The EcoSys Project’s Original Budgets screens are used to establish, view, and approve (if applicable) project budgets within EcoSys. The budget creation process varies based upon organizational preferred processes and standards. Organizations must consider whether one budget header is to be created for the entire project or if multiple project budget headers will be required.
A budget within EcoSys Projects is made up of both a budget header and budget line items. 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 budget header or multiple budget headers.
Budget line items are established at a total value level, by project object and cost account. If Time-Phase is checked in the Project Setup screen (Projects > Project Setup – General tab), the project may be time-phased using a series of controls and a workflow process. This allows a user to create and control a single row of data, while spreading that data over a range of periods.
Once all validation checks for the budget have passed, line items may be associated with a budget header and submitted for approval. This approval process will follow the settings established in the Project Setup screen. Once approved, original budget line items and original budget time-phasing controls will be copied to the current budget and current forecast. This represents the end of the original budget process.
Once a budget is created, reviewed, and agreed upon, there is a need to preserve the integrity of that plan across the life cycle of the project. At the same time there is a need to adjust the budget as changes occur related to scope, schedule, or project execution plans. Any change is limited to the current budget and must be managed as a change request. See Project Changes for more information. To preserve the initial approved plan, the units, costs, and time phasing are retained as the original budget. The current budget is equal to the original budget plus any approved changes.