Table of Contents
Budget Tab - Use Cases and Benefits
The Purpose of the Project Budget
Understanding Scheduled vs. Actual Budget States
Budget Planning Basics
Configuring Project Budget View
Grouping in Project Budget
Columns Visibility
Number of Results Per Page
Budget Tab - Use Cases and Benefits
A well-managed project budget serves as a guiding compass, steering organizations through intricate financial terrain. In this article, you will find practical tips on planning a project budget in Foresight Connect and what the indicators presented in the budget mean.
The Purpose of the Project Budget
The project budget acts as a compass, directing and overseeing planned and actual expenditures. It serves as a tool for managing financial outcomes, including costs, revenues, and margins. The ultimate purpose of a project budget is to ensure that projects and IT service companies stay on track for financial prosperity. What is the purpose of the project budget view?
The Project Budget view in Foresight helps you answer the following questions:
- Have I planned my assignments within the framework of what I wanted to achieve on a given demand?
- How profitable are the staffers on a Time & Materials project?
- Do all staffers on this project have their rates correctly completed?
- Is the project profitable? If the margin is negative, planned costs have changed, and the project will be unprofitable.
Understanding Scheduled vs. Actual Budget States
Foresight distinguishes between two financial statuses: Scheduled and Actual. Scheduled includes planned assignments and overheads, while Actual encompasses financial data linked to Time Entries in BT.
| Financial Statuses in Foresight | |
| Scheduled | Actual |
| Includes planned assignments and overheads | Encompasses financial data linked to Time Entries |
Budget Planning Basics
| Budget Planning Basics in Foresight | |||
| Scheduled Work | Scheduled Overheads | Actual Work | Actual Overheads |
| provides insights into planned work, allowing verification of costs, revenues, and margins for individual assignments | this section enables the planning and verifying of project overheads, marking them as committed or actual | allows analyzing generated costs and revenues per assignment and comparing them with planned financials | adding unforeseen expenses or revenues that were not part of the initial plan occur under Actual Overheads |
Configuring Project Budget View
Grouping in Project Budget
You have three options to group scheduled work data in the project budget:
- by Demand
- by Team Members
- by Assignments
You can group data by team members and assignments only for actual recorded work.
Columns Visibility
Adjust column visibility using the Gear Icon in the upper-right corner. Choose from the following indicators:
- Name
- Seniority
- Start Date
- Due Date
- Work
- Avg Cost Rate
- Avg Bill Rate
- Total Cost
- Total Revenue
- Margin Rate
Number of Results Per Page
You have four options for the number of results displayed per page.