Tracking non-labor expenses can be crucial for accurate cost tracking in any Microsoft Project schedule. In this post, I’ll show you how to create and assign Expense Cost resources in Microsoft Project. So, let’s dive in!

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Step 1: Create an Expense Cost Resource

In this example, I want to manage the cost for travel expenses for a team member named Ray Cobb, who needs to visit the Southwest Region office twice for his tasks in a project. Here’s how to create an Expense Cost resource:

1. Apply the Resource Sheet view.
2. Enter the name of your Expense Cost resource, such as “Travel Expense” for my example.
3. Click the “Type” pick list and select the “Cost” item.
4. In the Initials column, add the dollar sign character ($) at the end of the initials for each resource to indicate these are cost resources, such as TE$ for the Travel Expense resource.

Step 2: Assign the Expense Cost Resource to Tasks

Once the Expense Cost resource is created, you’ll need to assign it to tasks where additional costs will be incurred. Here’s how to do that:

1. Apply to the Gantt Chart view.
2. Select the task where you want to assign the Expense Cost resource and then display the Assign Resources dialog.
3. Select the Expense Cost resource you want to assign and then click the “Assign” button.
4. Enter the estimated expenditure in the Cost column for the Expense Cost resource. For Ray Cobb’s first trip, I will enter $2,450 in the Cost column. After entering the amount, press “Enter” to save it.
5. Repeat the process for additional tasks.
6. After you’ve assigned your Expense Cost resource, click the “Close” button in the Assign Resources dialog.

Finishing Up

And that’s how you create and assign Expense Cost resources in Microsoft Project. If you have questions, please add them in the “Leave a Reply” section below. Or if you watched the video, add your questions or comments there.  Please subscribe to my YouTube channel and leave “Likes” if you like the videos.

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FAQ

What is Microsoft Project Dynamic Scheduling?

Microsoft Project Dynamic Scheduling is a feature within Microsoft Project that allows you to create flexible project plans, update schedules based on changing circumstances, and optimize resource allocation.

How can Microsoft Project Dynamic Scheduling benefit my project management?

Microsoft Project Dynamic Scheduling can benefit your project management by enabling efficient planning, increased productivity, and the ability to adapt to changes, allowing your projects to thrive.

What role does dynamic scheduling play in effective project management?

Dynamic scheduling plays a crucial role in effective project management by helping you stay on track, manage resources efficiently, and meet project goals.

What features does Microsoft Project offer for dynamic scheduling?

Microsoft Project offers various features and functions for dynamic scheduling, allowing you to create flexible project plans, update schedules in real-time, and optimize resource allocation.

How does dynamic scheduling optimize resource allocation?

Dynamic scheduling in Microsoft Project optimizes resource allocation by providing a flexible project schedule that can adapt to changes in resource availability, ensuring efficient utilization and maximizing productivity.

How does dynamic scheduling streamline project execution?

Dynamic scheduling streamlines project execution by providing a real-time, updated project schedule that enables effective communication, task prioritization, and timely decision-making throughout the project lifecycle.

How does dynamic scheduling enhance collaboration within Microsoft Project?

Dynamic scheduling enhances collaboration in Microsoft Project by offering collaborative features that promote effective communication, facilitate teamwork, and foster a shared understanding of project goals and progress among team members.

How does dynamic scheduling help track progress and manage risks?

Dynamic scheduling in Microsoft Project helps track progress and manage project risks by providing real-time updates and customizable reports that allow you to identify potential bottlenecks, mitigate risks, and take proactive actions to keep your project on track.

How can dynamic scheduling in Microsoft Project leverage data and insights for continuous improvement?

Dynamic scheduling in Microsoft Project provides valuable data and insights for continuous improvement by analyzing project performance metrics, identifying trends, and making data-driven decisions to enhance project outcomes and increase overall efficiency.