When the project planning and estimating are complete and the project is ready for execution, you can create your Original Budget and Current Budget from the project's plan data in the CBS. Rather than being stored in separate registers, this budget data is represented by columns right in the CBS.
When the project is released for execution, the following sets of budget data are all equal:
- Original Budget is a read-only snapshot of the plan at the time the project is released for execution. The columns associated with the Original Budget exist for reference purposes only. No calculations or special functions are available for the Original Budget columns.
- Current Budget represents the project's operational budget, including all approved changes. The Current Budget can only be changed through controlled processes.
- Current Estimate is the project's most accurate representation of the work being performed. It becomes the basis for what-if analysis, resourcing, schedule integration, productivity analysis and forecasting. The Current Estimate changes dynamically throughout the project.
After the project has been released for execution, the Original Budget is locked. The only way to change the Current Budget or add a Pay Item is to add a Change Record in the Budget / Contract Changes Register.
Releasing project for execution and creating Original and Current Budgets
Step by Step — Releasing project for execution
- Select the Execution tab.
- Click Create Original Budget & Current Budget under Change Management.
If you remove the Original Budget and Current Budget, all contract changes will be moved into the Current Estimate. The Current Budget will then be merged into the Current Estimate. Any existing Budget / Contract Change Records will be deleted.
Removing existing Original and Current Budgets
Step by Step — Removing existing Original and Current Budgets
- Select the Execution tab.
- Click Remove Original Budget and Current Budget under Change Management.
