Cost Plan vs Project Budget

[Mathias1]

Hi, 

What is the exact difference between a cost plan and a project budget? 

Can a cost plan be converted into a project budget? 

Kind regards,

Mathias

[Mamta9 · Accepted solution]

Hi,

In one line, budget is approved cost plan. Budget is seen and the confirmed amount issued to project for spending.

You create a plan first and then get it approved. that creates a budget. As and when you progress more in your project, you can modify your cost plan and send this again for approval.

Regards

Mamta

Please mark correct/ helpful as applicable

[Chris K]

@mamta 

Any insight on why cost plans have a cost type, but project budget lines [project_funding] do not?   Have you ever seen project_funding customized to include a cost type field?

[Anil Shewale]

Hi

Cost Plan is an expense, such us: software licenses, labour etc. ever resource plan are converted after soft/hard booking into cost plans.

Project Budget: It is used to set the budget of a project according to the fiscal years.

Cost Plan:It is used to specify the unit cost of a cost type for a fiscal period.

for more:

https://community.servicenow.com/community?id=community_question&sys_id=2e58a95fdb730098f7fca851ca9619df

If it help mark helpful or correct

Thanks and regards

Anil

[Dhiren Aghera]

Hi Mathias,

The Project budget is based on the cost & resource plan that you add based on the project requirements. Cost plans get rolled up to give you the total project budget. Cost plans help you track and manage your planned & actuals costs.

Hope this helps.