Task Costs

[Lina JJ]

Hi
I am a new user to Microsoft project 2003.
I want to assign costs to particular tasks in my schedule and track the
progress later by entering % completion.
I do not know if I enter the costs under the fixed cost column or assign a
resource and plug in my cost in task/use.
Thanks alot in advance
Lina

 

[John]

Hi
I am a new user to Microsoft project 2003.
I want to assign costs to particular tasks in my schedule and track the
progress later by entering % completion.
I do not know if I enter the costs under the fixed cost column or assign a
resource and plug in my cost in task/use.
Thanks alot in advance
Lina

Lina,
There are many ways to handle costs in Project. Normally costs are not
"assigned" to tasks unless the cost are fixed such as for a fixed
contract or a known amount of material. The most prevalent costs in
Project are generated by labor and those are based on the amount of work
estimated for a task multiplied by the resource rate. For example, if a
task is estimated to have 40 hours of work content, (and that may or may
not mean the duration is 40 hours), and a resource that is paid $50/hr
is assigned to that task, the task cost will be $2000. If the actual
work is more or less than the original estimate the cost will go up or
down.

Probably the best advice I can give in the near term is to recommend you
go to our MVP website at, http://www.mvps.org/project/links.htm, and hit
the link to Mike's tutorials. That will give you a nice set of starter
lessons on the various aspects of Project.

John
Project MVP