We want to introduce the use of Cost Resources in MS Project Server 2010 and would like to enter in Cost and Actual Cost information at a monthly level. One resource we’ve consistently used tells us that we should not enter actual costs at a monthly level but should instead use daily/weekly – the resource does not tell us why. Can anyone provide clarification and/or advice on this topic?
How do you update actual hours ?
Since these are cost resources they don’t have hours associated with them. We were thinking we would enter the planned costs while looking at a Monthy view. Would be easiest for PMs to enter one cost per month that way. PMs would enter actual costs each month using the same view.
If you have a tight budget on expenses, you would probably want to track the expenses related to the cost resources in detail (e.g. daily or weekly), therefore collecting actual data and updating the schedule on monthly basis will not provide the level of detail that you need. In this way, you will be warned of expenses over budget early in a month and you will have time to deal with it. The level of detail you need is determined by the requirements of your particular project. We track resource hours to control the related costs by a certain level of detail; and the same level of detail can be implemented for the cost resources as well. If you need to do it monthly, just do it this way. Considering that you have Project Server, I do not know whether there is a particular reason for not doing it on montly basis.