Project Management: Show Milestones in a Timeline [Part 3 of 6]

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This is the third installment of project management using excel series.

Preparing & tracking a project plan using Gantt Charts
Team To Do Lists – Project Tracking Tools
Part 3: Project Status Reporting – Create a Timeline to display milestones
Time sheets and Resource management
Issue Trackers & Risk Management
Project Status Reporting – Dashboard
Bonus Post: Using Burn Down Charts to Understand Project Progress

Why Create Project Timeline Chart?

There are 2 key elements in all the successful projects I have been part of.

  • They had exceptional individuals who are also exceptional team players
  • The communication and collaboration is really good.

While there is little that project management software can do when it comes to first point, the second point can be addressed by using right tools and visualizations. In this installment and the part 5 and 6 of this series, we will learn some excel based visualizations / charts that can help you to communicate about the project status and progress to your team and stake holders.

Project milestones can be shown in a simple time line chart in excel. While the chart doesn’t look complicated, it can provide good amount of information on project progress in a simple and understandable chart.

We will learn to create a project milestone chart like this:
Project Status Reporting - Show Timeline of Milestones

Steps to create a project milestone chart in excel

  1. In order to create a project milestone chart, we need to have the milestone data. The simplest format for milestone data is Date and the milestone. But since our chart requires the milestone to be displayed at a certain height on the chart, we will add the third column – height.
    Project Status Reporting - Show Timeline of Milestones - Data for the chart
    PS: the height column can be easily calculated using formulas. I leave it to your imagination.
  2. Once you have the data in the above format, we will add 2 more helper columns – named DUMMY and Milestone. The Dummy column is used to create the timeline (where Y axis value is zero). The milestone column is a more cleaned up version of milestones (see how it is showing #NA where the milestone is blank.)
    Project Status Reporting - Show Timeline of Milestones - Helper Data for the chart
  3. Now, select the date and dummy columns and insert a line chart.
    Project Status Reporting - Show Timeline of Milestones - Add a line chart
  4. To this chart, we will add one more data series – Height column.
    Project Status Reporting - Show Timeline of Milestones - Add another series
  5. Now select the height data series and change the chart type to a bar chart. Also set the height series to be plotted on secondary axis. Learn more about combining 2 chart types and adding secondary axis in excel.
    Project Status Reporting - Show Timeline of Milestones - Change data series chart type
  6. We will also set the horizontal / axis labels for the height series as the “milestones”. We need to do this so that when we set the data labels for the height series, we will see the milestone instead of month.
    Project Status Reporting - Show Timeline of Milestones - Change horizontal labels - data series
  7. At this point our chart should look like this:
    Project Status Reporting - Show Timeline of Milestones - Chart looks like this now
  8. Now, we will add data labels to the height series. Set the label type as “category”
  9. We will also add error bars to the height series (the bar chart). We will configure the error bar in such a way that they are shown 100% on the negative side only.
  10. After doing this, the chart should look like this:
    Project Status Reporting - Show Timeline of Milestones - Add error bars and data labels
  11. Finally we will do some formatting like,
    1. Removing fill color / line from height series by setting them to None / transparent.
    2. Changing the error bar color to a dull shade of gray.
    3. Adding chart title and aligning it.
    4. Removing vertical axes and gridlines.
    5. Formatting horizontal axis – changing label orientation, removing tick marks.

    After all this is done, our project milestone time line chart should look like this:
    Project Status Reporting - Show Timeline of Milestones

  12. That is all, we now have a cool looking project milestone chart ready. Now go and achieve a milestone.

Download the Project Milestones Time Line chart template:

I am sure you are overwhelmed reading the above tutorial. You are probably thinking if it is easier to work towards the project milestones than creating this chart. Well, don’t worry. You can download the time line chart template and play with it to suit your needs.

Download 24 Project Management Templates for Excel

What next?

Project timelines are a great way to tell the story of project to strangers and new people joining your project. They are a good addition to project status meetings and reports.

In the next installment of this series, we will learn how to use Excel to manage timesheets and resources.

If you are new, please read the first 2 parts of this series: Project planning using gantt charts, Tracking day to day project progress with team todo lists.

Your thoughts and suggestions?

What are your ideas on communicating project progress to stakeholders and new comers? What do you think about this tutorial? Please share through comments.

Project Management Templates for Excel

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62 Responses to “Introduction to Financial Modeling using Excel [Part 1 of 6]”

  1. John N says:

    Oooh! Chandoo - are you looking to outperform the Altman Z-Score?

    I'm all ears 😉

  2. apex says:

    Many thanks, Paramdeep. Looking forward to the remaining parts of the series

  3. Clarity says:

    Thank you Paramdeep. I look forward to following the series.

    Those interested in Financial Modelling may also find this site interesting:
    http://www.fimodo.com/

  4. Rohit1409 says:

    Hi Chandoo,

    Really looking forward for this awesome financial modeling journey 🙂

    All the very best..

    Regards

    Rohit1409

  5. Guru says:

    Hi Chandoo,
    it seems the future is not away when we will have a new software/spreadsheet as competitor to Microsoft Office/Linux etc.......Hats Off to you..

    KEEP SMILING
    GURU

  6. Paramdeep says:

    @apex, clarity: Thanks...
    @all: I do hope that you have started creating the model for the simple case given.. Lets see, what according to you all is the best way forward. So your views on the best practices for the template for valuation?

  7. Brian Clendinen says:

    The planning process varies depending on the project and type of data I am looking at.

    If I am doing a cost impact study based on actuals, verses a cost impact study to estimate future cost, verses reviewing historical data then creating a model, verse having to review historical data, apply it to a draft model, update the model based on the draft outputs and the presentation then sometimes repeat the process a few times.

    Revisions are an absolutely necessary part of corporate financial modeling especially for the presentation sections. A good presentation will be revised multiple time. There are just to many elements which cannot be planned for, especially with ad hoc reports/models.

    Revisions are leading cause of errors, and time spent tracking down errors. The more complex the model the more important revision control is. I would be interested in a section on revision control and good methodologies to determine the effect of changes on models. That is without having to due detail review of the whole model over again.

  8. Drew says:

    Hi Paramdeep,

    I can't wait for the continuation of this series. You have done a great job in making technical terms appear simple and easy to understand. This article is also very useful in our line of business, in fact i will be featuring this article in our site. Of course the credits will go out to you.

    Many thanks and keep it up!

    Drew

  9. @Drew: Thanks! Hope that you found the tutorials useful. Feel free to get back with any queries.

  10. [...] you are building financial models or any other type of excel based decision models, chances are, there will be multiple scenarios in [...]

  11. [...] Here is a free financial modeling course to help you get started. Spread some love,It makes you awesome! Tweet [...]

  12. [...] (if you don’t want to join Financial Modeling School, we are still friends Here is a free tutorial on excel financial modeling.) [...]

  13. nadeem says:

    chando bhai i m tired for looking financial modeling detail but i cant find it anyway. so plz kindly send me full detail of financial modeling from beginning levelo to final. where i learn complete modeling procedure n order to become professional

  14. @Nadeem Bhai,
    The 6 links to the tutorial at the top of this post, build a small integrated financial model step by step. We are also running a complete 8 weeks course on financial modeling (similar to excel school). But that is almost 50% complete right now. If you want to join, you can join the next batch (probably starting in Jan/ Feb)
    Feel free to get back, if you have any queries regarding the model/ steps in creating the same

  15. [...] you do not wish to join our course, we are still cool. Here is a 6 part training on financial modeling & 2 part training on project finance. They are free, fresh and [...]

  16. Lulama says:

    I want to learn how to build a financial model

  17. Dear Lulama,
    You can use this tutorial to learn to build a financial model. We also run a course on financial modeling and project finance modeling. The details can be obtained from:
    http://chandoo.org/wp/financial-modeling/
    You can consider joining that as well.
    I would strongly encourage you to join the newsletter to get the updates about financial modeling and the next batch starting for the course.

  18. Vivek Dharamshi says:

    I want to learn thorough excel and financial modelling thing !!! I am a chartered accountant..CAn you please suggest a detail syllabus that should be learn by me. Also suggest any classes that would cover everything in excel and financial modelling related things.. I stay in mumbai, so please suggest a class in mumbai or any books..byyee.. thanks ..

  19. Hi Vivek,
    We do conduct the financial modeling course online as well as in Mumbai. We start with the basics of excel and build a completely integrated financial model in the class. For details you can look at:
    http://chandoo.org/wp/financial-modeling/
    or
    http://www.edupristine.com/courses/financial-modeling/prisitne-fm-offering

  20. Immanuel Nashivela says:

    Please describe to me various type of financial modela and demonstrate how a model can be build.

    Regards,

  21. Dear Immanuel,
    This series of articles does exactly that. If you go step by step through the articles and create the excel sheets on your own, you will understand how to create an integrated financial model.
    Alternatively, if you are looking for video sessions, you can consider joining our course:
    http://chandoo.org/wp/financial-modeling/
    It is expected to reopen somewhere in mid july.

  22. Benjamin Burt says:

    Thanks Paramdeep this is great!

  23. [...] Few months ago, we learned how to create a project valuation model in Excel as part of our series on Financial Modeling in Excel. [...]

  24. Marius Bouwer says:

    Paramdeep Hi! A bit ignorant here, but let's ask anyway. Can I access "recorded" video sessions apart from following the step by step articles?

    Thanks!

  25. @Marius: Yes, we do have a training program with recorded video sessions. If you are interested, you can enroll for the same. The details can be obtained from: http://chandoo.org/wp/financial-modeling/

  26. Rachit Sharma says:

    i want to know about the scope of financial modeling.i also want to know after doing financial modeling course what are the job prospect, like where i can found job so plz send me full detail of financial modeling from beginning levelo to final.

  27. Charsiew says:

    I am interested to join your Financial modelling class cos am involved in a new business. But I have a Macbook Air with Excel for Mac installed. Would that work with your program?

    • Dear Charsiew,
      The complete training program is built using Excel 2007 with MS windows. Though there is nothing specific to Microsoft in the training. I think a few people have joined the program and are using MAC. If you write an email to me on paramdeep @ gmail.com, I can send you the email ids of those participants and you can get to know their feedback and difficulties in using the program.

  28. Karan Chhabra says:

    This is great, when does the next batch start?

  29. Seun says:

    Paramdeep, thanks. I'm venturing into financial modelling for the first time and from the little I've read from your website already, I'm sure I'll find your resources very useful; thanks once again.

  30. dikshita says:

    hie ppl...I jst wantd a small favour cn smone help me out in calculating EBITDA, along with its working,  from wipros annual report 2011-2012, link -   http://www.wipro.com/investors/annual-reports.aspx
    ...PLZ plz... i am having a submission tommorow.

  31. Arthur D says:

    Nice article.

    In designing Excel Financial Models I design the user interface as friendly as possible and structuring the input variables in the workflow of the client's operations so that they can flow through the impact of the input variables in Excel using buttons and macros and giving the model transparency.

    Cheers
    Arthur

  32. […] 4) http://chandoo.org/wp/2010/07/21/financial-modeling-introduction/  Chandoo has a great 6 step guide which goes through financial modeling from start to finish. Includes loads of pdfs to download including cheat sheets and case studies. Definitely a good place to start learning how to get to grips with financial modeling and Chandoo is well known for its Excel tutorials so if anything doesn’t make sense about the terms used to talk about formatting etc. then the answer can surely be found elsewhere on the website (and often already has hyperlinks added to skip straight to those sections as they are talked about within the financial modeling article!) […]

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  34. […] Introduction to Excel Financial Modeling […]

  35. Financial Modeling Team says:

    Another step to build any financial model is to do a financial analysis beforehand. This normally helps to design and come up with good projections.

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