Cost Variance Custom Field

Cost Variance

Cost Variance custom field helps estimate if you are within your budget for a task or project. Cost Variance shows the difference between the total actual Cost of a task or project (Actual Cost + Remaining Cost) and Baseline Cost, i.e. total estimated budgeted cost for a task or project.

VIP Task Manager Professional automatically calculates Cost Variance by the following formula:

Cost Variance = Cost - Baseline Cost

If the custom field shows the value with negative format, you are under your budget.

If the custom field shows the value with positive format, you are over your budget.

To create custom filed Cost Variance please follow the steps below:

1. Create the following custom fields:

• Cost
• Baseline Cost

2. Go to: Tools/Custom fields and press "Ins" button

3. in "Title" field enter "Cost Variance"

4. in "Code" field enter "cf_cost_variance"

5. in "Type" field select "Currency"

6. in "Formula" field enter the following formula and click "Ok" button:

7. to display the value of custom field Cost Variance on Task List or Task Tree please go to Task List or Task Tree, click Task List Columns or Task Tree Columns button   and check the custom field "Cost Variance"