What is it: Create a project budget and define the review period, typically weekly. Assign reporting categories, like consulting fees, T&E, internal labor, infrastructure, etc. Define work categories and assign codes to determine if that is an expensed or capitalized cost. Track actuals to budget with variance based alerts.

Why do I need it: Allows for accurate monitoring, management and investigation of all project related costs in one location. Alerts based on variance between actual and budget can be automatically sent to the PMO or VP or Executive Sponsor.

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