Cost is a common data point that is tracked in projects. Cost typically is a limiting factor for scope in projects. Tracking cost in projects is very important and helps project managers address items such as:
- determine if the organization is using expensive resources in situations where less expensive resources could be utilized
- Determining how much a specific resource-type or task will cost over the life of the project
- help the organization determine if it is spending money at a rate is can sustain fo rteh planned duration of the project
- Determine the expected total cost of a project based on current plan information
This topic details entering pay rates for resources, the available time bases to use, using standard and overtime costs, as well as applying accruel rates.