How to read Cost Worksheet
In this topic, we'll show you how to read the Cost Worksheet.
- Click on the Budgets and Costs module from the left navigation.
- Click on Cost Worksheet from the drop-down list.
- You will see a Cost Worksheet showing you the status of project costs, changes, commitments, payments and variances as compared to the Baseline Budget.
- 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.