The cost variance is $10 ($60 of actual cost minus the $50 of budget cost).īy monitoring cost variances regularly, you can take steps to make sure that your project stays close to its budget. For example, if a task is budgeted to cost $50, but the task is half-way done and already costs $35, the scheduled cost is $60 (the $35 actual costs to date, plus the $25 expected costs for the remaining work on the task). To determine whether you're on budget or not, you can view the cost variances between scheduled costs and baseline costs. If you've created a budget through a baseline, you can do more extensive tracking by comparing the actual and scheduled costs against the baseline costs. You can do simple cost tracking by viewing the actual and scheduled (projected) costs for tasks, resources, assignments, and the project. This difference, or cost variance, tells you whether your project is on budget. More importantly, it calculates the difference between the scheduled and baseline costs. Note: You can also choose to turn off automatic calculation of costs and enter actual costs yourself, in addition to task progress.īy combining the actual costs of completed work with the estimated costs for remaining work, Project calculates scheduled (projected) costs. Project calculates costs for you based on task progress. You can also set a baseline with the budgeted costs, and use it to compare with actual costs as your project progresses.Īfter the project starts, you update task progress - the amount of work done on tasks or the percentage of the tasks that are complete. When you're done, you can categorize and group all resources to compare them to the budgeted costs.
You might then want to refine your estimates. Only when all of these steps are complete can Project calculate the total estimated costs for the project. Then, specify the estimated work or duration for tasks and assign resources to the tasks. You can enter pay rates, per-use and fixed costs for tasks, resources, and, if necessary, assignments. You can then identify other resources and task costs that you want to track and measure against the budget resources. To best track costs, you should first create a budget by creating and entering cost values for budget resources that are assigned to the project summary task.
In this articleĬan you give me an example of cost tracking? Use Project to compare original cost estimates, actual costs, projected costs, and see the variances between costs at any time and at any level of detail. How can you tell if your project is on budget? Through cost tracking in Project.
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