Planned hours (or Work) will affect Planned Cost.
Budgeted Cost : this is calculated from Work and resource cost rate.
Fixed Cost : allows Project Managers to enter a fixed cost amount.
Fixed Cost amount overrides the Budgeted Cost.
Actual Cost is derived from Actual effort and resource cost rate.
If Fixed Cost is entered , when the workitem is completed, the fixed cost will override the Actual cost.
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