How to read Cost Worksheet

In this topic, we'll show you how to read the Cost Worksheet.

  1. Click on the Budgets and Costs module from the left navigation.



  2. Click on Cost Worksheet from the drop-down list.



  3. You will see a Cost Worksheet showing you the status of project costs, changes, commitments, payments and variances as compared to the Baseline Budget.



  4. Refer to following table to interpret the Cost Worksheet.

Fields

Definitions

Division

These are Cost Code divisions, used to categorize the work to be performed and manage costs.

Cost Code

Cost Codes are the codes assigned to specific types of work being done on a project. For instance Site Surveys, Engineering Fees, Excavation and Grading, all are examples of Cost Codes.

Budget

Original Budget (A)

Original Budget is the baseline budget (to be received) for a particular work (Cost Code).

Approved Budget Revisions (B)

These are the approved revisions (changes) to the Original Budget.

Revised Budget (C = A+B)

It is the sum of Original Budget and Approved Budget Revisions.

Pending Revisions (D)

There are the pending revisions (changes) to the Original Budget.

Commitment

Original Commitment (E)

Original Commitment is the committed cost (to be paid to others) for a particular work (Cost Code).

Approved Revisions (F)

These are the approved revisions (changes) to the Original Commitment.

Revised Commitment (G = E+F)

It is the sum of Original Commitment and Approved Revisions.

Pending Revisions (H)

There are the pending revisions (changes) to the Original Commitment.

Actuals

Actuals Received (I)

Payment received against the Budgeted Contracts.

Actuals Issued (J)

Payment issued against Committed Contracts.

Variance

Original Variance (K = A-E)

This is the difference between the Original Budget and Original Commitment.

Approved Variance (L = [A+B]-[E+F])

This is the difference between Revised Budget and Revised Commitment.


You would always want to keep an eye on the cost variances and make appropriate decisions to keep the project on the path of financial success.

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