Budget overview
The budgeting functionality in Infor LN Project, allows you to forecast and define the resources required to execute a project contract successfully. The purpose of budget is to drive the logistics and make the right resources available at the right time. The budgeting process considers the costs involved in a project to create a financial execution budget.
A project budget can be created and structured based on elements and/or activities and various cost types, cost objects or cost components.
You can create these three types of budgets:
- Bottom-up budget: The budget calculation and planning are done from the lower level of the resource to the top.
- Top-down budget: The budget calculation and planning are done from the top to the lower level of the resources. The budget amount is distributed from top level to the bottom level.
- Time phased budget: The budget is calculated based on time and milestones completed.
You can also make budget adjustments based on the budget status. The Budgeting functionality in Project allows you to:
- Define a budget
- Launch estimate to budget
- Generate budget
- Budget adjustments
- Update prices and other budget data
- Change one type of budget into another type
- Print budget data
- Compare budget