Assigning Budget Work and Budget Cost to Projects in Microsoft Project 2010

Although it feels like we just released SharePoint Project Management Central for SharePoint 2010 only yesterday, the PM Central team is already preparing for the upcoming release of PM Central this fall. One of the great new features we will offer is the option for project managers to assign budget work and budget cost to projects.

PM Central enables project managers to develop and manage project schedules with Microsoft Project, and project managers can also import and export task items to and from Microsoft Project and SharePoint using the Bamboo Microsoft Project Add-in.

I'm still learning my way around Microsoft Project 2010, and the other day I wanted to figure out how to assign budget work and budget cost in Microsoft Project 2010. I combed the Web looking for articles and KBs, and I found some great content, like how budget works. But I couldn't find anything on how to assign budget work and budget cost to a project in Project 2010. It took me a while, but I was able to figure out the steps myself.

I figured that I can't be the only person struggling with this, so I'm sharing the steps here.

1) Open a new project in Microsoft Project 2010 and create your tasks and task summary.

create your tasks
Make T1 and T2 subtasks of the Task Summary by highlighting T1 and T2, then clicking the green arrow in the ribbon.

click the green arrow to create subtasks

make T1 and T2 subtasks of the Task Summary

Note: In Microsoft Project 2010, the default Task Mode is manual, so you need to enter the Duration, Start and Finish yourself. If you want Project to automatically create the schedule, select Auto Schedule. In this example, I'm using Auto Schedule.

change the task mode

(If you don't see the Task Mode column, you can add it yourself. Right-click on a column and select Insert Column. The new column is displayed to the left of the original column. Choose the column type from the drop-down list.)

Make T1 a predecessor of T2 by entering 2 in the Predecessors column next to T2.

make T2 a predecessor

2) Create resources by selecting Resource Sheet from the Gantt Chart View drop-down menu.

select the Resource Sheet

Create a resource with Work for the type, a max of 100% and a standard rate of $50.00/hr.

create a work resource

Then create budget work, which we'll use to assign the work budget for the project. Enter Budget Work in the Resource Name field, then double-click the name. In the Resource Information display box, make sure the Booking Type is Committed, the Type is Work and the Budget option is selected. This will be assigned as hours.

create the budget work resource

Repeat the steps for budget cost, which we'll use to assign the cost budget for the project. In the Resource Information display box, select the Budget option and make sure the Type is Cost. This will be assigned as currency.

create budget cost

Now the resources are created.

the resources are created

Return to the Gantt Chart View.

3) Show the Project Summary in the Tracking Gantt View or the Gantt Chart View. Without the Project Summary, you can't set the budget.

By default, the Project Summary isn't displayed in either view. To view the Project Summary, go to File > Options > Advanced and select Show project summary task. Note: In Microsoft Project, the Project Summary Task's ID is always 0.

show the project summary task list

Now the Project Summary is displayed.

the Project Summary is displayed

4) Assign Budget Cost and Budget Work to the Project Summary by selecting Budget Cost and Budget Work from the drop-down menu under Resource Names.

assign the resources

Note: Budget Work and Budget Cost can only be assigned to the Project Summary. If you try to assign them to a task summary or a task, you'll get an error message.

error message

Select Gantt Chart View > Resource Usage. Add the Budget Work and Budget Cost columns by selecting Budget Work and Budget Cost from the drop-down menu under Add New Column.

Assign your budget for work and cost. In this example, my project needs to be completed with 300 work hours and a budget of $5,000, so I entered 300 under Project1's Budget Work and $5,000 under Project1's Budget Cost.

assign your budgets for cost and work

5) Return to the Gantt View or the Gantt Chart View. Add the Budget Work and Budget Cost columns by selecting Budget Work and Budget Cost from the drop-down menu under Add New Column.

The project's budget cost and budget work are now displayed.

budget cost and budget work are displayed

Yearning for more Microsoft Project-related content? Then check out:

Be sure to check back at the Bamboo Team Blog for the latest PM Central blogs!


Posted Jul 19 2010, 09:00 AM by Katie Packard

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About Katie Packard

Katie Packard joined Bamboo Solutions as a technical writer in March 2010. Before joining Bamboo, she spent two years as an editor at a military/IT magazine, where she did a little bit of everything: writing, editing, blogging, training, content management, social media strategy and more. She previously multitasked as an editor, report writer and newsletter editor at a compliance call center. Her favorite punctuation mark is the em dash (—), and comma splices make her wince. She is a prolific blogger and blog reader, both professionally and personally, and she looks forward to joining Bamboo Nation as a contributor.

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