by PRICE Systems
| September 19, 2014
I recently moved and thought about the need to do a new household budget. This got me to thinking of the budgeting capability in TruePlanning. First, you can use TruePlanning to determine a budget. The time phased output, either monthly or annually, is ideal for establishing a budget and budget profile for your project.
TruePlanning also splits the time phased costs into development, production, and operating and support categories. Be cautious, however, in using the Phase report. The System cost object costs are assigned by schedule duration, which may not necessarily reflect the actual project cost flow. A better choice may be the Activity Type report. Use the development and production costs from this report as calculated by TruePlanning and then split the System costs between development and production as appropriate for your project.
Second, in the project Properties, you can enter your budget (if you already have one) and then compare the TruePlanning phased output to your budget profile. This will give you a heads up as to where you may have a budget shortfall or overage. This type of information well in advance can lead to a more successful and productive project. Happy budgeting!!!
Solutions Consultant, PRICE Systems