Hi! What is the right tool to track cost during execution? 

Activity 1 => Total Cost=23, Baseline=25, Actual=23, Variance=2, Completion=100%  Activity 2 => Total Cost=50, Baseline=50, Actual=25, Variance=0, Completion=50%  

Activity 2 is still in progress so the system will calculate the actual value based on completion rate. However I will like to enter my cost to date to see if they match the calculated value. Do I need to add a new column? Thanks in advance!!!

• Edited by isa7667 9 hours 39 minutes ago

Hi Isa,

If you do set a baseline and a status date, and track cost on a regular basis, you will be able to have the cost to date and see if it matches the expected value. This is basically EVM or Earned Value Management. You'll have the following timephased columns (among others) in your project plan for the EVM:

• BCWS: The BCWS (budgeted cost of work scheduled) fields contain the cumulative timephased baseline costs up to the status date or today's date.
• BCWP:The BCWP (budgeted cost of work performed) fields contain the cumulative value of the task's, resource's, or assignments's percent complete multiplied by the timephased baseline costs. BCWP is calculated up to the status date or today's date. BCWP value also known as earned value.
• ACWP: The ACWP (actual cost of work performed) fields show cost already done on a task, up to the status date. 

In other words:

• BCWS: what is the cost of work I'm supposed to have completed up to now
• BCWP: what is the cost of work I actually completed up to now
• ACWP: how much I actually spend up to now

In addition, you'll have all the variance columns which also might help. See this excellent article about EVM in MS Project.