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Annual Standard Rate Change and Cost Baseline

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  • #5317 Reply
    CommunityCommunity
    Keymaster

    We have series of baselined projects and will be updating all standard rates for resources starting April (beginning of our new fiscal year).  We did not plan for the rate change and therefore all the costs will be impacted with this rate change.   Ideally we want to reflect an update to the baseline for resource costs only and not to any other changes that may be in the project schedules.  Does a best practice exist for this type of process? or an idea on how to best address this issue?

    #7109 Reply
    CommunityCommunity
    Keymaster

    I would copy the baseline cost for each task into one of the task cost fields, and then use and other task cost field to work out the variance between the cost and the copied baseline cost” fields.

    #9628 Reply
    CommunityCommunity
    Keymaster

    I would recommend using the “B” rate table found in the Costs tab of the Resource Information window.  If you want to change all labor rates starting on your FY April, then go to Resource Sheet … and look at the Std. Rate and Type columns.  Filter Type to Work (assuming that’s labor).  Now, by changing your Status Date to a date after your Fiscal YE date, values in the Std. Rate column will reflect the rate change. 

    From the Res. Sheet, you can copy your “now” rates into Excel, make your changes based on a calculation or input, in Excel, then AFTER you change the Status Date to after April, copy the revised Excel rate column and paste into Std. Rate column in Project.  Then you should save your Current Baseline into BL1 (if you haven’t already done so), and rebaseline those tasks effected by the rate change, and save to BL2.  You can then compare the cost of BL1 vs. BL2.  Hope this helps.  I’ve used this technique to quickly change hundreds of resource rates for a 6 year period of rate escallations.

    Please let us know how you finally approach this and the results you achieved!  Best of luck!  Angelo

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