Budgets - EcoSys - 4.03 - Help - Hexagon

EcoSys Projects Help (4.03)

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EcoSys Standard Version
4.03

Budgets

The Budgets screens provides access to establish, view and manage project budgets Commitments and the Project Budget Status are also accessed under this menu.

Budgets Menu_4.01

Original Budget

An essential component of project cost control is the establishment of a budget, which will eventually serve as an approved plan to measure actual against forecasted performance. While the budget often changes throughout the lifecycle of most projects, a best practice approach always ensures visibility into the budget and a carefully managed process to control budget changes.

The Original Budget approach incorporates two record types; budget header records, and budget detail records. Budget line items include date, quantity, hours, cost, and other specific details of the budget. Budget headers gather these line items together and allow for budget tracking and approval. The original budget for a project may consist of a single or multiple budget headers. 

The Original Budget screens are used to establish, view, and approve project budgets within EcoSys Projects for those Project Structures with a CCL set to "Yes". Budget detail includes quantity, hours, cost, and other specific details of the budget. Budget detail is established for those Project Structures with a Cost Control Level assignment.

After the Original Budget values are established, the user may elect to time-phase budget data. If so, Time-Phase must be checked in the Projects > Project SetupGeneral tab, then the user can manually establish time-phase settings, then time-phase the budget using a series of controls and a workflow process.  If the user establishes any line items with a "Manual" curve, the user must validate that the Original Budget Cost, Hours, and Quantity totals must match the Time-Phased totals. Tools are available to assist the user in the validation of balancing.

Once the budget details are present and time-phased, the budget may be submitted for approval. If the Project was set up for time-phasing, the Original Budget Cost, Hours, and Quantity totals must match the Time-Phased totals or the budget cannot be submitted. This approval process will follow the settings established Projects > Project Setup - Budget Admin. This may include multiple levels of approval. Once approved, the Original Budget, Current Budget, and Current Forecast are established. All subsequent changes to the Current Budget and Current Forecast will be performed using the Changes screens.

Current Budget

The Current Budget screens are used to view the Current Budget. In the Current Budget screens, the user may also re- time phase Current Budget Project Structures with a Back Loaded, Front-Loaded, Bell, or Linear curve.

In EcoSys Projects, the Original Budget is established in the Budgets screens. It is not impacted by budget changes approved via the change management process. The Current Budget is equal to the Original Budget plus any approved changes.

Commitments

The Commitments screens used to establish and view Commitments (Purchase orders or Requisitions) within EcoSys Projects. Commitment line items include date, quantity, hours, cost, and other specific details that vary by organization. 

Project Budget Status Dashboard

The Project Budget Status Dashboard provides visibility of the Original Budget, Current Budget, Commitments, pending and approved Changes, Current Forecast and Actuals. Drilldown functionality provides additional detail.