This forum includes discussion about project risk analysis and risk management theory: Monte Carlo simulations, Event Chain Methodology, schedule and cost risk analysis. Please submit questions and case studies about your experience with our project risk analysis software.
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What is the difference between cost resources, work resources, and material resources?
Ken the PM
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Resource costs are used to differentiate the types of costs that can accrue to an activity based on the type of resource that is being consumed. If the resource costs is a rate ($/time unit) it can be used to model time dependent costs.
Work costs are the cost for personnel based upon a rate (hourly, daily) or Cost per Use. Material costs are the cost for materials consumed during and activity. Work and Material costs are calculated based on the rate or cost/use and the resource allocation (units).
To allocate resource costs using Work or Material costs, assign the resource to an activity and resource costs are calculated automatically depending upon the duration and allocation.
Cost type resources are useful for assigning specific unique resource costs to specific activities and are not calculated based on unit allocation, but on a single cost for that resource/task. In the example below, there are no units, but a single cost.
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Generally different resource types in RiskyProject software are implemented similarly to Microsoft Project. It provides very good compatibility between Microsoft Project and RiskyProject. Other project scheduling software may implement resource types differently, however we are trying to ensure good compatibility between these software and RiskyProject software as well.
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Intaver Institute Inc.
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