In Microsoft Project, part of the Microsoft Office suite, setting up costs for work and material resources allows the software to automatically calculate all associated costs and cost totals for your project. This video explains how to set up resource rate and time to allow Microsoft Project to calculate the rest for you. You will also learn how you can insert overtime hours and rate to calculate total overtime pay.
When you fill-in Cost fields for Work and Material resources, Project uses them…to calculate Project costs.…The labor cost for an assignment is the assigned work resources cost rate…multiplied by the amount of time assigned.…For material resources, the cost is the rate multiplied by the quantity assigned.…So let's go to the Resource Sheet.…On the View tab, click Resource Sheet.…I can see that the Office manager doesn't have a Standard Rate assigned, so…we'll have to add one.…
Just click the Standard Rate cell and if the Office manager is $60 an hour, you…can type 60 and press Enter.…You can see that Project automatically adds the Slash (/) in the hour.…But you can actually assign resources by other time periods.…Let's say that the Webmaster is a contractor and you actually pay her a $1000 a…month to maintain the website.…So in the Standard Rate cell, type a 1000, the Slash (/) and then mon for month, and press Enter;…and from now on Project will use a $1000 a month to calculate how much the Webmaster costs.…
Author
Bonnie Biafore
Released
4/18/2013- Choosing the right Project edition
- Creating and saving projects
- Setting up calendars
- Creating individual and recurring tasks
- Linking and timing tasks
- Assigning tasks to resources
- Viewing your data differently with sorting, grouping, and filtering
- Fine-tuning the project schedule
- Understanding baseline, schedule, and actual values
- Reporting on the project status
- Sharing projects<br><br>
- The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.
Skill Level Beginner
Duration
Views
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Introduction
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Welcome57s
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1. Working with Project
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Using the Ribbon4m 19s
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Finding commands3m 49s
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2. Setting Up Project Files
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Setting up calendars2m 45s
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Setting basic options5m 27s
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3. Creating Tasks
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Creating a manual task2m 31s
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Creating a milestone task1m 25s
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Creating a recurring task4m 18s
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Creating a summary task4m 8s
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Displaying summary tasks2m 30s
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4. Linking and Timing Tasks
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Linking tasks5m 51s
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Adding lag or lead time2m 46s
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Viewing tasks and task links4m 57s
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5. Creating Resources
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Understanding resources2m 16s
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Creating a work resource8m 45s
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Creating a cost resource3m 21s
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6. Assigning Tasks to Resources
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Finding overallocations3m 56s
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7. Working with Views
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Choosing a view4m 50s
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Working with a table3m 1s
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Using the Timeline view5m 17s
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Sorting tasks and resources4m 27s
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Grouping tasks and resources4m 45s
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Modifying task bar layout2m 48s
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Modifying text formatting2m 52s
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8. Fine-Tuning the Project Schedule
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Reviewing the critical path3m 53s
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Splitting a task2m 7s
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Adjusting a work contour2m 53s
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Leveling resources4m 54s
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Inactivating a task2m 41s
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9. Tracking and Managing a Project
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Adding tasks to a baseline5m 54s
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Updating the schedule8m 45s
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Assigning overtime4m 35s
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Updating costs2m 15s
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Rescheduling unfinished work3m 45s
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10. Viewing and Reporting Project Information
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Using earned value5m 12s
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Printing views and reports4m 22s
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11. Sharing Projects
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Saving to other formats5m 27s
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Importing and exporting5m 47s
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Conclusion
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Next steps56s
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Video: Setting up costs for work and material resources