From the course: Microsoft Project 2016 Essential Training

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Updating costs

Updating costs

From the course: Microsoft Project 2016 Essential Training

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Updating costs

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- When you enter actual values in Project, the program takes care of calculating actual costs for work and material resources. However, if you use Cost Resources, you have to enter actual cost for them. To see how Project handles labor and material costs, we have this view that has the Tracking Table applied, and the task form in place. That way, we can see the details about the tasks we select. So for example, I'm going to select the Prepare Management Presentation task, and you can see that the Project Manager is assigned to six hours, and that there are 12 packets assigned, and that's a material resource, but now I want to see cost, so I right click the task form and choose Cost, and now I can see the Cost table. Well, in this case, the scheduled cost is $540 for the Project Manager. That's six hours at $90 an hour, and the 12 packets cost $1.20 each, so the cost is $14.40. Well, if I change the percent complete to 100%, you can see that Project moves the scheduled cost into the…

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