I would like to know what is the best way to handle cost adjustment to the baseline in MS project. Do you save the baseline when you adjust the cost when you get new estimate or not?
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1 Answer
You should save the baseline when you have an approved plan (that includes schedule, resources and costs). So if a change request is approved you should save the corresponding plan to the baseline.
If you have a new estimate that is not an approved budget Change request, you should track this as a forecast values, in the Cost fields, not in Baseline Cost.
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@Igaleazzi than you. That's exactly the issue. It's not based on the approved plan. How do I track it through cost? Is thee a reference or an article I can follow?– jaxOct 19, 2017 at 14:27
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Have you already planned costs in your Project, and are you asking how to update it? Or are you asking how to plan costs to start with? Oct 19, 2017 at 14:34
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Yes the cost is already there and the project is 10% complete but now I have estimates that is different from the baseline cost.– jaxOct 19, 2017 at 14:37
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Alright. I assume you already saved the baseline in the past, in which case your baseline cost is safe and will remain unchanged. If you entered your costs in the "Fixed Costs" Task field, just enter the new value in that column. If you have used resources to calculate costs it is slightly more complicated. Oct 19, 2017 at 14:41
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You might have planned resources with a hourly cost. In this case you will Need to change the amount of work planned, and the cost will be calculated with the new amount of work. Adjusting the hourly rate is also possible in the resource details. Oct 19, 2017 at 14:44