Manually Updating Project Costs

If resources are assigned to tasks in your project plan and those resources also have their costs entered in Microsoft Project, costs are updated whenever you enter actual progress information. For example, suppose that a $25/hour resource is assigned to 8 hours of work on a task. When you enter that the task is 50 percent complete, $100 of actual cost is recorded for this task.

If you do not want Microsoft Project to calculate costs for you in this manner, you can turn off this option and enter costs yourself. To turn off automatic cost calculation, follow these steps:

1 Click Tools, Options and then click the Calculation tab.

2 Clear the Actual Costs Are Always Calculated By Microsoft Office Project check box.

3 By default, any edits you make to cost will be distributed evenly across the actual duration of a task.

If you would rather distribute the costs to the status date, select the Edits To Total Actual Cost Will Be Spread To The Status Date check box.

To enter task costs manually, display a task sheet and click View, Table, Cost to apply the Cost table. Enter total actual costs in the Actual field for the task.

To manually enter timephased costs for tasks or assignments, display the Task Usage view. Click Format, Details, Actual Cost to add the Actual Cost field to the timesheet portion of the view.

Tip Don't enter costs manually

It can be very cumbersome and tricky to update costs manually. You'll experience more accurate results if you enter resources and their costs in your project plan, along with any fixed costs of tasks. When you assign those resources to tasks, costs are forecasted. When you enter progress on tasks, actual costs are calculated.

Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

Get My Free Ebook

Post a comment