This will then calculate their estimated cost based on the hourly rate you enter. Note: this template works best if you follow the project estimation process in our project cost estimating post. The first step is to enter the project tasks and their estimates inside the ‘Budget’ tab. How to track a project budget with this template The cell on the right-hand side will show you how the project is making or costing you as you track hours against each task. The total for all columns will be displayed at the bottom of the spreadsheet. The profitability for each task will be automatically calculated based on actual hours minus estimated hours. The estimated cost will be automatically calculated based on the hourly rate you enter.Īctual hours and costs are automatically generated once you start tracking time on the project. Estimates and actualsĮstimated hours are based on the hours you and your team estimated for each task when you scoped the project out. This will then update the progress bar in green above. The status of each task can be updated as the project progresses. This will help to know who is accountable for each task. How to Create a Work Breakdown Structure in 6 Steps Assigned to and statusĪssign each task an owner if need be.
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