a bucket item, an Asset Component should have the following properties:

  • a Valid Construction Date or Intervention Date value
  • a Valid Cost Units value

Whilst the above requirements to not preclude the assignment of an Asset Component to a bucket, they do mean that the allocation assumptions and/or the capacity for the bucket item costs to be capitalised may be limited. Below are some details pertaining to these issues:

  • Missing Construction Date: If a bucket item does NOT have a valid construction date, then the system will disallow capital spends within the bucket. This is because, presently, Metrix does not allow the creation of capital valuation transactions against components with no construction date.
  • Missing Cost Units value: If a bucket item does NOT have a valid cost units value, then the system will calculate a ZERO dollar cost for any non-fixed price budgeted treatment method. This is simply because any treatment based budgeted treatment method will leverage the cost units value to calculate the budgeted cost.

Budgeted Treatment Methods

A budgeted treatment method is the method used to calculate the cost of works for a component item in a budget bucket. A budgeted method is chosen by the user for each component item in the bucket and can include:

  • Current Treatment: The cost of works will be calculated using the current intervention treatment assigned to the component.
  • Next Treatment: The cost of works will be calculated using the next intervention treatment assigned to the component.
  • Budget Override: The cost of works will be calculated using a custom override method that applies to the current bucket, for the current component item only.

Upon assigning an item to a budget bucket, the system will automate the selection of the budgeted method as per the following:

  • If the component item has a ’next treatment’ available, the budgeted method will be set to ‘Next Treatment’.
  • If the component item has a ‘current treatment’ available, the budgeted method will be set to ‘Current Treatment’.
  • Otherwise, NO budgeted method will be set and the calculated cost of works will be zero.

It should be noted, that for ‘Next Treatment’ and ‘Budget Override’ specifications, the following options exist:

  • Treatment with Percent of Cost Units:
    • An intervention treatment definition is assigned as the treatment method.
    • The user will specify a percentage value (more or less than 100% permissible) to be applied to the Component’s cost units (size) to calculate the cost of works.
  • Treatment with Fixed Cost Units:
    • An intervention treatment definition is assigned as the treatment method.
    • The user will specify a fixed value to be applied to the Component’s cost units (size) to calculate the cost of works.
  • Fixed Value:
    • This method is useful when a quotation or fixed cost is available for the works.
    • No intervention treatment definition is assigned.