The formula to calculate the Billable Hours Value is:
\[ \text{BV} = H \times R \]
Where:
Let's say the number of hours worked (H) is 40 hours and the rate charge (R) is $50 per hour. The billable hours value (BV) would be calculated as follows:
\[ \text{BV} = 40 \times 50 = 2000 \text{ dollars} \]
So, the billable hours value is $2000.
Billable hours are defined as the time frame or amount of time that a contracted person worked on a specific case in which they can legally bill or charge for that time. This measure is crucial for professionals such as lawyers, consultants, and freelancers to track their work and ensure they are compensated for their time.
Definition: The process of determining the number of hours that can be billed to a client.
Formula: \( B = T - N \)
Example: \( B = 40 - 5 \)
Definition: The total number of billable hours accumulated over a month.
Formula: \( B_m = B_d \times D \)
Example: \( B_m = 6 \times 22 \)
Definition: The total number of billable hours accumulated over a year.
Formula: \( B_y = B_m \times M \)
Example: \( B_y = 132 \times 12 \)
Definition: The ratio of billable hours to actual hours worked.
Formula: \( R = \frac{B}{T} \)
Example: \( R = \frac{35}{40} \)
