BUDGETS TAB

The Budgets tab is where you keep a list pre-tender budget items that estimate the final cost of the project.

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Figure 62 The Budgets tab

Recommendations for Use

FIVE has the flexibility to help you log and track your project budget items using different approaches, each with their own Advantanges advantages and Disadvantages disadvantages.

The approach you use depends on how much data entry you want to do, and how much information you want to have available for budget performance tracking and analysis.

Approaches include:

A. An exact duplicate of the contract breakdown.

Advantanges This approach gives you enough information to perform a 1:1 comparison of budget and contract values, making it easy to determine if you budgeted accurately for specific work such as “Flooring”, “Painting”, “Toilet Partitions”, “Roof Waterproofing”, “Roof Fireproofing”, etc…
Disadvantages This approach requires the most data entry. Also, you may not have the contract breakdown at the time you want to prepare the budget.
Advantanges This approach requires less data-entry than an exact duplicate of the contract breakdown. Since you will also know what your work divisions are well in advance of the full schedule, you can prepare your budget earlier in the process.
Disadvantages This approach is less informative compared to an exact duplicate of the schedule of values, but you can still easily determine whether you have budgeted accurately for general areas of work such as concrete, masonry, metals, etc…

C. A single budget item for the entire budget.

Advantanges This approach requires very little data entry.
Disadvantages This approach only gives you a rudimentary amount of information for comparison. You can only answer the question: “Did we budget too much, or too little for this project overall?”.

D. No budget logging.

Advantanges This approach requires no data entry.
Disadvantages This approach gives you no information about your budgeting ability or performance.

We recommend Approach B. Assigning a rough estimate to each division of work strikes a nice balance between expended effort and the return on that effort.

Visiting the Budgets Tab

There are two circumstances under which you will visit the Budgets tab after clicking it:

  1. When there are no existing budget items logged.

OR

  1. When one or more budget items have previously been logged.

Visiting the Budgets Tab With No Items

When you visit the Budgets tab with no logged items, the following message appears:

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Figure 63 Initial Budget Setup Options

You must select one of the following options:

Automatically create the recommended Budgets list.

When you select this option, FIVE will automatically create a list of budget items for you. StatsLog recommends that you select this option.

  • For MasterFormat 2018 projects, 50 budget items will be created (one for General Requirements, Existing Conditions, Concrete, etc…).
  • For MasterFormat 1995 projects, 16 budget items will be created (one for General Requirements, Sitework, Concrete, etc…).
  • For projects with a custom list of divisions, one budget line item per custom division will be created.
Do not create any Budgets. When you select this option, no budget line items will be added to the project, and you will be taken to an empty Budgets tab where you can create a custom budget list.
Cancel. When you select this option, no action will be taken.

Visiting the Budgets Tab With Items

TO BE WRITTEN.