Monitor Budget

(Activity) for Tier: Release

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PURPOSE

Monitoring the budget reduces significant deviations from the budget and schedule to enable timely management and corrective actions needed to achieve release objectives.

WHEN

  • Once the budget period begins for a planned budget

PARTICIPATING ROLES

ENTRY CRITERIA

  • Budget tool updated with labor expenditures and has notified the BULS, or stakeholders.
  • Resource change occurred at the contract, task order, or employee level.

SUB-ACTIVITIES

  1. Monitor the Project Budget Utilizing the Budget Spend Plan Tool

    • Ensure that employee labor allocations are at 100%.

    • Ensure the budget is fully planned for the Task Order/Period of Performance to minimize the remaining planned direct labor balance in the biweekly to < $500.

      • Evaluate and revise project vacation forecast from company historical values when employees respond to project-specific requests for vacation scheduling, or they plan to use deferred holidays.

    • Gather vacation plans for employees to fully meet budgets and manage/deny ad hoc requests not a part of vacation planning when they impact the delivery of solutions or task order completion.

    • Remove resources promptly from the budget tool, de-allocate them, if they move to other projects or they leave the company by following HR communications.

    • Build COAs if required to meet budget expectations using additional resources fully or by authorizing additional labor hours as allowed/approved by the BUL or COO, and when needed the Customer’s approval.

    • Manage direct labor, travel, and ODC costs to both the task order and funded amounts which may be less than the Task Order / Period of Performance ceiling amounts.

    • Monitor and Manage future hires, i.e., TBD(s), in the budget based on the progress of the team’s hiring efforts.

      • Communicate regularly with the BUL, COO, and Finance Team Lead on events that impact the project’s budget plan.

OUTPUTS

  • Budget Plan

EXIT CRITERIA

  • The Budget Plan has been adjusted.

NEXT ACTIVITY

SEE ALSO

Process Guidance Version: 10.4