I think I've got a good strategy here. I'll go with option B and create a report on the 'Project Actuals' object. That should provide the Billings, Margin, and Total Costs data I need, and I can filter by the appropriate time period.
I'm confident that a formula field is the way to go here. It'll calculate the ratio automatically and trigger any existing automation, which is really useful.
This seems like a straightforward question about deploying a new version of an auto-launched flow. I'll need to carefully review the options and think through the implications of each one.
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