Create New Project Budget/Forecast Versions
Explanation
Use this activity to create a new budget/forecast version for a project. You can also create a new
budget/forecast version from the EAC Workbench.
A new budget/forecast version can be created from the project or from an existing forecast.
If the new budget/forecast version is created from an existing forecast, use the Set ETC option
accordingly to derive ETC values on the new forecast version.
- Do Not Set ETC: No values are inserted into the ETC field of the new forecast version.
- Based on Previous ETC: The ETC of the previous version is copied as the ETC of the new forecast
version. The EAC is then calculated as the sum of the EAC and the cost or revenue up to the snapshot date and
time.
- Based on Previous EAC: The EAC of the previous version is copied as the EAC of the new forecast
version. The ETC is then calculated as the difference between the EAC and the cost or revenue up to the snapshot
date and time.
If the new budget/forecast version is created from an existing forecast using the EAC Workbench,
the Set ETC Options and Resource Forecasts sections are not available in the New Project
Forecast assistant.
If a Cost/Revenue Breakdown Structure (CBS) is connected to the project, you can enable the Forecast at CBS
Node Level option in the New Project Forecast assistant to create the budget/forecast at a
selected CBS node level instead of at cost/revenue element level. This provides a more summarized view of project
costs and revenues based on the selected CBS level.
Prerequisites
- A project must exist.
- A budget/forecast type must exist.
- The Cut-Off Date specified on the project budget/forecast version must reside within an accounting
period that exists for the company.
- When copying a budget/forecast version from a project, the project you are copying from must not have any
mandatory code part demands. If mandatory code parts are set and the copied values are missing for these code
parts, no lines are created in the budget/forecast.
- A Cost/Revenue Breakdown Structure (CBS) must be connected to the project to create budget/forecast lines at
CBS node level.
System Effects
- A budget/forecast version of the specified type is created.
- If the forecast is created at the CBS node level, budget/forecast lines will be created and summarized at the
selected CBS level instead of at the cost/revenue element level.