The Other Resources Section is similar to the project team section but can be used to calculate costs for other resources required for the project. If you have someone working for 50% time then you would enter 2.5 days or if someone is working for 80% then you would enter 4 days.Īfter the data is entered the sheet calculates the cost for each of the resources and then displays a total for each week as well as a grand total. By default, everyone is considered to be working full time which is 5 days a week.
Then you have to enter their availability on a weekly basis. In this section, you need to have the name of resources and their daily rates. The first section in each of the sheets is the Project Team Section. You also have the option to copy the estimates sheet and create an actual sheet but then the formulas and conditional formatting will not work. After you are confident about the estimation you can update the Budget Actual sheet with the same numbers as an estimation. The budget estimation sheet should be updated before the project starts and NOT changed once the project starts. The excel template contains two sheets - Budget - Estimation, and Budget - Actual. Highlights when the actual spend exceeds the estimated spend. Considers real-life situations like vacations and adding contingency. Resource rates can be set on a daily rate basis. Resources are allocated on a weekly basis.
It has two sections - one for human resources or project team and one for other resources. Both the budget estimation and tracking is done in the same spreadsheet. In this article, we will look at how you can track resource costs, how you can estimate the project budget and write a cost management plan for your project.īased on MS Excel so you will not need any other software.
Project Cost and Management are key task for a project manager.
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