About Budget

What is the Budget?

A Budget is a term used to describe the amount of money that is allocated to the Project. Project on Demand implements a Budget Management Tool that can be used to monitor and control the Projects finances.

The Budget Management Tool can be accessed by clicking the Budget button on the main menu or by clicking Open Tool through an associated Goal on the Phase Progression.

Note: Accessing the Budget Management Tool through an associated Goal on the Phase Progression will automatically set that Goal's Status to In Progress if it is currently in a Status of Not Started.

Budget Format

The Budget is split into 5 different tabs, 4 for detailing the Projects differing Costs and the other for summarising those Costs.

How should it be used?

The Budget management process within Project on Demand is as follows:

Project Management Process Step Action within Project on Demand
1 Estimate the total budget that will be required to deliver the Project. Incorporate budget requirements into the Business Case for the Project.
2 Produce forecast project spend plans for the Project Team, External Consultancy, Capital Expenditure and General Expenses. Incorporate monthly cost forecasts into the Budget Tool.
3 Periodically update the project spend plans with the actual spend totals Incorporate monthly actual spend totals into the Budget Tool.
4 Periodically monitor the Forecast versus Actual spend on the Project. Review the Forecast vs Actual spend within the Budget Tool.

Concurrency Control

The Budget Management Tool implements pessimistic concurrency control.