actual cost (PM) (AC)

In project management, actual costs are the costs actually incurred.

Actual costs are the costs incurred on a specific date or on completion of the project, i.e., costs for subprojects or costs for the project as a whole. They apply to all planned activities as well as to all structural components of the project. Actual costs refer to various items such as labor costs as well as direct and indirect costs. Actual costs should then be broken down in detail as expenses are incurred.