01 November 2018

Oracle Prime – Cost Sheet and Viewing Budget Changes

Oracle Prime uses the Cost Breakdown Structure (CBS) to track, manage and report costs in the Cost Sheet page. Costs in the Cost Sheet can be viewed in the base currency or the project currency.

Before we visit the Cost Sheet in Oracle Prime, let’s have a high level look at the CBS and Cost Categories.

The Cost Breakdown Structure (CBS)

A Cost Breakdown Structure (CBS) is a set of cost codes used to track, manage, and report costs related to a project. The CBS standardizes costs into categories that represent manageable cost sources (customized to your organization requirement) and a standard cost classification system. The CBS cost codes are classified into three types: expense, capital, or none. CBS codes are used in top-down and bottom-up cost planning and tracking.

Segment Definitions:

Use a segment definition to define the hierarchical depth of the CBS and how codes will be concatenated.

Segments Definitions can be edited in the Cost Sheet as well the CBS screen if need be.

You can create a custom CBS at the workspace and project level. When you create a CBS at the project level you can select the budget sources for your project, which can be edited from the Cost Sheet page up until the project is baselined. Our file (above) is already baselined, so we don't need to do this.

Cost Categories

A cost category is used to define costs into a category more specific than a CBS code.
Cost Categories are customizable - above is a very simple set for our small example.

Overview of the Cost Sheet

The Cost Worksheet can be viewed by CBS Codes or Cost Categories. (CBS Codes shown above.)

You have access to a flat list display and a hierarchical display of CBS codes.

The image above is a Cost Worksheet by Cost Categories. Cost sheet columns can be customized to view only required information.

Budget Changes

A Budget Change request to increase the Direct Labor Budget by $50,000.00 has been created (above). This budget change is then submitted for approval.

Recalculation of the Cost Sheet shows our Budget Change submission in the column Pending Budget Changes as it has not yet been approved.

As projects progress, changes in scope, resource reallocation, funding additions and withdrawals, or other factors can affect original budgeted amounts. Oracle Prime tracks budget changes and budget transfers.

The Budget Changes page enables you to track modifications that affect the budget. Use this page to view all approved, pending, and rejected change requests including who approved or rejected the change request, what the change entails, and any additional comments about why the change request was necessary. Pending change request amounts are also visible on the project Cost Sheet page if pending budget fields are displayed.

A second Budget Change has been created/submitted and approved (BC10 above).

The Cost Sheet (recalculated above) shows the approved budget change and the budget change that has not yet been approved. The approved budget change also appears in the Budget Window, both as part of the current cost for direct labor and in the details for that budget line item.

Note: Please keep in mind that you must have the required security access to create/make changes to the Cost Sheet and Budget sheets.

About the Author

Mary Lynn Backstrom, PMP, PMI-SP, PMI-BA – Implementation Specialist

Mary Lynn spent many years filling a variety of project controls duties such as planning, scheduling, analyzing, training and continuous improvement in the Aerospace Industry.  Since joining Emerald in 2008 she has been a tremendous asset to the Emerald team.

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