Understanding the Cost Model in Microsoft Project

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Project Management Institute (PMI)® Professional Development Units (PDUs):
This Webinar is eligible for 1 PMI® PDU in the Technical category of the Talent Triangle.


Event Description:

Microsoft Project offers a robust and powerful model for managing project costs. In this one-hour webinar, Dale Howard will take you on a “deep dive” of all aspects of the cost model, including each of the following:
• Creating Work, Material, and Cost resources to prepare for modeling project costs
• Understanding how the Standard Rate, Overtime Rate, and Cost Per Use fields contribute to task costs
• Understanding the resource cost accrual method
• Understanding the behavior of the Fixed Cost and Fixed Cost Accrual fields
• Understanding the formula used by MS Project to calculate task costs (HINT: there is much more to the formula than you might realize)
• Using Cost Rate Tables to track multiple resource cost rates

NOTE: This webinar does not include content on Earned Value Analysis (EVA), a topic that could consume an entire hour all by itself.


Presenter Info:

Dale Howard is the Director of Education for PROJILITY. He has used Microsoft Project since version 4.0 for Windows 95 and he has used the Microsoft PPM tool since the first version of released as Project Central in the year 2000. He is the co-author of 21 books on Microsoft Project, Project Server, and Project Online. He is currently one of only 28 Microsoft Project MVPs in the entire world and one of only 6 in the United States.


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Written by Dale Howard
Dale Howard is currently a Senior PPM Consultant with Arch Systems, Inc. His hair and beard have turned white because of using Microsoft's project management tools for more than 20 years. Dale started his career using Microsoft Project 4.0 for Windows 95 and began using Microsoft's PPM tools when they introduced Project Central in 2000. Dale is the co-author of 23 books in Microsoft Project, Project Server, and Project Online. He is currently one 0f 26 Microsoft Project MVPs in the entire world and one of only 4 Project MVPs in the United states.
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  1. Hi Dale, This was a great webinar. Thank you. I’m sorry I didn’t get to see it live. I had a couple of questions. I’ve posted them below but can move them somewhere else, if that is more appropriate?

    1. I didn’t see the benefit of Fixed Cost entries. Expense Resources seemed a far better option for tracking non-labour related costs, with better related features, and can do everything a Fixed Cost can. Did I get that wrong?

    2. You mentioned in your slides but did not demo the use of Budget Cost resources. Will you cover this in another session? Is there any real point to them or can you just use the Cost Fields and Baselines, compared to Actual Cost fields, to achieve the same?

    Thanks in advance,

  2. Nice seminar, I understanding the resource cost accrual method a little more.

  3. Very Nice. Great Seminar

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