Cost Variance vs. Actual Costs

[vsinc]

How do I add the amount of my project's initial budget so that it will be
reflected in my Project 2003 Financial reports? As well as, reflect as the
Baseline Cost and in the Cost Variance so Project 2003 will correctly
calculate my project's budget & cost?

Thanks,

 

[JulieS]

Hi vsinc,

If you have created resources (work and material) with rates and assigned
those resources to tasks, Project has calculated Costs for your project.
(View the Cost table). If you need to add additional non-labor or materials
costs, you may add them in the Fixed Cost field which also shows in the Cost
table.

Once the project is to your satisfaction, save a baseline and the baseline
costs will be saved as well. As you begin to track, Actual costs are
recorded and Cost variance is calculated for you. This data also appears in
the Cost table.

There are also several reports available for budgets.

Hope this helps. Let us know how you get along.

Julie