Microsoft Project 2007 - Actual Cost fields    (back)

The Actual Cost fields (field: A location in a sheet, form, or chart that contains a specific kind of information about a task, resource, or assignment. For example, in a sheet, each column is a field. In a form, a field is a named box or a place in a column.) show costs (cost: The total scheduled cost for a task, resource, or assignment, or for an entire project. This is sometimes referred to as the current cost. In Project, baseline costs are usually referred to as "budget.") 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.) already performed by resources (resources: The people, equipment, and material that are used to complete tasks in a project.) on their tasks (task: An activity that has a beginning and an end. Project plans are made up of tasks.), along with any other recorded costs associated with the task. The timephased (timephased: Task, resource, or assignment information that is distributed over time. You can review timephased information in any available time period in the fields on the right side of the Task Usage and Resource Usage views.) versions of these fields show values distributed over time.

There are several categories of Actual 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.)

Actual Cost (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 Until 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.") is reported on a task, the Actual Cost field contains 0.00. You can choose to calculate all the actual costs as actual work is reported by each resource assigned to the task. This is the cost of actual work plus 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 to date. How and when actual costs are calculated depend on the assigned Standard Rate, Overtime Rate, Per Use Cost, and Cost accrual settings in the Resource Information dialog box.

Actual Cost = (Actual Work * Standard Rate) + (Actual Overtime Work * Overtime Rate) + Resource Per Use Costs + Task Fixed Cost

Best Uses Add the Actual Cost field to a task view (task view: A view that displays task information. Task views include three task forms; examples include Calendar, Detail Gantt, Gantt Chart, Milestone Rollup, PA_PERT Entry Sheet, Task Entry, Relationship Diagram, Task Sheet, and Task Usage.) to review the resulting expense of a task. You can review this field while a task is in progress to see if you're staying within your budget (budget: The estimated cost of a project that you establish in Project with your baseline plan.). You can also review this information after the project is completed to help you plan costs for future projects.

Example You're tracking costs on a task that has a 10-hour 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.). The one resource assigned costs $20 per hour, and the resource has reported that the task is 50 percent complete. Microsoft Office Project calculates that the actual cost so far is $100. When the task is 100 percent complete, the actual cost will be calculated as $200.

Remarks You can specify whether you want to enter actual costs or automatically calculate them. On the Tools menu, click Options, and then click the Calculation tab. Select or clear the Actual costs are always calculated by Microsoft Office Project check box. If you select this option, any actual costs you've already entered will be cleared. By default, this option is selected. If you choose to enter actual costs, Project will not calculate any actual cost values. However, it will continue to calculate remaining costs (remaining cost: The estimated cost that is yet to be incurred for a task, resource, or assignment.) from 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.) values. If you choose to have Project calculate actual costs, you cannot enter any actual costs until the task is 100 percent complete.

You can choose to enter actual costs or have Project calculate them for you. You can also enter actual costs for assignments (assignment: A specific resource that is assigned to a particular task.) and tasks on a timephased (timephased: Task, resource, or assignment information that is distributed over time. You can review timephased information in any available time period in the fields on the right side of the Task Usage and Resource Usage views.) basis. In addition, you can set whether fixed costs are accrued at the start or end of the task or are prorated.

Actual Cost (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 If the resource has not yet reported any work on any assigned tasks, the Actual Cost field contains 0.00. 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.") is reported by the resource, Microsoft Office Project calculates the 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.). This is the cost of actual work plus 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 the resource. How and when actual costs are calculated depend on actual work and actual 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.) work performed and the Standard Rate, Overtime Rate, Per Use Cost, and Cost accrual settings in the Resource Information dialog box.

Actual Cost = (Actual Work * Standard Rate) + (Actual Overtime Work * Overtime Rate) + Per Use Costs

Best Uses Add the Actual 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 resulting expense of a resource's work on all assigned tasks, based on the resource's actual work, hourly rate, and other incurred costs. You can also use this information at the end of a project to help you plan costs for staffing future projects.

Example You're tracking costs for a resource who 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 Actual Cost field to see how much this resource has cost so far. At the end of the project, you can use the Actual Cost field to see how much of the budget (budget: The estimated cost of a project that you establish in Project with your baseline plan.) was spent for this resource to help with cost analysis and future planning.

Actual Cost (assignment 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 Until 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.") is reported on an assignment (assignment: A specific resource that is assigned to a particular task.), the Actual Cost field contains 0.00. You can choose to have Microsoft Office Project calculate all the actual costs as actual work is reported by the resource assigned to the task. This is the cost of actual work plus 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 the assignment. How and when actual costs are calculated depend on actual work and actual 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.) work performed and the assigned Standard Rate, Overtime Rate, Per Use Cost, and Cost accrual settings in the Resource Information dialog box.

Actual Cost = (Actual Work * Standard Rate) + (Actual Overtime Work * Overtime Rate) + Per Use Costs

Best Uses Add the Actual 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 to display or edit the resulting expense of an assignment based on actual work and the hourly rates of the assigned resources, along with any other costs. You can use this field while a task is in progress to see if you're staying within your budget (budget: The estimated cost of a project that you establish in Project with your baseline plan.). You can also use this information after the task is completed to help you plan costs for other tasks and future projects.

Example You're tracking costs on a resource assignment for a task that has a 10-hour 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.). The assigned resource is $20 per hour, and the resource has reported that the assignment is 50 percent complete. Project calculates that the actual cost for the assignment so far is $100. When the assignment is 100 percent complete, the actual cost will be calculated as $200.

Remarks To specify whether you enter actual costs or have Project automatically calculate them, click Options on the Tools menu, and then click the Calculation tab. Select or clear the Actual costs are always calculated by Microsoft Office Project check box. By default, this option is selected. If you choose to enter actual costs, Project will not calculate any actual cost values. However, it will continue to calculate remaining costs (remaining cost: The estimated cost that is yet to be incurred for a task, resource, or assignment.) from 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.) values. If you choose to have Project calculate actual costs, you cannot enter any actual costs until the task is 100 percent complete.

You can choose to enter actual costs or have Project calculate them for you. If you choose to enter actual costs, you can also enter actual costs for assignments and tasks on a timephased (timephased: Task, resource, or assignment information that is distributed over time. You can review timephased information in any available time period in the fields on the right side of the Task Usage and Resource Usage views.) basis.

Actual Cost (task-timephased 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 Until 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.") is reported on a task, the Actual Cost field contains 0.00. You can choose to have Microsoft Office Project calculate all actual costs as actual work is reported by the assigned resources for the task. This is the cost of actual work plus 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 to date. How and when actual costs are calculated depend on the Standard Rate, Overtime Rate, Per Use Cost, and Cost accrual settings in the Resource Information dialog box.

Actual Cost = (Actual Work * Standard Rate) + (Actual Overtime Work * Overtime Rate) + Resource Per Use Costs + Task Fixed Cost

Best Uses Add the Actual 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 resulting expense of a task. You can review this field while a task is in progress to see if you're staying within your budget (budget: The estimated cost of a project that you establish in Project with your baseline plan.). You can also review this information after the task is completed to help you plan costs for other tasks and for future projects.

Example Sean and Chris are assigned to the "Write proposal" task, which is scheduled for work from Monday through Thursday. They are both earning $20 per hour, and they have reported 20 hours of actual work on the task. You add the Actual Cost field to the timephased portion of the Task Usage view, and see that 5 hours of work are distributed across the 4 days. The timephased actual costs are, therefore, $100 each for Monday through Thursday.

Remarks You can specify whether you want to enter actual costs or have Project automatically calculate them. On the Tools menu, click Options, and then click the Calculation tab. Select or clear the Actual costs are always calculated by Microsoft Office Project check box. By default, this option is selected. If you choose to enter actual costs, Project will not calculate any actual cost values. However, it will continue to calculate remaining costs (remaining cost: The estimated cost that is yet to be incurred for a task, resource, or assignment.) from 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.) values. If you choose to have Project calculate actual costs, you cannot enter any actual costs until the task is 100 percent complete.

Actual Cost (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 If the resource has not yet reported any work on any assigned tasks, the Actual Cost field contains 0.00. 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.") is reported by the resource, Microsoft Office Project calculates the actual cost. This is the cost of actual work plus 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 the resource. How and when actual costs are calculated depend on actual work and actual 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.) work performed and the Standard Rate, Overtime Rate, Per Use Cost, and Cost accrual settings in the Resource Information dialog box.

Actual Cost = (Actual Work * Standard Rate) + (Actual Overtime Work * Overtime Rate) + Per Use Costs

Best Uses Add the Actual 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 resulting expense of a resource's work on all assigned tasks, based on the resource's actual work, hourly rate, and other incurred costs. You can also use this information at the end of a project to help you plan costs for staffing future projects.

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 Actual Cost field to the timephased (timephased: Task, resource, or assignment information that is distributed over time. You can review timephased information in any available time period in the fields on the right side of the Task Usage and Resource Usage views.) portion of the Resource Usage view to see the actual costs incurred by Jamie's work so far. You might see timephased actual 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 actual cost values. If Jamie has worked any overtime, you might see higher actual cost values.

Actual Cost (assignment-timephased 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 Until 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.") is reported on an assignment (assignment: A specific resource that is assigned to a particular task.), the Actual Cost field contains 0.00. You can choose to have Microsoft Office Project calculate all the actual costs as actual work is reported by the resource assigned to the task. This is the cost of actual work plus 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 the assignment to date. When and how actual costs are calculated depend on actual work and actual 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.) work performed and the assigned Standard Rate, Overtime Rate, Per Use Cost, and Cost accrual settings in the Resource Information dialog box.

Actual Cost = (Actual Work * Standard Rate) + (Actual Overtime Work * Overtime Rate) + Per Use Costs

Best Uses Add the Actual 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 resulting expense of an assignment based on actual work and the hourly rates of the assigned resources, along with any other costs over time. You can review this field while a task is in progress to see if you're staying within your budget (budget: The estimated cost of a project that you establish in Project with your baseline plan.). You can also review this information after the task is completed to help you plan costs for other tasks and for future projects.

Example Sean is assigned to the "Write proposal" task, which is scheduled for work from Monday through Thursday. Sean's standard rate is $20 per hour. Sean has reported 20 hours of work. Reviewing the Task Usage or Resource Usage view for this assignment, you see that 5 hours of work are distributed across the 4 days. The timephased actual costs are therefore $100 each for Monday through Thursday.

Remarks To specify whether you enter actual costs or have Project automatically calculate them, on the Tools menu, click Options, and then click the Calculation tab. Select or clear the Actual costs are always calculated by Microsoft Office Project check box. If you select this option, any actual costs you've already entered will be cleared. By default, this option is selected. If you choose to enter actual costs, Project does not calculate any actual cost values. However, it does continue to calculate remaining costs from the remaining work values. If you choose to have Project calculate actual costs, you cannot enter any actual costs until the task is 100 percent complete.