Create and promote a budget plan

As part of the Project Portfolio Suite with Financials integration, you can create and promote a budget plan for a portfolio.

Before you begin

Role required: it_portfolio_manager

The budget plan includes costs from all selected projects and demands. The budget plan summary is displayed on portfolio workbench and the details can be seen in Financial Management. In advanced planning mode, the creation of a budget plan is mandatory to be able to track the portfolio.

  • The Portfolio Planning field for portfolio must be set to Advanced on the Portfolio form.
  • The name of the portfolio manager must be set in Portfolio Manager field on Portfolio form.
  • The budget period for the selected fiscal period must be open to create and promote a budget plan for a portfolio.

About this task

Note: Budget plans must have a budget owner, budget key, and at least one budget item. See Budget owners and budget key owners and Budget itemsfor more information.

Procedure

Do either of these steps:
OptionSteps
From the portfolio workbench Click Create Budget Plan under Step 3: Budgeting.
From the portfolio form
  1. Navigate to Project > Portfolios > All.
  2. Open the portfolio, and click the Create/Revise Budget Plan related link.
  3. Select the fiscal year from Fiscal Year choice list, and click OK.

Result

  • The budget plan for the portfolio for the selected fiscal year is created and promoted. It can be accessed from:
    • the portfolio workbench under step 3. You can re-promote the budget plan, if required.
    • the portfolio form in Budget Plans related list.

    You can click the budget plan link to view its details.

  • The financial planning for the portfolio is complete. The Track Portfolio action is enabled for the portfolio manager to track the progress of portfolio.

What to do next

Note: If the budget plan is finalized and no more changes are expected, the budget period must be closed.