Project Budget
Costpoint Advanced Project Budgeting provides a system-wide solution that integrates labor hours, units, materials, direct charges (ODCs), subcontractor expenses, and overhead charges.
You can calculate project revenues using multipliers at the detail subtask level or a fee rate (percentage) and fixed fee amount at the project level. The currency equivalent of these budgeting mechanisms is identified by either one or a combination of the following: project, organization, account, reference number (cost code), line type, budget type, and budget format.
You can budget by specific labor categories, employees, vendors, and unit/material classifications to provide for project benchmarking. You can develop forecasts using the estimate-to-complete function or a workplan budget.
There are two types of project budgets: a baseline budget and a workplan budget. You can create only one baseline budget per project. You can create multiple workplan budgets per project. Build a total budget or multi-year period budget depending on the project reporting requirements.
You can create a project budget using the performing organization, the owning organization, or a combination of organizations for a given project. You can modify an existing project budget, and you can use approved change orders to modify baseline and workplan budgets. A change order modifies the actual contract and the funded value of a project.
You can set up projects at the project level or at a more detailed account or reference number level (cost code). You can present project budgets for each project manager or roll them up to consolidate data at a higher or total project level.
Use Costpoint Advanced Project Budgeting to build a total budget and spread it across fiscal years and periods. You can create period budgets for a project, and a total budget is automatically created.
Related Topics:
Depending on the budget characteristics specified in the budget setting and information screens, specific columns are enabled (available) or disabled (hidden) for data entry.
Examples of the Costpoint Project Budget Process
For Part One of this example, create a total budget using labor cost rates.