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Cost as a Rate RRS feed

  • Question

  • Hi! This is for a construction project were cost is assigned for each task (total cost). The architect's fee is calculated based on a % rate from the total cost. For example if the total cost is 100 and the % rate is 5, he will be paid 5. What type of resource do I use for the architect? Is it possible to include this cost as a % rate? What is the best practice? I'm using Project 2013. Thanks in advance!



    • Edited by isa7667 Monday, August 17, 2015 9:23 PM
    Monday, August 17, 2015 9:11 PM

Answers

  • isa7667 --

    If you know that the cost of the project might change over time, then you could create a custom Cost field with a formula in it that would calculate the architect fee per task.  This way, if task costs change, the architect fee will be recalculated automatically.  If the cost is not likely to change, you could specify a cost for every task, see the total Cost value for the project in the Project Summary Task (Row 0 or Task 0), manually calculate the architect fee, and then manually enter this fee as a Fixed Cost on the Project Summary Task.  You can enter a Fixed Cost amount on an individual task, a summary task, or even the Project Summary Task.

    Just a couple of ideas for you.  I am sure the others in this group will have some ideas for you as well.  Hope this helps.


    Dale A. Howard [MVP]

    • Marked as answer by isa7667 Tuesday, August 18, 2015 2:16 PM
    Monday, August 17, 2015 9:27 PM
    Moderator
  • It is easy to use a spare cost field to calculate any number which is a function of the cost, and in this case you just want to calculate 5% of the cost of each task with a formula in Cost1.

    If you want to include a task called "Work By Architect" and give it a duration equal to the entire duration of the project, you can store the 5% in the fixed cost for that task. However, when you calculate the 5%, you want 5% of all tasks except that one, so you will need an IIF() function, such as
    IIF([Name] <>"Work By Architect",0.05*Cost,0)

    • Marked as answer by isa7667 Tuesday, August 18, 2015 2:17 PM
    Tuesday, August 18, 2015 6:49 AM
  • Hi,

    The small problem here is that neither for the Cost field nor for the Fixed Cost field you can insert a formula (they are not custom fields). Copy-paste special as link may do the trick.

    Greetings,

    • Marked as answer by isa7667 Tuesday, August 18, 2015 2:18 PM
    Tuesday, August 18, 2015 8:04 AM
    Moderator

All replies

  • isa7667 --

    If you know that the cost of the project might change over time, then you could create a custom Cost field with a formula in it that would calculate the architect fee per task.  This way, if task costs change, the architect fee will be recalculated automatically.  If the cost is not likely to change, you could specify a cost for every task, see the total Cost value for the project in the Project Summary Task (Row 0 or Task 0), manually calculate the architect fee, and then manually enter this fee as a Fixed Cost on the Project Summary Task.  You can enter a Fixed Cost amount on an individual task, a summary task, or even the Project Summary Task.

    Just a couple of ideas for you.  I am sure the others in this group will have some ideas for you as well.  Hope this helps.


    Dale A. Howard [MVP]

    • Marked as answer by isa7667 Tuesday, August 18, 2015 2:16 PM
    Monday, August 17, 2015 9:27 PM
    Moderator
  • Dale, thanks for your ideas! They are very helpful. The cost might change, so I was thinking about the first option. I try this and the calculation works great. Can I also add a formula for total cost? For example,

    cost 1 = 100 (is the task cost which I entered manually)

    cost 2 = cost 1 * 0.05 (calculated) 

    total cost = cost 1 + cost 2 = 100 +5 = 105 (calculated)

    Thanks!



    • Edited by isa7667 Monday, August 17, 2015 9:47 PM
    Monday, August 17, 2015 9:46 PM
  • It is easy to use a spare cost field to calculate any number which is a function of the cost, and in this case you just want to calculate 5% of the cost of each task with a formula in Cost1.

    If you want to include a task called "Work By Architect" and give it a duration equal to the entire duration of the project, you can store the 5% in the fixed cost for that task. However, when you calculate the 5%, you want 5% of all tasks except that one, so you will need an IIF() function, such as
    IIF([Name] <>"Work By Architect",0.05*Cost,0)

    • Marked as answer by isa7667 Tuesday, August 18, 2015 2:17 PM
    Tuesday, August 18, 2015 6:49 AM
  • Hi,

    The small problem here is that neither for the Cost field nor for the Fixed Cost field you can insert a formula (they are not custom fields). Copy-paste special as link may do the trick.

    Greetings,

    • Marked as answer by isa7667 Tuesday, August 18, 2015 2:18 PM
    Tuesday, August 18, 2015 8:04 AM
    Moderator