In ITM Platform there can be differentiated two types of budget and estimated. Budget indicate us the maximum cost of this project, even before any planning, while estimation indicates the planned costs for this project taking into account effort allocation and cost of each of the resources allocated.
Once you create a project you can define the values of the general budget in terms of hours, purchasing and overhead costs.
Click Projects from MANAGEMENT ❶ and then select the project. In the Budget section ❷ specify the estimated hours for internal team ❸ which is not yet assigned to the team. Use the calculator to calculate the cost of hours depending on the standard cost.
The planned hours and its cost is the calculation method used by ITM Platform based efforts on the tasks defined by the project manager. Similarly, the purchasing cost estimate is given by the sum of budgetary allocations to the project.
❶ Go to Projects, and then select the project where the estimated cost estimate.
In the Budget section as efforts are assigned to tasks, estimated cost is calculated from the hours allocated in cost estimation ❷.
This way you can see the difference between budget ❸ where comparably to the general budget a deviation appears.
Therefore, the first budget data are entered before detailing the project, estimation costs are calculated once estimated efforts and procurement budgets, then actual values are updated based on reported hours on the project team.