Enter summary budget information in the Target tab when creating a new project. This data compares the more detailed budget information calculated from within the project tasks.
Target financial information is used when a leadership, sales team, or PMO assign a budget to a project with little or no initial knowledge as to how the budget will be allocated to the various project activities.
Quick Tip: Not all users see this tab. Review Who can see Financial Information for details.
Some of these field may only be available through the Project Methodologies app.
Set the overall cost for the project to compare "top-down" budgeting for the project.
These numbers usually do not change as project managers change each task's budget throughout the course of the project.
Target Budget Billable
Track the overall billable budget for the project.
These estimates usually do not change without a formal change order, even as project managers change individual tasks' budgets throughout the course of the project.
Quick Tip: The budget input fields do not need to calculate automatically. Project managers may use a Budget Total without knowing the budget for time (aka labor) or expenses (aka materials). (See the check boxes beneath the fields)
the total estimated number of hours projected for the project
The effective hourly rate (some refer to this as a blended rate) projected for the total hours on the project
The total value of the time projected (normally the Hours multiplied by the Rate)
The total amount of the expenses projected for the project
The total budget with all time and expenses included (the sum of Time and Expense)