Project Budgeting

To get the most out of Vantagepoint project management capabilities, you should use the Budget application to establish budgets for your project's key components, including labor, expense, and overhead, and then periodically enter percent completes to reflect the project's current level of completion.

In this way you can monitor each project’s cost in relation to its overall progress. You can compare actual vs. budgeted amounts on the Project Progress report, not only to determine whether or not a project is on target, but to understand the reasons why or why not.

Unless you are using the Resource Planning module, the tool that you use to enter all budgets and percents complete is the Budget form in the Projects hub. That form calculates new totals, percentages, and so on, based on the most recent data entered. Budgets remain in effect until you enter new amounts that overwrite them.

We recommend that all project managers have access to the Budget form, so that they can review and update budgets for their own projects.