Goal: Define cost budget information

After you have entered cost rates, you can save them as your budget (budget: The estimated cost of a project that you establish in Project with your baseline plan.) before you start tracking and managing the plan. Also, you can attach important notes about budget decisions, share the budget information with others, or transfer information to other file formats.

 Tip   This article is part of a series of articles within the Project Map that describe a broad set of project management activities. We call these activities "goals" because they are organized around the project management life cycle: Build a plan, track and manage a project, and close a project.

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People sharing project cost information

number 1  Save baseline cost information     When your cost estimates are in line with your goal for costs, you can establish them as your baseline plan. In this way, you can compare actual costs (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.) with your original plan as the project progresses. You can also create a budget and compare costs this way.

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Number 2  Print or publish cost totals     After you create a budget, you can share your budget (budget: The estimated cost of a project that you establish in Project with your baseline plan.) information with team members or other stakeholders (stakeholders: Individuals and organizations that are actively involved in the project or whose interests may be affected by the project.).

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Number 3  Export cost information to other programs     If your company uses programs other than Project 2007 to keep track of costs, you can transfer budget information from Project 2007 to them.

Number 4  Add notes about cost information      Before you save your cost estimates as your budget with a baseline plan (baseline plan: The original project plans [up to 11 per project] used to track progress on a project. The baseline plan is a snapshot of your schedule at the time that you save the baseline and includes information about tasks, resources, and assignments.), you can attach cost-related information to tasks (task: An activity that has a beginning and an end. Project plans are made up of tasks.), resources (resources: The people, equipment, and material that are used to complete tasks in a project.), or the entire project.

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Applies to:
Project 2007