Ms Project Total Cost

How to Calculate the Total Cost of a Project with MS Project

MS Project is a powerful project management software that allows you to plan, track, and control your projects. One of the features of MS Project is that it can help you estimate and monitor the total cost of your project, which is an important indicator of its performance and success. In this article, we will show you how to calculate the total cost of a project with MS Project in a few simple steps.

Step 1: Define the Cost Resources

Cost resources are the types of costs that are associated with your project, such as materials, equipment, travel, etc. To define the cost resources for your project, follow these steps:

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Go to the Resource tab and click on Resource Sheet.

In the Type column, select Cost from the drop-down list for each cost resource you want to add.

In the Name column, enter a descriptive name for each cost resource.

In the Initials column, enter a short name or abbreviation for each cost resource.

In the Std. Rate column, enter the standard rate or unit cost for each cost resource.

In the Ovt. Rate column, enter the overtime rate or additional cost for each cost resource if applicable.

In the Cost/Use column, enter the fixed cost per use for each cost resource if applicable.

In the Accrue At column, select how you want to accrue the cost for each cost resource: Start, End, or Prorated.

In the Group column, enter a group name for each cost resource if you want to categorize them.

In the Notes column, enter any additional information or comments for each cost resource if needed.

Step 2: Assign the Cost Resources to Tasks

Once you have defined the cost resources for your project, you need to assign them to the tasks that incur them. To assign the cost resources to tasks, follow these steps:

Go to the Task tab and click on Gantt Chart.

Select the task that you want to assign a cost resource to.

Go to the Resource tab and click on Assign Resources.

In the Assign Resources dialog box, select the cost resource that you want to assign from the list.

In the COST/USE, COST/HR, or COST/OVT/HR field, enter the amount of cost that you want to assign for this task. You can also use formulas or custom fields to calculate the amount automatically.

If you want to assign multiple cost resources to the same task, repeat steps 4 and 5 for each cost resource.

If you want to assign a fixed cost to a task regardless of its duration or work, go to the Gantt Chart Tools Format tab and click on Add Details. Select COSTS: Fixed Cost. In the COSTS: Fixed Cost field, enter the amount of fixed cost for this task.

If you want to assign a percentage of completion or physical percentage complete to a task, go to the Gantt Chart Tools Format tab and click on Add Details. Select COSTS: % Complete (Cost). In the COSTS: % Complete (Cost), enter the percentage of completion or physical percentage complete for this task.

If you want to view or edit more details about the cost assignments for a task, go to the Gantt Chart Tools Format tab and click on Add Details. Select COSTS: Cost Details Form (Task)</

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