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Custom Filed configuration - pulling data from parent item

I have a situation where I want to get a comparison of the reported time by two types of projects (categories). For example, I have a total of 10 projects on whose work items employees report their time. I have to categorize those 10 projects into two types (one type for each project).
The end result is to get a chart and a summary of the reported time for each type (grouped by months).
Since employees report time on the work items they are assigned to - I have to obviously pull the data (actual effort) from the work items.
For that purpose I created a Custom Field for work items and MANUALLY assigned a value to each item on each project. This took a lot of time and in the future we have to be very careful to select a type when adding a new task/work item (otherwise the report will not be correct). 
Therefore my question is:
Can a formula or functionality ( in edit mode) in Custom Field from the Parent (project or milestone level) - be automatically displayed on all work items/tasks created under it? Meaning the data in items under the project /milestone will automatically pull the data from its Parent (so there is no need to remember to enter these values each time a task is created)?
What I would need when in the Work Plan: In the Column "Project type" in Project (line) to pick up the value: Project work - and the same category automatically applies to all created work items or to each work item that will be opened
Dora Mrčela

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