Most projects have fixed costs to account for. These are such things as mortgages and other costs that do not change with production. Fixed costs need to be accounted for in projects. If your project has fixed costs, follow the following steps.

Step 1 – Update Microsoft Project with Fixed Cost Information

Resource Fixed Cost List Instructions Microsoft Project 2013

The following steps should be followed when setting up your project fixed costs with Microsoft Project:

• Go to the gray area at the top of the project on the Duration column and Right Click and choose Insert Column. Type in Fixed Cost and hit enter.
  – Enter the fixed costs above in the fixed cost column as listed adjacent to the appropriate tasks.

Step 2 Update Microsoft Project with Variable Cost Information

Variable Resource List

Most projects have variable costs. These are costs that change with the amount of work being done. These are commonly seen as dollar per hour costs. Most of your resources will be dollar per hour costs. Follow the steps below to enter this data.

Resource Variable Cost List Instructions for Microsoft 2013

Using this information, go back into the Resource Sheet to update the hourly rate for each resource.

– Click on View. Click on the Resource Sheet icon under the Resource Views section. The resource sheet icon is the middle icon on the right of this view with two heads. Check to make sure the Type field is Work and enter the dollar amount above for the hourly rate for each resource in the Std. Rate column.

-To access various reports with cost and other information select Reports under the Project