Concept: Project Budgets

Within your organization, you can designate plans as eligible for a baseline budget using calculation types. You can also configure a business process to approve plans as the project baseline in addition to regular approval. Assign your plan as the baseline to enable reporting of baseline plans at a portfolio level.

Once the project is under way and you have an approved budget, you can create forecasts using the same

Create Budget

button to view progress over time. To create the forecast, Workday uses revenue from the journal lines within historical periods to calculate actual hours from approved time blocks and ad hoc project time transactions. You can also include approved worker time blocks and ad hoc project time transactions in the current period. For future periods, Workday uses the resource forecast. The resulting forecast is a combination of actual amounts and budget amounts, which you can update as many times as you need.

You can create a project budget snapshot with the

Resource Forecast

report for the project. As the project progresses, you can take snapshots of the resource forecast for specific dates to estimate how the project has evolved over time. You can take 1 snapshot per month. You can't edit snapshots.

Assign your plan as a Forecast to enable reporting of forecasts at a portfolio level. Using the

Schedule Project Budget Mass Update

task, you can also regularly update draft forecast plans that use a resource forecast for the forecast calculation.

You can review your project financial metrics on the Plan section of the Financials tab for these Plan Categories:

Baseline with a status of
Available
.
Forecast.

The grid includes:

Inception to Date:
The plan line amount from the project start date to the reporting period.
Estimate to Complete:
The plan line amount for a period after the reporting period until the project end date.

Workday doesn't calculate these amounts for duration plans.

You can review your project financial metrics on the Summary section of the Financials tab. The Summary section includes these performance indicators:

Field	Description
Project Schedule	Calculates using the project start and end dates in relation to today.
Total Cost Consumed	Calculates the total consumed amount divided by the sum of total consumed and total plan remaining.
Project Spend By Type	Summarizes all project spend transactions with the project worktag, and groups the transactions by spend type.
Project Revenue For Time	Summarizes time transaction amounts from the Contract/Billing section for billable projects.
Project Time Blocks By Role	Pulls the approved project time blocks from the worker time submission, and then breaks them down by the project role of the worker.

You can update a plan by selecting

Plan

Edit Plan Details

from the related actions menu:

Extend Plan End Date
Inactivate Plan
Rename Plan

Without using a resource forecast, you can create:

Blank project budget schedules.
Blank project budgets without anticipated labor costs. You can then add nonlabor costs.
Project budgets using only labor actuals.
Project budgets using estimated hours by project role from the resource plan.
Project budgets using percent allocation by project role from the resource plan.

You can create default configurations at the project hierarchy level using project budget templates. You can select a template when creating a project budget, saving time and preventing errors.