Manage budget of your planning items in Strategic Planning

Allocate, manage, and approve budget for your planning items. Lean budgeting enables you to allocate budget for short planning cycles for different fiscal periods such as monthly, quarterly, or yearly breakdown level rather than allocating the budget to the complete duration of the planning item.

Before you begin

• As an Admin, enable the property to work on budgeting. For more information, see Enable financial budget allocation for planning items in Strategic Planning.
• As an Admin, configure the attribute to allocate and approve budget by cost type or expense type. For more information, see Configure budget attribute at instance-level to allocate budget.
• Role required: it_portfolio_manager

Procedure

1. Navigate to Workspaces > Strategic Planning Workspace and select portfolio plan.
2. Select a planning item from the Planning module.
3. Select the Financials tab.
4. Enable the Budget allocation toggle ().
5. You can manage the budget by one of the following ways for the selected time scale at monthly, quarterly, or yearly level.
   • Double-click each cell in the Budget column to manually enter the value.
   • Select Copy cost as budget from the Budget column options to copy the EAC as budget.
   You can always reforecast the budget for each cost type using the in-grid editing feature even if the EAC is copied as budget.

   Note:

   Unapproved budget values are indicated with icon.
6. Select Approve budget ().
   Approve budget confirmation window is displayed. The Create a financial baseline for this budget approval option is enabled by default which captures the latest budget and financial estimates.

   Tip:

   The financial baseline created while approving the budget can be compared with the future baselines once the actual expenses are captured to track financial performance.
7. On the confirmation window, select Approve ().

Result

Budget widget is updated to reflect the latest approved budget. Project Manager can view the approved budget and compare it with the planned costs using the budget vs cost view by cost type.