Create Project Budget

(Activity) for Tier: Product

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PURPOSE

The purpose of the “Create Project Budget” process is to present the budget spend plan based on committed customer funds at the initiation of project. The budget is presented to include labor allocations by individual and role, travel, and other direct costs associated with the budget. The allocations decided upon in the budget drive time sheet authorizations and feed corporate budget reports and analytical tools.

WHEN

At contract award, the funding documents and statement of work will provide the basics to allow this activity to proceed.

PARTICIPATING ROLES

• ACCOUNTABLE

  • Project Manager

• RESPONSIBLE

  • Project Manager

INPUTS

• Contract Documents

  • Statement of Work
  • Performance Work Statement
  • Task Order

• Funding Documents
• Project Plan
• Labor Allocation Report

ENTRY CRITERIA

• Contract Documents (Contract, Statement of Work, Performance Work Statement, Task Order, etc.)
• Funding Documents
• Project Plan
• Team Assignment and Organization

SUB-ACTIVITIES

1. Initiate and Prepare the Project Budget Utilizing the Budget Spend Plan Tool
   • Determine the type of contract, i.e. fixed firm price (FFP), cost plus fixed fee (CPFF), time and materials, etc.
   • Initiate the budget in the corporate budget tool.
     • The budgets are designed to support a specific period of time and known committed funds, not the entire contract length.
   • If required enter known travel and other direct costs (ODC) estimates.
   • Enter project personnel and assigned allocation by pay period and length of time.
     • If a billet is not yet filled by a person enter TBD and select the appropriate job category and location followed by the anticipated allocation for that task order.
   • Consult with organizational leadership such as the IPMO, COO, CFO, Contract officer, and Business Unit Lead.

OUTPUTS

• Project Budget

EXIT CRITERIA

• Project Budget

NEXT ACTIVITY

SEE ALSO

Process Guidance Version: 10.4