Create a Project - Budgeting
Summary budget information is entered into the Target Budget Information tab when creating a new project. This data is for comparison with the more detailed budget information calculated from within the project tasks. Target budget information is entirely optional. It is normally used for a budget assigned to a project with little or no initial knowledge as to how the budget will be allocated within the various project activities. See information about the other tabs at Project tabs at Add Project - General, Time, Expense & Billing Information, Scorecard and Custom Fields.
Target Budget sets the overall costs budgeted for the project and revenue budgets at the project level in order to do "top-down" budgeting for the project. These numbers will not change as budgets within tasks for the project are changed throughout the course of the project.
Target Budget Billable tracks the overall billable budget for the project. These numbers will not change as budgets within tasks for the project are changed throughout the course of the project.
- The budget input fields do not need to calculate automatically. In some cases, for example, a project manager may fill in a budget Total without knowing how much of the budget is for time and how much of the budget is for expenses.
Hours is for the total number of hours projected for the project.
Rate is the effective hourly rate (some refer to this as a blended rate) projected for the total hours on the project.
Time is the total value of the time projected (normally the Hours multiplied by the Rate).
Expense is the total cost of the expenses projected for the project.
Total is the total budget with all time and expenses included (normally the sum of Time and Expense).