Project Budget: Locking of the Budget

Once the project budget has been agreed upon, you can lock the original figures to prevent further editing. After the original budgeted values are locked, you can still update the revised budgeted values. With the maintenance of the original values, you can control how accurately the budget was estimated. Since you can also make adjustments to the revised budget as additional information becomes known, budget revisions can improve upon the accuracy of the original estimates.

When you have decided to prevent any changes to the original budgeted values of the project, you click the Lock Budget command on the More menu of the Projects (PM301000) form. When the project is locked, the following columns on the Revenue Budget and Cost Budget tabs become read-only:

• Original Budgeted Quantity
• Unit Rate
• Original Budgeted Amount

You can still edit the budgeted values in the Revised Budgeted Quantity and Revised Budgeted Amount columns.

If you decide that making changes to the original budgeted values is again allowed for the project, you unlock the project budget by clicking Unlock Budget command on the More menu of the Projects form.