This post will illustrate how to calculate costs in Microsoft Project. As you will see below, each tasks has a total cost and an actual cost. The actual cost are those costs that have actually been incurred during the execution of the project.
Costs in Microsoft Project and Standard Time® are very different. Each task in Microsoft Project may have an arbitrary dollar value. We’ll assign some below to demonstrate. This is not true of Standard Time®. Standard Time calculates task costs by multiplying hours times rates. (C = H * R) There are various rates a project may have, but the formula is always true. Microsoft Project is different. Follow the steps below to calculate costs in MSP.
Create some tasks:
- Add a task named “Task 1”
- Add a task named “Task 2”
- Set the Duration to 100h and 40h respectively
- Remove all columns by the Duration column (right-click and choose Hide Column)
The results look like this:
Insert the following columns:
- Actual Work
- % Complete
- Actual Cost
The results will look like this:
Microsoft Project Cost Fields
Experiment with the Duration, Cost, and Actual Work fields, and you will see updates costs values. The image below illustrates this.
Updated Microsoft Project Cost Values