Chargeable Hours Worked - Target, Budget and Pace

QUESTION: How are the terms Target, Budget and Pace defined within Acumin in context of Chargeable Hours Worked?

RESPONSE:

Target:

Chargeable hours measure used as the comparative to calculate pace for timekeepers. Also used as a comparative on the hours worked dashboard

Budget:

Chargeable hours measure which can be detailed on a per month basis. Unlike Target this is historical. This measure is used as a comparative on member activity and hours worked measures as well as start position to build the fees billed budget for working members. Many firms work with an annual hour worked budget that equals the target for the year to have the same comparative. Other firms refine this number to include other factors which they may not want to make visible within the target measure.

Pace:

The chargeable time needed to meet the annual chargeable hour target