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In this video, learn budget costs and budgeting in general while working in Microsoft Project 2013.

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Video Transcription:

Toby: Welcome back to this course on Project 2013 Advanced. In this section we're going to look at budget costs and in fact including in that I'm going to look at budgeting in general in Project 2013. I hope it's something you've come across before but I do find it is one area of 2013 where people do get quite confused about what it means and what the relationship is between a budget and a baseline and actuals and so on. During this and the next few sections, I hope to explain all that more fully to you and to add a lot of details to things you may have used before.

Now the first thing to understand is that a budget has nothing to do with tracking actual costs, even scheduled costs or scheduled assignments or scheduled use of resources and so on. A budget is purely a set of numbers that is, if you like, your best guess. It may be your budget in the sense of being a limit either to the amount of money you have or the amount of resources you can use. But basically it's usually there because you've been required either at the start of a project or even before a project begins to come up with a budget for the project. Now one thing you can do in Project 2013 is to setup a budget with various components very easily and then you can track your progress against that budget along with your progress against things like your baseline. So first of all, let's setup a budget for this pretty straightforward project.

Now I must admit to an element of cheating here because normally if I were required to do a budget for a project, it would be even before I'd done this level of detail planning. Even here, although I've got a lot more breakdown of these tasks and more investigation of resources and so on to go into, I've already got a pretty good idea of what this projects going to cost. So I want you to sort of cast your mind back a few months before I had even this Gantt Chart and my bosses said to me, "We're thinking of putting together a new website and we're going to be able to do this on it and this on it and this on it and give me a long list of what we might be able to do. And we want it to work like this and we want it to work like this and we want it to be able to take this many visitors and do this amount of business online on it and so on." And then he might say to me, "Can you give me some idea Toby of what that's going to cost? Come up with a budget for the whole project."

So I know that in order to do this we're going to need to get some specialist help from outside. We've got a web development company and we've got some business consultants who can help us with these jobs. We're going to do a certain amount of the work in house. We're going to be able to do quite a lot of the testing. We'll even be able to do some of the development work. But mainly we'll be working on requirements and elements of design. So I go away. I look at the last website development project we did...

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