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10% margin increase and the cost is not showing at top of column RRS feed

  • Question

  • I inserted a column with a custom field (Cost3) to show a 10% margin increase and the cost is not showing at top of column in the project summary.

    Did I use the incorrect custom field? I used the following formula: [Cost]*0.011

    Thank you,

    Celia Gomez

    Monday, September 15, 2014 6:18 PM

All replies

  • Celia --

    When you created the formula, did you remember to select the Use Formula option in the Calculation for Task and Group Summary Rows section of the Custom Fields dialog for your formula?  If you did not select this option, that could cause your problem.  Please let us know and we will try to help you.


    Dale A. Howard [MVP]

    Monday, September 15, 2014 6:23 PM
    Moderator
  • Dale,

    Thank you so much that was my problem! My apologies but I was in an ops meeting, I appreciate the prompt reply.

    In your opinion what is the best way to track your est. cost, actual cost, variance and profit margin markup?

    I am working on several land and water oil rigs so I have to track all the cost in the schedule as well.  I was thinking taking the est. cost vs. the actual cost.

    How would I show a profit margin column?

    I appreciate your help,

    Celia

    Monday, September 15, 2014 7:01 PM
  • Celia --

    Good questions.  But keep in mind that Microsoft Project is not intended to be accounting software.  Before I can answer your question, please answer the following questions for me:

    1. Have you entered a Standard Rate for each resource in your project?
    2. Have you assigned resources to tasks with the number of hours of Work each resource will perform on each task?
    3. Does the value in the Cost 3 field show the billable cost to the customer?

    If the answer is "Yes" to the first two questions, then the Cost column will show you the current cost for each task.  If you also answered "Yes" to the third question, then you could create the following formula in an available custom Cost field to calculate the profit on each task:

    [Cost3] - [Cost]

    Just a thought.  Perhaps the others in this group will have some ideas for you as well.  Hope this helps.


    Dale A. Howard [MVP]

    Tuesday, September 16, 2014 3:57 PM
    Moderator
  • Hello Dale,

    Yes I am aware I am trying to keep up with our cost for equipment along with the margin increase to the customer.

    Yes to all three of the questions above - I'm just not sure if the way I am setting up this schedule it is the correct way to do it.

    Any thoughts or suggestions?

    Thank you,

    Celia

    Tuesday, September 16, 2014 5:21 PM
  • Celia --

    Without being able to see your project and to understand exactly how you want to track costs and profit margins, it is difficult for me to comment further.  But, as a general rule, I think you are on the right track.  Hope this helps.


    Dale A. Howard [MVP]

    Thursday, September 18, 2014 4:59 PM
    Moderator