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Hi everyone,
Can someone tell me what's the difference between forecasting and budgeting in the project?
Best regards
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Hi Ameny,
Forecasting and budgeting is almost identical and you can make use of either the forecasting or the budgeting form or both.
In previous versions of AX, only the forecasting form was available. With AX2012 this form was kept alive and a budgeting form was added that has very similar functionalities. What makes things more complex is that you can enter planned values in the WBS form and copy them over to the forecasting and budgeting form.
In general, if you do not make use of fixed price projects that make use of WiP accounting and estimates, you might not necessarily have to use the forecast form. The project budget form might be sufficient. Yet, it highly depends on your project setup and your processes that determine whether you have to use the forecast and / or budget form on an individual basis or in parallel.
Best regards,
Ludwig
Hi Ludwig,
Can you explain to me when can i use forecasting or budgeting? Please give me examples
Hi ameny,
If you use fixed price projects with revenue accruals that require the project estimate process then you have to use forecasts because they are the benchmark that is used for comparing the actual data against in order to calculate the revenue to accrue.
In most other cases using budgets might be easier and faster to enter.
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