Month-to-Date Target

A guide on how to create a month-to-date (MTD) target and see your progress based on an increasing target value.

Last updated: Sept. 22, 2021

Month-to-date target formula

MTD describes a period that starts on the first day of the current calendar month and ends on the current day. Let's say your team needs to reach a specific target this month. Having the monthly target shown at the beginning of the month may seem vague and difficult to attain due to the lack of clear action points.

In contrast, if the monthly target is divided by the number of days, it will show how much of the total target your team needs to achieve on a single day. It will create a better overview for the team and allow you to understand your progress towards the total target.

You will have to use the Advanced formula editor in Plecto to create a month-to-date target. Go to KPI management > Formulas > + New formula > Switch to Advanced editor and type in a formula that could look like the following:

(
    (
        Sum(Monthly target,Amount)
        /
        NetWorkDays(StartDate(),EndDate())
    )
    *
    NetWorkDays(StartDate(),Today())      
)

NetWorkDays is one of the date functions in Plecto, and the working days are by default Monday to Friday. If your organization has a different workday schedule, you can define custom workdays in the formula. In the formula above, Today() represents the current day. The StartDate() stands for Monday, and the EndDate() stands for Friday.

With this formula, the target will increase each day, and at the end of the month the number will reach the total target. Make sure to set the time period on the widget to the Current month.

Note: The formula above is based on working days (NetWorkDays) Monday to Friday and is using the Sum function. If you use this formula, make sure to select the data source, field, and workdays relevant to your organization.

MTD_Sales_vs_Target.png

An example of a Month to Date target from May 17th, 2021.

Tip: Use conditional colors on your widgets to better visualize how far you've come to reach the target.

In the example above, the monthly target amounts to $ 10,000. The target on the widget will increase daily until the end of the month where it will reach $ 10,000. The example shows monthly Sales vs. Target on the 17th of May 2021 based on the number of working days (Monday to Friday).

There are 21 working days during May 2021, and the 17th of May marks the 11th working day. The displayed target value is $ 5,238. We can verify the result with this calculation: 10 000 * (11/21) = 5,238.

Month to Date target with custom workdays

You can add a parameter in your formulas to define custom NetWorkDays. This allows you to make precise calculations based on the exact number of days you are at work.

The default NetWorkDays are Monday to Friday, but if you work, for example, from Monday to Saturday, you can add a NetWorkDays parameter to the formula to let Plecto know which days it should include in the calculations. Then your formula would look like the following:

(
    Sum(Monthly target,Amount)
    *
    (
        NetWorkDays(StartDate(),Today(),0000001) 
        /
        NetWorkDays(StartDate(),EndDate(),0000001)
    )
)

The parameter uses a syntax composed of 0 and 1, where 0 represents a workday and 1 represents a free day. This custom parameter requires a combination of 7 digits, one digit per weekday:

  • 0 represents a workday
  • 1 represents a day free from work

The typing order in the formula starts from Monday to Sunday. Therefore, you have to type in 0 or 1 until you have a combination of 7 digits. Read the full guide on custom workdays.

The formula with custom NetWorkDays will split up the monthly target for each working day throughout the month. The target will increase each day, and at the end of the month, the number will reach the total target. Make sure to set the time period on the widget to the Current month.

Read more: Find out how to create a month-to-date index in this article.

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