The Plan has a third view beside Main table and Gantt: Budget. It shows "Budget versus actual": the cumulative planned budget against actual cost month by month, with the forecast to completion and a Today line. The numbers are the Budget tab's own, so the two never disagree.
How to read it
- Open it
In the project, select Plan, then the Budget view.
- Read the four figures
Budget (BAC), Actual to date, Forecast (EAC) and Variance at completion, with On track, At risk or Over budget.
- Read the chart
The planned line is your budget spread over the project dates. The actual line is what has been spent. The forecast runs from today to the end date.
- See the numbers
Select Show data to swap the chart for its table, and Show chart to switch back.
- Change the inputs
Select Open the Budget tab to add budget lines or log costs. See Budget and cost log.
Key terms
- BAC (budget at completion): the budget lines plus the budget impact of approved change requests.
- Actual to date: every cost logged so far that is not a budget line.
- Run rate: the average monthly actual cost over the last three full months. The current month does not count, because it is still being booked.
- EAC (forecast at completion): actual to date, plus planned people and contract costs, plus the run rate of other costs for each month left.
- Variance at completion: BAC minus EAC. A negative number is a forecast overrun.
Variance states
- On track: within budget or under 1% over
- At risk: 1% to 5% over
- Over budget: more than 5% over
Where the inputs come from
- Budget lines and the cost log on the Budget tab
- Payroll, contractors and fixed-fee milestones from Resources
- Approved change requests on Scope
Good to know
- The budget baseline is spread evenly from the project start to its end, because budget lines carry no dates of their own.
- With no budget lines and no costs, the view says "Add budget lines and log costs on the Budget tab to see the line here."
- Amounts are in the project's own currency. The portfolio converts them to the reporting currency.
- Budget lines, the cost log and Resources are part of the Professional plan. On the Team plan the view stays empty.
- The view only reads. Nothing on it changes the budget.
Who can do this
Every role that may view the budget: all roles except Stakeholder.