Project Budgeting Levels of Detail
You decide how to budget your project based on the level of detail you need to track. Each budget can have detailed or summary information in the following areas, as appropriate for each project.
- the WBS level at which you enter the budget
- whether the budget will be for the duration of the project or tasks, or time-phased by date range, GL period, PA Period
- whether you enter summary budget lines or budget lines categorized by resources
The Budget Entry Method that you select when you enter a budget determines the level of detail for the budget in these four areas.
- which budget amounts you will enter for the budget. (For Cost Budgets, you can enter Quantity, Raw Cost, and Burdened Cost. For Revenue Budgets, you can enter Quantity and Revenue. Each Budget Entry Method may indicate user entry for some or all of the choices.)
A more detailed budget allows you more detail in status tracking and exception analysis. A detailed budget requires more time and effort to plan, create, enter, and maintain the budget amounts, but can provide valuable insight into the status of your project.
Budgeting by Work Breakdown Structure
Summary vs. Categorized Budget Amounts