What is the difference between Demand Budget and Cost plan? Are they inter related?

[rkreddy]

Please explain briefly

[Anil Shewale]

Hi rkreddy

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.

If the project does not have any cost plan associated, then project budget is distributed by honoring planned start and end dates of the project.

If the project has any cost plan associated, then project budget is distributed by honoring the cost plan fiscal periods.

for more refer the following thread:

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

https://community.servicenow.com/community?id=community_question&sys_id=3c8b484cdba0338854250b55ca9619b8

If it help mark helpful or correct 

Thanks and regards

Anil

[Gaurav Shirsat]

Hi rkReddy

in addition to anil, would like to add some inputs.

Demand cost plans capture the costs of demands. Create a cost plan to specify the unit cost of a cost type for a fiscal period.

The related link "Demand Budget" opens simple dialog that provides entering or updating budget number for fiscal year. The system knows how to insert this information to underline DB table. 

A cost plan breakdown captures the estimated cost and actual cost for every fiscal period. Cost plan, project, demand, program, and portfolio are the breakdowns types that are available.

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

Please refer the Attached PDF.

Please Mark Correct and Helpful

Thanks and Regards

Gaurav Shirsat

[Mamta9]

Hi,

In plain language, 

Cost Plan is unapproved budget

Cost plan when gets approved becomes budget. 

So cost plan is your working copy of the budget and Budget is what you have been granted for use.

If it help mark helpful or correct 

Thanks and regards

Mamta

[rkreddy]

So budget is to be created, only when the demand is in approved state?