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    • IT Business Management
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    Home Madrid IT Business Management IT Business Management Project Portfolio Management Project Management Define a project Create a project cost plan

    Create a project cost plan

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    Create a project cost plan

    Project cost plans capture the costs of projects. Create a cost plan to specify the unit cost of a cost type for a fiscal period.

    Before you begin

    Role required: it_project_manager

    Application required: Project Portfolio Management with Financials

    About this task

    The application automatically creates cost plan breakdown records when you save the cost plan. Cost plans can also have associated expense lines.
    Note: Cost plans are automatically created for resource plans that are associated to projects and project tasks.
    To use multiple currencies, create a new cost plan for another currency.

    Procedure

    1. Open the project form.
    2. In the related links, click Cost Plans.
    3. Click New.
      Note: To create a cost plan from the Financials tab in Project Workspace, click Manage.
    4. On the form, fill in the fields.
      Table 1. Cost Plan form
      Field Description
      Name Descriptive name of the cost plan.
      Project/Demand Project or demand to which the cost plan belongs.
      Start fiscal period Indicates the starting fiscal period.

      When you change the start fiscal period, the associated cost plan breakdowns also change. Start fiscal period also changes when you create cost plan breakdowns earlier than the start fiscal period.

      End fiscal period Indicates the ending fiscal period.

      When you change the end fiscal period, the associated cost plan breakdowns also change. End fiscal period also changes when you create cost plan breakdowns later than the end fiscal period.

      Financials
      Entered currency Currency in which you want the cost plan to be created.

      If the selected currency is different from the functional currency, the corresponding budget reference rate is used to calculate the total planned cost, planned capital, planned operating of the project.

      Unit cost Cost of a single unit of the resource, which is in terms of entered currency.
      Quantity Quantity of the resource that is required.
      Recurring Check box to indicate that the cost is recurring for each fiscal period.

      Quantity x Unit cost incurred for every fiscal period.

      Cost type Cost type definition.
      Total planned cost Total estimated cost of the cost plan.

      If the cost is recurring, the calculation is Quantity x Unit cost x number of fiscal periods. If the cost is non-recurring, the calculation is Quantity x Unit cost.

      Functional currency Currency that is obtained from the glide.system.locale property.

      For upgraded customers, if the selected currency is different from the functional currency configured in the Financial Management application, the corresponding budget reference rate is used to calculate the total planned cost, planned capital, planned operating of the project.

      Note: If budget reference rates are not defined, then exchange rate is considered as 1. For example, if functional currency is USD, entered cost is EUR, and no exchange rate is defined, then 1000 USD equals to 1000 EUR.
      Cost in functional currency Value that is rolled up from the Functional cost field of all cost plan breakdowns.
      Total actual cost Value that is rolled up from the Actual cost field of all cost plan breakdowns.
      Estimate at Completion Sum of all actuals for past fiscal periods added to the functional cost for future fiscal periods.

      For example, the duration of a project is from January 01 to December 31, and if you check the Estimate at Completion in the month of May, it is calculated as: Sum of actuals from Jan to April + Sum of functional cost from May to December.

      Note: When you change the planned start date of a project, the associated cost plans and resource plan also change. The project property Change Resource Plan and Cost Plan Start Date with Demand or Project Start Date Change controls the behavior for project start date change.
    5. Click Submit.

    What to do next

    To recalculate the values in the Estimate at Completion field, use the Calculate Estimate at Completion related link. To view the cost plan breakdowns, click the Cost Plan Breakdowns related list.
    • Cost plan breakdown

      A cost plan breakdown captures the estimated cost and actual cost for every fiscal period. Cost plan, project, demand, program, and portfolio are the breakdowns types that are available.

    Related tasks
    • Copy a project
    • Create baseline of a project
    • Assign a project schedule
    • Create a project benefit plan
    • Create an expense line
    • Create a project status report
    • Create a cost type definition
    • Allocate budget to a project
    • Create a project change request
    Related concepts
    • Project and portfolio funding

    Tags:

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    Release version
    Choose your release version

      Create a project cost plan

      • Save as PDF Selected topic Topic & subtopics All topics in contents
      • Unsubscribe Log in to subscribe to topics and get notified when content changes.
      • Share this page

      Create a project cost plan

      Project cost plans capture the costs of projects. Create a cost plan to specify the unit cost of a cost type for a fiscal period.

      Before you begin

      Role required: it_project_manager

      Application required: Project Portfolio Management with Financials

      About this task

      The application automatically creates cost plan breakdown records when you save the cost plan. Cost plans can also have associated expense lines.
      Note: Cost plans are automatically created for resource plans that are associated to projects and project tasks.
      To use multiple currencies, create a new cost plan for another currency.

      Procedure

      1. Open the project form.
      2. In the related links, click Cost Plans.
      3. Click New.
        Note: To create a cost plan from the Financials tab in Project Workspace, click Manage.
      4. On the form, fill in the fields.
        Table 1. Cost Plan form
        Field Description
        Name Descriptive name of the cost plan.
        Project/Demand Project or demand to which the cost plan belongs.
        Start fiscal period Indicates the starting fiscal period.

        When you change the start fiscal period, the associated cost plan breakdowns also change. Start fiscal period also changes when you create cost plan breakdowns earlier than the start fiscal period.

        End fiscal period Indicates the ending fiscal period.

        When you change the end fiscal period, the associated cost plan breakdowns also change. End fiscal period also changes when you create cost plan breakdowns later than the end fiscal period.

        Financials
        Entered currency Currency in which you want the cost plan to be created.

        If the selected currency is different from the functional currency, the corresponding budget reference rate is used to calculate the total planned cost, planned capital, planned operating of the project.

        Unit cost Cost of a single unit of the resource, which is in terms of entered currency.
        Quantity Quantity of the resource that is required.
        Recurring Check box to indicate that the cost is recurring for each fiscal period.

        Quantity x Unit cost incurred for every fiscal period.

        Cost type Cost type definition.
        Total planned cost Total estimated cost of the cost plan.

        If the cost is recurring, the calculation is Quantity x Unit cost x number of fiscal periods. If the cost is non-recurring, the calculation is Quantity x Unit cost.

        Functional currency Currency that is obtained from the glide.system.locale property.

        For upgraded customers, if the selected currency is different from the functional currency configured in the Financial Management application, the corresponding budget reference rate is used to calculate the total planned cost, planned capital, planned operating of the project.

        Note: If budget reference rates are not defined, then exchange rate is considered as 1. For example, if functional currency is USD, entered cost is EUR, and no exchange rate is defined, then 1000 USD equals to 1000 EUR.
        Cost in functional currency Value that is rolled up from the Functional cost field of all cost plan breakdowns.
        Total actual cost Value that is rolled up from the Actual cost field of all cost plan breakdowns.
        Estimate at Completion Sum of all actuals for past fiscal periods added to the functional cost for future fiscal periods.

        For example, the duration of a project is from January 01 to December 31, and if you check the Estimate at Completion in the month of May, it is calculated as: Sum of actuals from Jan to April + Sum of functional cost from May to December.

        Note: When you change the planned start date of a project, the associated cost plans and resource plan also change. The project property Change Resource Plan and Cost Plan Start Date with Demand or Project Start Date Change controls the behavior for project start date change.
      5. Click Submit.

      What to do next

      To recalculate the values in the Estimate at Completion field, use the Calculate Estimate at Completion related link. To view the cost plan breakdowns, click the Cost Plan Breakdowns related list.
      • Cost plan breakdown

        A cost plan breakdown captures the estimated cost and actual cost for every fiscal period. Cost plan, project, demand, program, and portfolio are the breakdowns types that are available.

      Related tasks
      • Copy a project
      • Create baseline of a project
      • Assign a project schedule
      • Create a project benefit plan
      • Create an expense line
      • Create a project status report
      • Create a cost type definition
      • Allocate budget to a project
      • Create a project change request
      Related concepts
      • Project and portfolio funding

      Tags:

      Feedback

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