1. Project Budget Update Forecast Budget Cost Item

Forecast monthly costs are initially automatically populated when a new cost item is created, during the life-cycle of the project based on review of historical actual spending and future spending, forecast costs may need to be updated. 

 

For projects in Planning phase (Pipeline Project), baseline budget cost items for past, current and future months can continue to be updated and saved until satisfied the data is accurate.

 

For projects in Execution Phase, baseline budget cost items for current and future months will only be available to update. Historical changes are not allowed.

 

 

  1. To UPDATE Budget Cost Items, Budget Module Update access must be granted.
  2. To approve updates, Budget Module Project Approver Responsibilities must be granted.
  3. While a Budget Cost Item is pending review, no other changes can be made to the same Budget ID until the Approver has approved or rejected.

 

  • Access the relevant project.  Click for instructions on how to locate the project dashboard based on project status (e.g. Planning Project or Execution Project).
  • Select ‘Budget’ from the sidebar menu.
  • Navigate to ‘Detailed Cost’ table.
  • Click on the ‘Budget Item ID’ of the cost to be updated to navigate to the Budget – Cost Details page

 

  • Click on the ‘Update’ button within the ‘Budget – Cost Details’ page.

  • Once navigated to the Update Cost page, click on the Add Cost Period’ button if need to extend the monthly periods.  Note: Must be within project forecast finish date.
  • For allocation of contingency provision, the Change Request (B) fields need to be populated.
    • Select ‘Change Control Request number’ from drop down list, and enter in Contingency Change field ‘$ amount.’ Multiple cost items can be updated against same request until all funds allocated.

  • Enter the monthly forecast values within the ‘Forecast Cost’ field (current and future months only).
  • Click Update Cost’ to save the details.