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Microsoft Office Project 2003
Microsoft Office Project Server 2003
Microsoft Project 2000 and 2002 |
Project helps you to develop cost estimates for the resources and tasks that are needed to complete your project. To obtain realistic cost estimates, you may want to review historical data to use as a basis for entering cost information in Project. Then you can review and fine-tune your costs to create an accurate budget.
The best cost-estimating method for your project depends on the scope of your project, the level of accuracy needed, and the practices of your organization.
Tip This article is part of a series of articles 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. The project life
cycle is outlined in The Project Map, where you can find a link to an article about each project management goal. Most of the
articles include links to supporting information or procedures that you perform in Project or Project Server. These "goal" articles were designed to help you not only use Project but also
better understand project management.
Previous goal Next goal
See all goals on the Project Map
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Review historical data
Examining the cost histories of similar projects allows you to better estimate costs in a current project.
Enter cost information
You can establish cost estimates in Project by entering costs for resources (resources: The people, equipment, and material that are used to complete tasks in a project.)
or tasks, or both.
Click all of the following that apply:
- Set pay rates and fees for resources if you want Project to calculate cost totals for resources, assigned tasks, and the entire project. You need to enter rates and per-use (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.)fees for resources (resources: The people, equipment, and material that are used to complete tasks in a project.), such as people and equipment.
- Set fixed task costs
for the use or purchase of resources, such as equipment. Project can then incorporate these fixed costs into the total cost of summary tasks and the entire project.
- Set material costs if you plan to use consumable resources, such as supplies. Project can calculate cost totals for these material resources (material resources: Consumable materials or supplies, such as concrete, wood, or nails.) from the base rates and quantities that you enter.
- Change the cost-rate tables on a resource assignment if you want to apply the resource rates that you entered in different rate tables.
Review planned costs
After you enter costs for resources or tasks, or both, you can examine them to see if they need to be adjusted to meet your goal for costs.
Click all of the following that apply:
Optimize costs Before you establish your cost estimate as a budget (budget: The estimated cost of a project that you establish in Project with your baseline plan.) for your project, you can make final adjustments to the cost totals to ensure that your estimates are as realistic as possible.
Click all of the following that apply:
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