Budget is the original budget from the estimate, as it was published at project start. It stays locked throughout the project. Revised budget starts from the budget and is adjusted continuously for reallocations between production codes and for the cost portion of approved change orders towards the client (Change Order Client).
How the revised budget is calculated
Revised budget = budget + transactions (reallocations) + adjustment from approved Change Order Client.
Transactions: If you move budget from one production code to another, the revised budget goes down on one code and up on the other.
Change Order Client: When a Change Order Client is approved, the cost portion is added to the revised budget on the production code. For example, the client orders more expensive tiles. The cost is what the tiler charges, and the revised budget increases by this amount.
How to see the breakdown
Go to Prod. codes and open the production code.
In the overview on the right you see Budget, Transactions and Change Order Client – Adjustment rev. budget, which together make up Rev. budget.
What about the final forecast?
The revised budget is not the same as the final forecast. A higher revised budget does not in itself increase the final forecast. When there are contracts on the code, purchases, change order costs, expected additions and uncertainty drive the final forecast. The revised budget is the target you hold the final forecast up against.
Tip
For those mainly interested in what the project will cost in total, the Rev. budget column can be hidden. The final forecast then becomes the main figure.