Capturing Approved Project Budget best practices - SPM

[Shanmugam Kuvva]

Hello there!

We are looking for the best practices to capture the approved budget of a project. Initially, we thought to add a custom field on the project (pm_project) form and use it for entering the approved budget of a project. Are there any other practices without having a custom field? 

[shiwan_agrawal]

As a best practice, changes to approved budget are expected when there are changes in Scope, Timelines due to some risk/issue. In such cases, PM must raise a Project Change Request and share the reason and amount due to the change.

If this process is in place, a flow can be configured to update the approved budget on approval and when this approval happens, baseline can be captured.

Hope this helps, if yes, request you to mark it as correct answer.