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Top Level Cost
In the Top Level Cost report, types of cost in a project life cycle includes:
- Actual Cost: Costs that have been incurred for tasks, resources or assignments.
- Remaining Cost: Difference between baseline cost and actual cost.
- Cost: When the tasks are planned and the pay rates of resources in a project are settled, Edraw Project will calculate the scheduled cost of a task or a resource.
- Baseline Cost: Rough estimate cost proposed by the project manager.
- Cost Variance: Difference between the scheduled cost and baseline cost.
The following are formulas to calculate different types of cost:
- Actual Cost = (Cost - Cost Per Use) * Progress + Cost Per Use
- Remaining Cost = Cost - Actual Cost
- Actual Cost = Actual Work*Standard Rate*Cost Per Use