How to Setup Budget Costs in Microsoft Project 2016

How to Setup Budget Costs in Microsoft Project 2016

Get the complete 18-hour Project 2016 Beginner to Expert course here ► https://ift.tt/2IZc9mo During this Microsoft Project 2016 advanced training tutorial video, we will look at what budget cost is, why people would use budget cost, and how you can compare progress on a project with a project budget. Checkout some of our other training on YouTube: Project 2016 advanced training: PLAYLIST HERE Project 2016 beginner training: https://www.youtube.com/playlist?list=PLzj7TwUeMQ3g_ABHdUU7RoGJJm-YFr4_Y Excel 2016 training: https://www.youtube.com/playlist?list=PLzj7TwUeMQ3hFUdlWMkTLZL-Fr3oRGN35 VBA for Excel tutorials: https://www.youtube.com/playlist?list=PLzj7TwUeMQ3hWRi0mgxdyWkT0QaYKuBGZ Visio 2013 for beginners: https://www.youtube.com/playlist?list=PLzj7TwUeMQ3jpAwkTGD6hGNxF8ML_FfsF SharePoint 2013 training: https://www.youtube.com/playlist?list=PLzj7TwUeMQ3jloGuvewOe0Iv1EE2POKge Stay in touch: SimonSezIT.com: https://ift.tt/OmHjF0 StreamSkill.com: http://streamskill.com/ YouTube Channel: http://bit.ly/foiItB Facebook: http://on.fb.me/14m8Rwl Twitter: http://bit.ly/177EU5J Google+: http://bit.ly/11JbHdb If you enjoyed the video, please give a "thumbs up" and subscribe to the channel ;-) Welcome back to our course on Project 2016 Advanced. In this section we’re going to look at Budget Costs. I’m going to explain to you why people use Budget Cost, why you may want to use Budget Cost and how you can compare progress on a project with a project budget, with specific reference to costs. Now I should point out that you can pretty much do the same thing with Budget Work. And the approach with Budget Work is actually very similar but we’re going to concentrate here on Budget Costs. So I’m back here at the house build project. This is version 03. If I go to the Resource Sheet you’ll see that currently the Resource Sheet is empty. And in fact there are no costs or resources assigned at all on this project yet. So one thing that I might do very early on in a project like this is prepare a budget. Now this wouldn’t necessarily relate to any very accurate estimate of cost but I might say, for example, well I think that the labor costs are going to be $40,000 and the material costs are going to be $30,000 and the legal costs are going to be $10,000 and so on. So I might come up with some budget figures. And then during the course of the project I’m going to want to see how the project is progressing against my budget. Now rather than do all of those all I’m going to do is take one element and show you how you might deal with one element and then the other elements would be dealt with in an equivalent way. Now one thing that I must make very clear at this point is that you shouldn’t confuse budget costs with baseline cost. A baseline is a copy, a saved copy of a detailed schedule at a point in time. In fact it can be a detailed or perhaps not very detailed schedule, but it’s a copy of the schedule which will include details of start dates, end date, costs, etcetera, whatever has been added at that point. Budget costs are assigned at the project level. And although we can compare the budget cost with our actual costs in whatever categories we’ve set up it’s not the same as comparing progress, actuals that is, with a baseline. So let’s use as our example a budget cost for services. And by services we mean things like connecting the house to main services and getting an inspection by a local building inspector. So first of all let’s go to the Resource Sheet and we’re going to set up a resource called Service Costs. The type is Cost and I’m also going to create a group. I’ll explain the use of the group in just a moment. Sorry, we couldn't fit the entire video transcription here since YouTube only allows 5000 characters.
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