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Identifying Budget Costs for Tasks/Projects RRS feed

  • Question

  • Hello,

    I am planning to use MS Project 2016 to maintain information on 2021 Projects for our location.  One thing I would like to do is assign Budget Costs to each item listed.  In the case shown, each item (1 - 29) are actually individual projects vs tasks.  What is the best way to assign budget amounts to each of these and them summarize.  I did find how to add the Project Task Summary but not how to add the individual budget amounts to each project (task).  Are the individual budgets = Baseline Budget Cost or Budget Cost?

     


    Thanks PU_RJF

    Tuesday, March 17, 2020 8:52 PM

Answers

  • PU_RJF,

    There is plenty of on-line help for working with budgets in Project so I think Rob's suggestion is a good one. You might start with this:

    https://support.office.com/en-us/article/budget-cost-fields-debac6b2-48fb-4314-b1a5-8a5f0979f6cb

    However, as I mentioned in my original response, there are pluses and minuses working with master projects. By default, when you create a master with inserted subprojects, the result is s dynamic master. That forms a linked structure which unfortunately is prone to corruption. You can never move, rename, overwirte or save off to another location any of the files in the structure. Ideally, all files should reside in a single directory on a local drive and not be operated over a network. Linked structures do not work with SharePoint. That's the minus.

    On the plus side, in a dynamic master you will be able to see the budget cost for each subproject and for all the subprojects together.

    John

    • Marked as answer by PU_RJF Monday, May 18, 2020 12:45 PM
    Wednesday, March 18, 2020 8:33 PM

All replies

  • PU_RJF,

    Budget costs can only be applied to the Project Summary Task so you can't do a "conventional" budget cost for each of your task lines even though they may represent individual projects. In order to use Project's budget costing you will need to create a separate Project file for each project. You could then combine them all into a master project but that has pluses and minuses.

    An alternate approach might be to use a custom cost field (e.g. Cost1) to carry the budget values for each task line representing a project. It won't interact with Project's other Cost fields, unless you create formulas or use some VBA, but it will allow you to have a reference budget field in the file structure as you now have it.

    The Baseline Budget Cost field is used to capture the original budget, at Project Summary level, and provides a reference if the budget is changed.

    Hope this helps.

    John

    Tuesday, March 17, 2020 9:19 PM
  • Thanks John.

    I have now created a project with subprojects. Where do I enter the subproject estimated budget amount (for each subproject)?

     


    Thanks PU_RJF

    Wednesday, March 18, 2020 12:33 AM
  • Might want to do a quick search with your favorite search engine "budgets with microsoft project". I notice a number of articles and videos which might help you as a first step.

    --rms www.rmschneider.com

    Wednesday, March 18, 2020 6:45 AM
  • PU_RJF,

    There is plenty of on-line help for working with budgets in Project so I think Rob's suggestion is a good one. You might start with this:

    https://support.office.com/en-us/article/budget-cost-fields-debac6b2-48fb-4314-b1a5-8a5f0979f6cb

    However, as I mentioned in my original response, there are pluses and minuses working with master projects. By default, when you create a master with inserted subprojects, the result is s dynamic master. That forms a linked structure which unfortunately is prone to corruption. You can never move, rename, overwirte or save off to another location any of the files in the structure. Ideally, all files should reside in a single directory on a local drive and not be operated over a network. Linked structures do not work with SharePoint. That's the minus.

    On the plus side, in a dynamic master you will be able to see the budget cost for each subproject and for all the subprojects together.

    John

    • Marked as answer by PU_RJF Monday, May 18, 2020 12:45 PM
    Wednesday, March 18, 2020 8:33 PM