Budgeting Use cases
Use case 1: Budget type as Project Amount for a project with a fixed amount
Budgeting allows you to set up the project budget based on the amount allocated for a project. Let's assume your software development firm commences an in-house project to redesign the user interface of a particular product. The total budget allocated for this project is $25,000 dollars.
In this case, configuring the budget type as Project Amount will help you monitor the budget properly considering the amount is fixed and it is an in-house project. This will allow you to decide the appropriate team size and the effort in hours to stay within the said amount until the completion of the project. You can use the budget forecast and other indicators to ensure that you don't overshoot the amount.
Use case 2: Budget type as Project Hours for a project with a specific timeframe
You can assess your budget based on the hours allocated for a project. Let's assume you have a new project to develop a new module for the product, which is estimated to be completed in 200 hours. When the number of log hours for the project reaches 100, your budget progress will be at the half-way mark. The items completed for those 100 hours and the pending items for the remaining hours will determine whether your project is within the budget determined for the estimated 200 hours or not.
For instance, if there are a total of 200 items and only 50 items are completed for the 100 hours, there are 150 items to be completed within the next 100 hours. This might indicate that there is a probability of overrunning your budget for 200 hours. Or, the 150 items might be of lesser complexity, and you will be able to complete them within the remaining 100 hours, meeting your planned budget.
Use case 3: Budget type as Release Amount for a release with a fixed amount
Budgeting can be determined and tracked based on releases. Let's say you have an ongoing web development project that is released iteratively as versions, where each version is a release. So, the project's funds are allocated based on each release. To determine the budget for this kind of project, you can select Release Amount as budget type.
This will allow you to track the budget progress for a release, get insights for the amount allocated for the release, and make projections for the planned budget of that release.
Use case 4: Budget type as Release Hours for a release with a specific timeframe
Certain projects are budgeted based on the release hours. Let's take an example of a mobile app project wherein each release will be considered as a version. To work on each release, the project manager decides a specific timeframe. Budget can be determined for this type of project when the project type is selected as Release Hours.
The project manager assigns four developers to the team for each release and sets the work hours as 500 hours. This release is expected to be completed within the 500 work hours. You can check the project dashboard to know if the project progress is in-line with the work hours performed and if the project will be completed as per the expected schedule delivery date.
Access your files securely from anywhere
Zoho CRM Training Programs
Learn how to use the best tools for sales force automation and better customer engagement from Zoho's implementation specialists.
Zoho DataPrep Personalized Demo
If you'd like a personalized walk-through of our data preparation tool, please request a demo and we'll be happy to show you how to get the best out of Zoho DataPrep.
- Zoho Workerly Home
- Forums
- Connect With Us:
- Zoho Recruit Home
- Forums
- Connect With Us:
New to Zoho Writer?
Create. Review. Publish.
New to Zoho CRM Plus?
Deliver unforgettable customer experiences
New to Zoho CRM Plus?
Deliver unforgettable customer experiences
New to Zoho Marketing Plus?
Everything you need to run your marketing
New to Zoho Marketing Plus?
Everything you need to run your marketing
You are currently viewing the help pages of Qntrl’s earlier version. Click here to view our latest version—Qntrl 3.0's help articles.
New to Zoho Survey?
Zoho Sheet Resources
Zoho Forms Resources
New to Zoho Sign?
Zoho Sign Resources
Sign, Paperless!
New to Zoho TeamInbox?
Zoho TeamInbox Resources
New to Zoho ZeptoMail?
Design. Discuss. Deliver.
New to Zoho Workerly?
New to Zoho Recruit?
New to Zoho CRM?
New to Zoho Projects?
New to Zoho Sprints?
New to Zoho Assist?
New to Bigin?
Related Articles
Budget Configuration
Setting up a project budget is important before you get started to work on the projects. Think of this as setting the rules for how project costs will be calculated. Once you set them here, they’ll automatically apply to all your projects in Zoho ...About budgeting
Managing your project budget is vital to the success of the project. Zoho Sprints equips you to define costs, track budget progress, forecast upcoming costs, estimate revenue, and make informed decisions to align your project performance with your ...Set Budget
Set budget in the Create Project form When you've already evaluated the project and know the approximate planned budget for the project, then you can set the project budget while creating the project. This makes it easier for the project owner to ...Manage workspace
A workspace is the equivalent of an organization or a portal. It is the umbrella under which all aspects of your projects are housed. It is a common space for your users to access and manage all the projects and their related activities. Let's assume ...Terminologies in Budgeting
Budget details contain the budget information calculated based on multiple factors. Below are the details that will be listed: Budgeted cost of Work Performed (BCWP) BCWP is the Budgeted cost of Work Performed. This is also known as Earned value. ...
New to Zoho LandingPage?
Zoho LandingPage Resources