Budget Cost fields

The Budget Cost fields are used to enter or review budget costs for budget cost resources (cost resources: Resources that don't depend on the amount of work on a task or the duration of a task, such as airfare or lodging.). Budget resources (budget resource: A budget resource captures the maximum capacity for a project to consume money, work, or material units for a project. Budgets can only be applied at the project level by assigning a budget resource to the project summary task.) are assigned only to the project summary task (project summary task: A task that summarizes the duration, work, and costs of all tasks in a project. The project summary task appears at the top of the project, its ID number is 0, and it presents the project's timeline from start to finish.). You can use the Budget Cost fields to compare the current budgeted costs with the planned or actual costs for the project.

There are several categories of Budget Cost fields.

ShowBudget Cost (task field)

Data Type    Currency (currency field: A type of field whose content is expressed as a cost. Examples include the Actual Cost and Fixed Cost fields. The maximum value allowed in this field is 999,999,999,999.99.)

Entry Type     Calculated (calculated field: A field in which the value is determined by Project based on information in other fields. Project may recalculate the value automatically or when you specify, depending on your choice of calculation settings.)

How Calculated    When you assign a cost resource that is a budget resource to a project summary task, and then enter a budget amount for the cost resource in either the Task Usage or Resource Usage view, Microsoft Project rolls up the total amount to the project summary task (project summary task: A task that summarizes the duration, work, and costs of all tasks in a project. The project summary task appears at the top of the project, its ID number is 0, and it presents the project's timeline from start to finish.).

This information can then be used to review the overall budget cost information for the project. If the project is part of a master project (master project: A project containing other projects [known as inserted projects or subprojects]. Also called a consolidated project.) or portfolio of projects, the project summary budget cost information can be compared and analyzed against other projects. The project summary task of the master project includes the value of its own budget resources plus the sum of the budget resources of its inserted projects.

Best Uses    Add the Budget Cost field to a task view and show the project summary task when you want to review the total budget for cost resources. After you start tracking progress in your project plan, you can use the Budget Cost field to compare your budgeted costs against your actual costs.

Example    With a budget of $15,000 for travel for a three-month project, you have identified "Travel" as a cost resource and a budget resource. You've assigned this cost resource to the project summary task, and entered the budget amount for travel in the Task Usage view. As work on the project continues, you enter actual progress information in the project plan. You compare any variances between your planned costs and actual costs to ensure that you're on track and to make any necessary adjustments.

Remarks    You can only enter information in the Budget Cost field for cost resources that are budget resources. (For work and material resources that are budget resources, you can enter information in the Budget Work fields.)

ShowBudget Cost (resource field)

Data Type    Currency (currency field: A type of field whose content is expressed as a cost. Examples include the Actual Cost and Fixed Cost fields. The maximum value allowed in this field is 999,999,999,999.99.)

Entry Type     Calculated (calculated field: A field in which the value is determined by Project based on information in other fields. Project may recalculate the value automatically or when you specify, depending on your choice of calculation settings.)

How Calculated    When you assign a cost resource that is a budget resource to a project summary task (project summary task: A task that summarizes the duration, work, and costs of all tasks in a project. The project summary task appears at the top of the project, its ID number is 0, and it presents the project's timeline from start to finish.), and then enter a budget amount for the cost resource in either the Task Usage or Resource Usage view, Project copies that budget amount to the Budget Cost resource field.

Best Uses    Add the Budget Cost field to a resource view when you want to review the budget for cost resources, or to compare the budgets of cost resources to each other.

Example    With a budget of $15,000 for travel for a three-month project, you have identified "Travel" as a cost resource and a budget resource. You've assigned this cost resource to the project summary task, and entered the budget amount for travel in the Task Usage view. When you add the Budget Cost field to the resource sheet, you see that the "Travel" cost resource reflects this budget of $15,000.

Remarks    You can only enter information in the Budget Cost field for cost resources that are budget resources. (For work and material resources that are budget resources, you can enter information in the Budget Work fields.)

ShowBudget Cost (assignment field)

Data Type    Currency (currency field: A type of field whose content is expressed as a cost. Examples include the Actual Cost and Fixed Cost fields. The maximum value allowed in this field is 999,999,999,999.99.)

Entry Type     Entered (entered field: A field in which you may type or edit information. This is in contrast with a calculated field, in which Project calculates and enters information.)

Best Uses    Add the Budget Cost field to the Task Usage or Resource Usage view when you want to enter the budget amount for cost resources on assignments (assignment: A specific resource that is assigned to a particular task.), or when you want to compare the budgets of cost resources to one another.

Example    With a budget of $15,000 for travel for a three-month project, you have identified "Travel" as a cost resource and a budget resource. You've assigned this cost resource to the project summary task. You can now enter the lump-sum budget amount for travel in the sheet portion of the Task Usage view.

Remarks    You can only enter information in the Budget Cost field for cost resources that are budget resources. (For work and material resources that are budget resources, you can enter information in the Budget Work fields.)

ShowBudget Cost (task-timephased field)

Data Type    Currency (currency field: A type of field whose content is expressed as a cost. Examples include the Actual Cost and Fixed Cost fields. The maximum value allowed in this field is 999,999,999,999.99.)

Entry Type     Calculated (calculated field: A field in which the value is determined by Project based on information in other fields. Project may recalculate the value automatically or when you specify, depending on your choice of calculation settings.)

How Calculated    When you assign a cost resource that is a budget resource to a project summary task (project summary task: A task that summarizes the duration, work, and costs of all tasks in a project. The project summary task appears at the top of the project, its ID number is 0, and it presents the project's timeline from start to finish.), and then enter a budget amount for the cost resource in either the Task Usage or Resource Usage view, Project rolls down the total amount to the task-timephased (timephased: Task, resource, or assignment information that is distributed over time. You can review timephased information in any available time period in the fields on the right side of the Task Usage and Resource Usage views.) level.

Best Uses    You can show the Budget Cost field in the timesheet portion of the Task Usage view by adding it in the Detail Styles dialog box. This shows the budget cost for the task and assignment(s) spread out over time.

After you start tracking progress in your project plan, you can use the Budget Cost field to compare your budgeted costs against your actual costs.

Example    With a budget of $15,000 for travel for a three-month project, you have identified "Travel" as a cost resource and a budget resource. You've assigned this cost resource to the project summary task, and entered the budget amount for travel on the assignment in the Task Usage view. As work on the project continues, you enter actual progress information in the project plan. You compare any variances between your planned timephased costs and actual timephased costs to ensure that you're on track and to make any necessary adjustments.

Remarks    You can only enter information in the Budget Cost field for cost resources that are budget resources. (For work and material resources that are budget resources, you can enter information in the Budget Work fields.)

ShowBudget Cost (resource-timephased field)

Data Type    Currency (currency field: A type of field whose content is expressed as a cost. Examples include the Actual Cost and Fixed Cost fields. The maximum value allowed in this field is 999,999,999,999.99.)

Entry Type     Calculated (calculated field: A field in which the value is determined by Project based on information in other fields. Project may recalculate the value automatically or when you specify, depending on your choice of calculation settings.)

How Calculated    When you assign a cost resource that is a budget resource to a project summary task (project summary task: A task that summarizes the duration, work, and costs of all tasks in a project. The project summary task appears at the top of the project, its ID number is 0, and it presents the project's timeline from start to finish.), and then enter a budget amount for the cost resource in either the Task Usage or Resource Usage view, Project rolls down the total amount to the resource-timephased (timephased: Task, resource, or assignment information that is distributed over time. You can review timephased information in any available time period in the fields on the right side of the Task Usage and Resource Usage views.) level.

Best Uses    You can show the Budget Cost field in the timesheet portion of the Resource Usage view by adding it in the Detail Styles dialog box. This shows the budget cost for the resource and assignment(s) spread out over time.

Example    With a budget of $15,000 for travel for a three-month project, you have identified "Travel" as a cost resource and a budget resource. You've assigned this cost resource to the project summary task, and entered the budget amount for travel on the assignment in the Resource Usage view. As work on the project continues, you enter actual progress information in the project plan. You compare any variances between your planned timephased costs and actual timephased costs to ensure that you're on track and to make any necessary adjustments.

Remarks    You can only enter information in the Budget Cost field for cost resources that are budget resources. (For work and material resources that are budget resources, you can enter information in the Budget Work fields.)

ShowBudget Cost (assignment-timephased field)

Data Type    Currency (currency field: A type of field whose content is expressed as a cost. Examples include the Actual Cost and Fixed Cost fields. The maximum value allowed in this field is 999,999,999,999.99.)

Entry Type    Entered (entered field: A field in which you may type or edit information. This is in contrast with a calculated field, in which Project calculates and enters information.)

Best Uses    You can show the Budget Cost field in the timesheet portion of the Task Usage or Resource Usage view by adding it in the Detail Styles dialog box. You can now enter or review the budget cost for the assignment spread out over time.

Example    With a budget of $15,000 for travel for a three-month project, you have identified "Travel" as a cost resource and a budget resource. You've assigned this cost resource to the project summary task (project summary task: A task that summarizes the duration, work, and costs of all tasks in a project. The project summary task appears at the top of the project, its ID number is 0, and it presents the project's timeline from start to finish.). You can now enter timephased (timephased: Task, resource, or assignment information that is distributed over time. You can review timephased information in any available time period in the fields on the right side of the Task Usage and Resource Usage views.) or contoured (contour: The shape of how scheduled work for an assignment is distributed across time. Use a contour to control how Project schedules the work of a resource. Contour examples include flat, back-loaded, front-loaded, bell, turtle, and more.) budget amount for travel in the timesheet portion of the Task Usage or Resource Usage view.

Remarks    You can only enter information in the Budget Cost field for cost resources that are budget resources. (For work and material resources that are budget resources, you can enter information in the Budget Work fields.)

 
 
Applies to:
Project Professional 2013, Project Standard 2013, Project 2010, Project 2007