Goal: Prepare to manage costs
After establishing costs, you can make the necessary preparations for tracking and managing them to ensure that the project stays within the budget. You can specify a start date for the fiscal year, control the calculation options, and determine when the costs should be payable.
Tip: This article is part of a series of articles within the Project Map that describe a broad set of project management activities. We call these activities "goals" because they are organized around the project management life cycle: Build a plan, track and manage a project, and close a project.
See all goals on the Project Map
| Set the month in which a fiscal year starts Before you start tracking and managing costs, you can establish the month in which the fiscal year should start for your current project. Review the planned costs After you enter the costs for resources or tasks, or both, you can examine the costs to see whether they need to be adjusted to meet your goal for costs. Click all of the following that apply:
Control the cost calculation Before you start tracking and managing the plan for costs, you should decide how you want to calculate the costs, enter the default rates that you want Project 2007 to apply to newly assigned resources, and specify the overtime rate for each assigned resource. Click all of the following that apply:
Define how the costs accrue Specifying when the actual costs are charged to your project (at the start, finish, or throughout the project) can help you establish a cash flow plan.
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