Tracking Budget Commitments
Tracking budget commitments is simplified by Project Tracker.Net, which offers a comprehensive project budgeting system.
In Project Tracker.Net, project budgets are established and monitored in the project definition document. In this document, budgets are typically broken down by:
- The original budget, or baseline. This is the original estimate of the budget required for the project at the very start.
The current budget, which is how much, at this point in time, is allocated for the project.
- Planned: The planned or estimated budget for the project. The initial planned budget typically sets the baseline of the project in TrackerSuite.Net.
- Forecast:. This is the estimated costs to complete the project from a given point in time. This is based on the knowledge of how much time has already been spent on the project.
- Committed: Generally speaking, “Committed” includes costs that have not yet been paid, bit that the organization has a commitment to pay, for example, this would include purchase orders that are still pending for vendor payments.
- Actual: This shows all actual costs coming from Web timesheets, expense reports, purchase and check requests.
The values of each of these budget categories are broken down by labor vs. non- labor, and within those categories, capital vs. non-capital.
As well as tracking budget commitments in the project definition document, Project Tracker.Net also includes budget data in its project status reports.