CREATING OWN BUDGET IN MS PROJECT 2010–PART 1

 

Hi,

I will explain how to make and track your own Budget in MS PROJECT 2010!

Suppose that you want to have a budget (in money) for each task, and that you want to track variance from the actual cost! You can do it easy in MS PROJECT 2010 if you you use some custom fields.

But first let me do the setup!

I will add four Tasks on my Project:

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and I will add four Resource on my Project:

image

Now I will apply a Cost Table:

 

image

and I will get:

image

As you can see there are no costs for my Tasks, because I did not assign Resources to the Tasks.

Now I will add the brand new field to MS PROJECT 2010, called Budget for Task:

image

and then:

image

I just added a new field, and that field will be summed in a summary tasks, and project summary task!

Now I need the second custom field, called Variance from Actual:

image

Now I have this new field. In this field I want to place difference between Budget for Task and Actual cost field. To get that I have to use formula:

image

This warning message tells that all previous values in this field will be erased. Ater I click on OK button I will get:

image

and after that I will build the formula! I want to have my Budget for Task (custom field) in my formula:

image

and I want to substract Actual Cost from Budget for Task:

image

and then:

image

and I will get:

image

When I click on the OK button I will get:

image

Finally when I click on OK button I have two new custom fields!

Now, the question is: “How to use those fields?”.  And the answer is: Read my next post!

Until then, bye!

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About Nenad Trajkovski

Location: Zagreb, Croatia Occupation: Project Manager Interests: Project Management and MS PROJECT He was born in Zagreb, Croatia at 1963. After completing his college he started working on projects in different business areas (banking, manufacturing, automotive industry, distribution, oil companies, etc.) developing and implementing ERP systems into different companies. He has got a lot of experience working with people in different business processes and also possesses great knowledge in information technologies and financial services. Today he works as a business consultant, adn Project Manager in PERPETUUM MOBILE d.o.o. Zagreb. He is a regular lecturer for Project Management in MS Innovation Center in Varaždin, Logosoft Sarajevo in Bosnia and Herzegovina and SEAVUS GROUP in Skopje Macedonia. He was named the best lecturer of WINDAYS 2008 while his lecture was also voted as the best. In addition, he was in TOP 10 lecturers at the MS SINERGY 2009 and MS VISIA 2009, 2010. Shares first place as the best lecturer of KulenDays 2009 and 2010 and PMI Conference 2009 in Zagreb. He is also a regular lecturer in the MS Community. He is a Certified Accountant and a PMP (Project Manager Professional) and a PMI-RMP (Risk Manager Professional), MCP, MCT, and Microsoft Certified Technical Specialist - Microsoft Project 2010. From 01.01.2012 awarded with MVP (Microsoft Most Valuable Proffesional - Microsoft Project)!
This entry was posted in MICROSOFT PROJECT, Microsoft PRoject 2010, MS PROJECT 2010, PMI, PRoject Management and tagged , , , , , . Bookmark the permalink.

4 Responses to CREATING OWN BUDGET IN MS PROJECT 2010–PART 1

  1. Hannah Marry says:

    Nice and informative post, i like it.. Thanks for the share. CHEERS!!!

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  3. BEKTASH Musa says:

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  4. nalini says:

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