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.
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