Set the month in which a fiscal year starts  Before you start tracking and managing costs, you can establish the month in which the fiscal year should start for your current project.

• Set the month a fiscal year starts with

 Review the planned costs   After you enter the costs for resources or tasks, or both, you can examine the costs to see whether they need to be adjusted to meet your goal for costs.

Click all of the following that apply:

• Review cost totals to verify the totals that Microsoft Office Project 2007 calculated, based on cost information that you entered.
• Review a budget for the resources in your project if you already set a budget for the project costs and want to review it for possible adjustments.
• Analyze cost performance with Microsoft Office Project Server 2007 by using PivotTable (PivotTable report: An interactive table that summarizes, or crosstabulates, large amounts of data. You can rotate its rows and columns to see different summaries of the source data, filter the data by displaying different pages, or display details.) and PivotChart (PivotChart: Provides a graphical representation of the data in a PivotTable report, an interactive, crosstabulated report that summarizes and analyzes data. Use the Portfolio Analyzer to select the data that you display in a PivotChart.) views to help you understand the health of your organization.
• Use a portfolio management tool such as Microsoft Office Project Portfolio Server 2007 (Project Portfolio Server: The Web-based user interface that is used with Project Server to help organizations achieve maximum portfolio value through managing investments and evaluating them against performance metrics and business objectives.) to view and optimize the resource and other project costs to better align them to larger organizational goals and priorities.

 Control the cost calculation   Before you start tracking and managing the plan for costs, you should decide how you want to calculate the costs, enter the default rates that you want Project 2007 to apply to newly assigned resources (resources: The people, equipment, and material that are used to complete tasks in a project.), and specify the overtime (overtime: The amount of work on an assignment that is scheduled beyond the regular working hours of an assigned resource and charged at the overtime rate. Overtime work indicates the amount of the assignment's work that is specified as overtime work.) rate for each assigned resource.

Click all of the following that apply:

• Learn how Project calculates cost information. You can use a variety of types of costs, and Project 2007 calculates those costs for you as the project progresses.
• Change the project's standard and overtime default rates if you want Project 2007 to automatically apply the project's standard and overtime (overtime: The amount of work on an assignment that is scheduled beyond the regular working hours of an assigned resource and charged at the overtime rate. Overtime work indicates the amount of the assignment's work that is specified as overtime work.) default rates (such as minimum wage) to newly entered resources.
• Calculate overtime costs if you want Project 2007 to calculate the overtime costs based on the overtime rates specified for each resource. By default, Project 2007 uses the standard rate (standard rate: A base rate that you assign to resources [such as people, equipment, or material] and that Project uses to calculate resource cost totals.) of each assigned resource to calculate all work (work: For tasks, the total labor required to complete a task. For assignments, the amount of work to which a resource is assigned. For resources, the total amount of work to which a resource is assigned for all tasks. Work is different from task duration.) that is required to complete a task (task: An activity that has a beginning and an end. Project plans are made up of tasks.). Project 2007 does not calculate the cost of additional work hours by using the overtime rates that you entered until you specify those hours as overtime work.

 Define how the costs accrue   Specifying when the actual costs are charged to your project (at the start, finish, or throughout the project) can help you establish a cash flow plan.

• Define how costs accrue