Cost fields

The Cost fields show the total scheduled or projected cost for a task, resource, or assignment, based on costs already incurred for 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.) performed by resources assigned to the tasks, in addition to the costs planned for the remaining work (remaining work: The amount of work, in terms of a time unit such as hours or days, that is left to be completed on a task. This is calculated as follows: Remaining Work = Work - Actual Work.).

There are several categories of Cost fields.

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.)

ShowCost (task field)

Entry Type    Calculated or entered (calculated or entered field: A field in which the value is determined by Project based on information in other fields. Information that you enter in the field yourself overrides calculated values.)

How Calculated    When a task is first created, cost is the same as remaining cost (remaining cost: The estimated cost that is yet to be incurred for a task, resource, or assignment.), which is the remaining work value multiplied by the cumulative costs of the assigned resources. Cost is calculated based on the Standard Rate, Overtime Rate, Per Use Cost, and Cost accrual settings for the resource and the amount of work assigned to all resources for the task. Any fixed costs (fixed cost: A set cost for a task that remains constant regardless of the task duration or the work performed by a resource.) for the task are also added to this field. As actual work (actual work: The amount of work that has been performed on a task or assignment. When you enter actual work on a task, the remaining work is calculated using this formula: Remaining Work = Work - Actual Work. Actual work is often referred to as "actuals.") or actual cost (actual cost: The cost that has actually been incurred to date for a task, resource, or assignment. For example, if the only resource assigned to a task gets paid $20 per hour and has worked for two hours, the actual cost to date for the task is $40.) is reported on this task, Microsoft Office Project calculates the cost by adding the actual cost to the remaining cost.

Cost = Actual Cost + Remaining Cost

Best Uses    Add the Cost field to a task sheet to review the running total cost for a task, combining actual and remaining costs on an ongoing basis.

Example    A task consists of 10 hours for two resources with rates of $20 per hour. At the start of the task, the cost is $200. As the resources report actual work, this figure is adjusted. At the end of the task, the total cost (total cost: The calculated cost of a project, task, resource, or assignment over the life of the project.) is the same as the actual cost.

Remarks    In addition to having Project calculate costs, you can enter or modify costs yourself. If you enter costs, Project transfers the difference between the entered value and the previous value into the Fixed Cost field.

ShowCost (resource field)

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 a resource is first added to a project, cost is 0.00 until the resource is assigned to tasks. After assignments (assignment: A specific resource that is assigned to a particular task.) are made, cost is calculated based on the Standard Rate, Overtime Rate, Per Use Cost, and Cost accrual settings for the resource and the amount of work assigned to the resource for the task. As actual work (actual work: The amount of work that has been performed on a task or assignment. When you enter actual work on a task, the remaining work is calculated using this formula: Remaining Work = Work - Actual Work. Actual work is often referred to as "actuals.") or actual cost (actual cost: The cost that has actually been incurred to date for a task, resource, or assignment. For example, if the only resource assigned to a task gets paid $20 per hour and has worked for two hours, the actual cost to date for the task is $40.) is reported on assignments for the resource, Project calculates the cost by adding the actual cost to the remaining cost (remaining cost: The estimated cost that is yet to be incurred for a task, resource, or assignment.).

Cost = Actual Cost + Remaining Cost

Best Uses    Add the Cost field to a resource view (resource view: A view that displays resource information. Resource views include the Resource Sheet, the Resource Graph, the Resource Usage, and the resource forms views.) to review the running total cost (total cost: The calculated cost of a project, task, resource, or assignment over the life of the project.) for a resource, combining actual and remaining costs on an ongoing basis.

Example    You're tracking costs for a resource with a rate of $20 per hour. The resource is assigned to 15 different tasks throughout the duration (duration: The total span of active working time that is required to complete a task. This is generally the amount of working time from the start to finish of a task, as defined by the project and resource calendar.) of the project. At any time, you can use the Cost field to see the total cost for this resource, which includes both actual cost and remaining cost for all assigned tasks.

ShowCost (assignment field)

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 an assignment is first made, cost is the same as remaining cost, which is the remaining work value multiplied by the resource cost rate. As actual work (actual work: The amount of work that has been performed on a task or assignment. When you enter actual work on a task, the remaining work is calculated using this formula: Remaining Work = Work - Actual Work. Actual work is often referred to as "actuals.") or actual cost (actual cost: The cost that has actually been incurred to date for a task, resource, or assignment. For example, if the only resource assigned to a task gets paid $20 per hour and has worked for two hours, the actual cost to date for the task is $40.) is reported on the assignment, Project calculates the cost by adding the actual cost to the remaining cost.

Cost = Actual Cost + Remaining Cost

Cost is calculated from the Standard Rate, Overtime Rate, Per Use Cost, and Cost accrual settings for the resource and the amount of work assigned to the resource for the task. Any per-use costs (per-use cost: A set fee for the use of a resource that can be in place of, or in addition to, a variable. For work resources, a per-use cost accrues each time that the resource is used. For material resources, a per-use cost is accrued only once.) for resources are also added to this field.

Best Uses    Add the Cost field to the sheet (sheet: A spreadsheet-like representation [in rows and columns] of task or resource information. Each row specifies an individual task or resource. Each column [field] specifies a type of information, such as start dates or standard rates.) portion of the Task Usage or Resource Usage view (view: The combination of one or more views [Gantt Chart, Resource Sheet, and so on] and if applicable, a table and a filter. Use views to work with information in a variety of formats. There are three types of views: Charts or graphs, Sheets, and Forms.) to display or filter (filter: Specifies which task or resource information should be displayed or highlighted in a view. For example, when you apply the Critical filter, only critical tasks are displayed.) for the running total cost of an assignment, combining actual and remaining costs on an ongoing basis.

Example    An assignment consists of 10 hours for a resource with a rate of $20 per hour. At the start of the assignment, the cost is $200. As the resource reports actual work, this figure is adjusted. At the end of the assignment, the total cost (total cost: The calculated cost of a project, task, resource, or assignment over the life of the project.) is the same as the actual cost.

ShowCost (task-timephased field)

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 a task is first created, cost is the same as remaining cost (remaining cost: The estimated cost that is yet to be incurred for a task, resource, or assignment.), which is the remaining work value multiplied by the cumulative costs of the assigned resources. Cost is calculated based on the Standard Rate, Overtime Rate, Per Use Cost, and Cost accrual settings for the resource and the amount of work assigned to all resources for the task. Any fixed costs (fixed cost: A set cost for a task that remains constant regardless of the task duration or the work performed by a resource.) for the task are also added to this field. As actual work (actual work: The amount of work that has been performed on a task or assignment. When you enter actual work on a task, the remaining work is calculated using this formula: Remaining Work = Work - Actual Work. Actual work is often referred to as "actuals.") or actual cost (actual cost: The cost that has actually been incurred to date for a task, resource, or assignment. For example, if the only resource assigned to a task gets paid $20 per hour and has worked for two hours, the actual cost to date for the task is $40.) is reported on this task, Project calculates the cost by adding the actual cost to the remaining cost.

Cost = Actual Cost + Remaining Cost

Best Uses    Add the Cost field to the timephased portion of the Task Usage view (view: The combination of one or more views [Gantt Chart, Resource Sheet, and so on] and if applicable, a table and a filter. Use views to work with information in a variety of formats. There are three types of views: Charts or graphs, Sheets, and Forms.) to display the running total cost (total cost: The calculated cost of a project, task, resource, or assignment over the life of the project.) for a task, combining actual and remaining costs on an ongoing basis.

Example    Sean and Chris are assigned to the "Write proposal" task, which is scheduled for 16 hours of work next Monday through Thursday. They both have a 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 $20 per hour for 4 hours of work for each of the 4 days. You add the Cost field to the timephased portion of the Task Usage view and see that for next Monday through Thursday, the scheduled timephased costs for this task are $80 each for the 4 days.

ShowCost (resource-timephased field)

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 a resource is first added to a project, the Cost field contains 0.00 until the resource is assigned to tasks. After assignments (assignment: A specific resource that is assigned to a particular task.) are made, cost is calculated based on the Standard Rate, Overtime Rate, Per Use Cost, and Cost accrual settings for a resource and the amount of work assigned to the resource for the task. As actual work (actual work: The amount of work that has been performed on a task or assignment. When you enter actual work on a task, the remaining work is calculated using this formula: Remaining Work = Work - Actual Work. Actual work is often referred to as "actuals.") or actual cost (actual cost: The cost that has actually been incurred to date for a task, resource, or assignment. For example, if the only resource assigned to a task gets paid $20 per hour and has worked for two hours, the actual cost to date for the task is $40.) is reported on assignments for the resource, Project calculates the cost by adding the actual cost to the remaining cost (remaining cost: The estimated cost that is yet to be incurred for a task, resource, or assignment.).

Cost = Actual Cost + Remaining Cost

Best Uses    Add the Cost field to the timephased portion of the Resource Usage view (view: The combination of one or more views [Gantt Chart, Resource Sheet, and so on] and if applicable, a table and a filter. Use views to work with information in a variety of formats. There are three types of views: Charts or graphs, Sheets, and Forms.) to display the running total cost for a resource, combining actual and remaining costs on an ongoing basis.

Example    Jamie, at $10 per hour, is assigned to 15 different tasks throughout the duration (duration: The total span of active working time that is required to complete a task. This is generally the amount of working time from the start to finish of a task, as defined by the project and resource calendar.) of the project. You add the Cost field to the timephased portion of the Resource Usage view to see the scheduled costs expected for Jamie's work on the project. If Jamie is scheduled for 8 hours per day, you would see timephased cost values such as $80 (8 hours at $10 per hour) for each day worked. If Jamie is assigned at fewer assignment units (assignment units: The percentage of a work resource's time, or units, that the resource is assigned to a task.), you might see lower cost values. If there is scheduled 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.), you might see higher cost values.

ShowCost (assignment-timephased field)

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 an assignment is first made, cost is the same as remaining cost (remaining cost: The estimated cost that is yet to be incurred for a task, resource, or assignment.), which is the remaining work value multiplied by the resource cost rate. As actual work (actual work: The amount of work that has been performed on a task or assignment. When you enter actual work on a task, the remaining work is calculated using this formula: Remaining Work = Work - Actual Work. Actual work is often referred to as "actuals.") or actual cost (actual cost: The cost that has actually been incurred to date for a task, resource, or assignment. For example, if the only resource assigned to a task gets paid $20 per hour and has worked for two hours, the actual cost to date for the task is $40.) is reported on the assignment, Project calculates the cost by adding the actual cost to the remaining cost. This figure is distributed across the scheduled duration (duration: The total span of active working time that is required to complete a task. This is generally the amount of working time from the start to finish of a task, as defined by the project and resource calendar.) of the assignment.

Cost = Actual Cost + Remaining Cost

Cost is calculated based on the Standard Rate, Overtime Rate, Per Use Cost, and Cost accrual settings for the resource and the amount of work assigned to the resource for the task. Any per-use costs (per-use cost: A set fee for the use of a resource that can be in place of, or in addition to, a variable. For work resources, a per-use cost accrues each time that the resource is used. For material resources, a per-use cost is accrued only once.) for resources are also added to this field.

Best Uses    Add the Cost field to the timephased portion of the Task Usage or Resource Usage view (view: The combination of one or more views [Gantt Chart, Resource Sheet, and so on] and if applicable, a table and a filter. Use views to work with information in a variety of formats. There are three types of views: Charts or graphs, Sheets, and Forms.) to display the running total cost (total cost: The calculated cost of a project, task, resource, or assignment over the life of the project.) for an assignment, combining actual and remaining costs on an ongoing basis.

Example    Sean is assigned to the "Write proposal" task, which is scheduled for 16 hours of work from Monday through Thursday. Sean's 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.) is $20 per hour for 4 hours of work for each of the 4 days. You add the Cost field to the timephased portion of the Task Usage or Resource Usage view and see that for Monday through Thursday, the scheduled cost is $80 for each day.

 
 
Applies to:
Project Professional 2013, Project Standard 2013, Project 2010, Project 2007, Project 2003