|Actual||The actual project expenditure.|
|Actual Cost||The actual monthly expenditure of the project budget. It can only be updated for past months.|
|Actual - Period||It is the actual expenditure for the selected period.|
|Actual - To Date||The sum of actual expenditures from the start of the project up to the selected period.|
|Actual Period Cost||The actual periodic expenditures sourced from each project assigned to the portfolio.|
|Actual Portfolio OPEX||The actual monthly expenditure for portfolio operating costs.|
|Approved Changes/ Change Request|
Any approved change requests to the original baseline budget.
For Portfolio level, no request change is required.
A baseline comprises of the budget and schedule allocation approved at the start of the project. Baselines are used as a basis for monitoring and evaluating performance and assuming the scope of the project remains unchanged and it can be used to determine variance from budget or schedule.
|Baseline - Period||The baseline expenditure for the selected period.|
|Baseline - To Date||The sum of baseline expenditures from the start of the project up to the selected period.|
|Baseline Budget||Financial funding allocated to cover the expenditure for delivery of the project. Once the baseline budget has been set, it can only be change through a formalised change request sent to a control centre.|
|Baseline Period Cost||The planned monthly allocation of the budget in the portfolio.|
|Baseline Portfolio Budget||The financial funding allocated to the portfolio to cover the expenditure for delivery of the projects within the portfolio.|
|Budget||It is the financial funding allocated to cover the expenditure for delivery of the project/ portfolio/ program.|
When managing a budget, financial budgets allocated to a project, a portfolio, and the individual projects within the portfolio/ program are reviewed and monitored. It provides greater visibility for the Project/ Portfolio/ Program Manager to recognise projects/ portfolios/ programs which are running over/ under budget.
|Budget ID||The unique ID assigned to a cost. IDs cannot be duplicated within the same project. This is to ensure that all costs are logged and tracked systematically.|
|Budget Item||A list of different cost factors that contribute to the overall budget. The list provides users with greater visibility of the budget and allows them to assess the budget more effectively.|
|Budget Profile||It displays the monthly portfolio/program budget allocated for each project. |
Capital expenditure is the money a company spends to acquire new fixed physical assets or upgrade old ones, typically for long-term use.
Change control is the process of identifying, evaluating, approving and implementing changes to a project. It ensures that changes are introduced in a controlled and effective manner and that any adjustments necessitated by changes are also addressed.
Change Control Board
An appointed group of stakeholders who evaluate proposed changes and decide when and whether to make them.
An allocation of money set aside for the occurrence of known possibilities that could increase the cost of a project. The use of a contingency reserve is typically authorised upon the occurrence of a contingency.
|Contingency Provision included in FFC (%)||The contingency provision is based on the baseline budget X % value entered by the Project Manager. This provides for any situation in which the project goes over its allocated budget.|
|Contingency Provision included in FFC (amt)||The contingency provision is based a fixed value entered by the Project Manager. This provides for any situation in which the project goes over its allocated budget.|
A step is taken to bring work back into alignment with performance expectations after it has failed to meet expectations. A corrective action, which is reactive, is not the same as a preventive action, which is proactive.
|Cost||A breakdown of different cost factors that contribute towards the overall budget.|
A cost overrun occurs when unexpected costs cause a project’s actual cost to go beyond the budget.
|Cost Performance Chart||A graphical representation of the monthly and cumulative actual costs against planned forecast and baseline budgets. Based on review of trends and variations. Corrective measures may be implemented as required.|
|Cost Periods||The monthly period in time where the costs can be assigned across the life cycle of the project. Must be within project timeframes.|
|Cost Summary||A review of the overall cost and budget allocation of a project. It is crucial for Project Managers to review this section regularly to ensure that the project is within budget. This also allows Project Managers to implement any corrective measures if the project is under or over the allocated budget.|
For Portfolios, this is a review for each project within the portfolio. This allows implementation of corrective measures if any project is outside allocated budget.
|Cost Summary - Actual||The planned forecast budget amount based on total actual expenditure to date and estimated forecast for the remainder of the project.|
|Cost Summary- Plan (Baseline)||The planned budget amount approved before the project undergoes execution. Once the baseline budget has been set, it can only be changed through a formalized change request sent to a control centre.|
|Cost Type||Cost types are customised at company level to reflect the types of cost spent during the life cycle of the project.|
Cost Variance/ Variance at Completion
The cost variance of a project is its earned value minus its actual cost. A negative cost variance indicates that a project is running over budget. A positive cost variance indicates that a project is running below the budget.
|Cumulative Cost||The cumulative value of the actual expenditures incurred over the cost periods within the lifecycle of the project.|
|Cumulative Portfolio Actual Cost||The cumulative value of the actual expenditures incurred over the cost periods within the portfolio.|
|Cumulative Portfolio Budget||The cumulative value of the baselined expenditures incurred over the cost periods within portfolio|
|Cumulative Portfolio OPEX (Actual)||The cumulative value of the actual operating expenses incurred over the cost periods within the portfolio.|
|Cumulative Portfolio OPEX (Planned)||The cumulative value of the baselined operating expenses incurred over the cost periods within the portfolio|
|Current Budget||The current budget comprised of the baseline budget plus approved changes to the budget.|
|Current Portfolio Budget||The original financial funding available to the portfolio to be allocated to individual projects to cover delivery expenditure.|
|Custom Budget Data Set||Optional budget field as activated and customised by the client.|
|Custom Budget Data Set - Period||The Custom Budget expenditure for the selected period.|
|Custom Budget Data Set- To Date||Custom Budget expenditure from the start of the project up to the selected period.|
Outlines the budget expenditure specifics. This should provide a better understanding of the budget item.
|Detailed Cost||It shows the breakdown of each cost item for the project. It allows project managers to understand the breakdown of the project expenditure and see cost values at specific months (over values at specific months over the project's lifespan).|
Estimate to Complete (ETC)
The total planned/forecast expenditure to complete the remaining work on the project. This includes the cost of all future periods forecast and the current period.
The execution phase begins after activity approval and is the phase in which the team executes the project plan. Execution is typically the longest and most expensive phase in the project management life cycle.
|Forecast Cost||Re-planning of monthly allocation of the project budget based on monthly reviews. Can only be changed for current and future months.|
|Forecast - Period||The forecast expenditure for the selected period.|
|Forecast - To Date||Forecast expenditure from start of the project up to the selected period.|
|Forecast Period Cost||The forecasted periodic expenditures sourced from each project assigned to the portfolio.|
|Forecast Final Cost||It displays the forecast costs between current and previous saved forecast.|
|Forecast Final Cost:|
|The current forecast expenditure based on total actual expenditure to date plus estimated expenditure to complete remaining work.|
|Forecast Final Cost:|
|The previous forecast cost saved prior to the current forecast.|
|Forecast Final Cost:|
|The cost difference between the current and the previous forecast costs. Identifies variances that may require corrective measures to be implemented.|
The amount by which actual project performance is worse than planned project performance. Negative variances in time and budget show the project is taking longer and is more expensive than planned, respectively.
Operational expenditure is an expense a business incurs through its normal business operations.
|Overall Total Budget (OTB)|
The total budget expenditure for the project.
|Planned Portfolio OPEX||The actual monthly expenditure for portfolio operating costs.|
In project management, planning refers specifically to a phase of the life cycle that involves creating plans for management, control, and execution, as well as for what a project is meant to accomplish.
|Portfolio Budget Costs||Additional financial funding available to the portfolio to be allocated to individual projects cover delivery expenditure.|
|Portfolio OPEX||The cost breakdown of a company's operational expenditure to manage the portfolio.|
|Portfolio Periods||The monthly period in time where the costs can be assigned across the life cycle of the portfolio. Must be within portfolio timeframes.|
The amount by which actual project performance is better than planned project performance. Positive variances in time and budget show the project is proceeding faster and is less expensive than planned, respectively.
|Project Periods (Actual)||The actual costs assigned in monthly periods across the portfolio. |
|Project Periods (Planned)||The planned costs assigned in monthly periods across the portfolio. |
|Project Portfolio OPEX/Period (Actual)||The actual operating expense entered for each month.|
|Project Portfolio OPEX/Period (Planned)||The planned operating expense entered for each month.|
|Remaining OPEX Budget||Displays the unallocated budget available based on total current budget less monthly values entered for each period.|
|Total Expenditure to Date||The total year to date planned/actual expenditure spent on the project. Includes the cost for all past periods.|
|Total Portfolio Budget||Total budget assigned to the portfolio, which is then utilised by projects within the portfolio.|
|Total Portfolio Budget of Sub Portfolios||The total portfolio costs associated to sub-portfolio within a Main Portfolio.|
|Total Portfolio OPEX||The amount of all planned operating costs associated with the portfolio.|
|Total Project Costs||The total amount of all project costs|
|Unallocated Budget||Over or under allocation of portfolio budget based on calculation of difference between total portfolio budget and funds allocated to projects and sub-portfolios.|
|Variance||The projected cost difference at completion between the current baseline budget and the current forecast cost. Identifies variances that may require corrective measures.|
The practice of investigating deviations between planned and actual performance.
|WBS||Customised short description field to describe the budget expenditure (e.g. general ledger code to align to finance system).|
1.1 Budget Glossary Print
Created by: Hazel Pacaldo
Modified on: Mon, 23 Nov, 2020 at 8:03 PM
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