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In this video, learn how to assign cost in each task of a project using Microsoft Project 2013.

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Video Transcription:

Toby: Hello again and welcome back to our course on Project 2013 Advanced. In this section I'm going to start to look at costs in detail. I'm going to assume as usual that you've got a good basic knowledge of costs and I'm going to concentrate on some of the more advanced aspects of costs.

Now in this section and the next one, I'm really going to concentrate on setting costs up and understanding what the options are. Reporting and in particular the new style of reporting in Project 2013 will have to wait for a later section of the course.

Now in explaining some of the more advanced aspects of costs, I could probably occupy the whole of the rest of this course because there's actually quite a bit to it. So I'm going to concentrate on the costs associated with the work resources. So primarily in the example we're going to use this is going to be the cost associated with people. Having said that, almost all of the aspects we need to cover will be covered as part of that. And then right at the end of this part of the course, I'll look at some specific things relating to materials. So I'm going to go back to our website development project which is primarily about people. There's very little in the way of materials associated with this sort of thing. And then when we need to look at materials, we'll look back at our building project again.

Now for the purposes of this and the next section, I've rescheduled the whole of the web development project to have started in February of 2013. So we're a little bit along the way now but so far, I haven't actually assigned any resources to this project at all and we've actually got no cost setup at all at the moment. So we're pretty much starting from scratch from the point of view of costs.

Now let me look at a couple of basic aspects of cost that we're going to need available to us in this section.

First of all, I'm looking at the Gantt Chart for this project now. I'm going to change the table. Currently, I have the default entry table selected. I'm going to choose the cost table and let's just talk very briefly about the cost table.

Now the cost table contains basic information. As with any other table, I can customize it. I can insert and hide columns at will. But basically it has for each task a fixed cost column. It has a fixed cost accrual column. It has a total cost column. And then we have baseline, variance, actual, and remaining. Now of course the last ones here, baseline, variance, actual, and remaining will only start to occupied when we actually put some costs in. And then as we track progress as the project progresses, we'll see what the actual costs have been so far. We'll be able to look at the variance against the baseline at whatever point we decide to save the baseline and we'll be able to look at what the remaining costs are. But the first thing I want to look at are the first two columns here: fixed cost and fixed cost accrual.

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