BUDGETS

Funding Approvals is the formalized process to conduct the review of the potential to fund a project.  This process ensures alignment by the decision rights holder(s) to invest in a project. Funding Approvals is not a revision or reform of the process, it’s a removal of the old process and complete replacement.

 

The goals of Funding Approvals are to:

  • Streamline the approval process
  • Automate selection of approvers
  • Reduce the turnaround time for approval
  • Improve transparency of the process
  • Identify and mitigate bottlenecks in the process

 

The main processes within Budgets are:

 

  1. Input the project’s budget
  2. Submit the budget for funding approval
  3. Select the appropriate approval action (pass, rework, or reject)

Full Setup (27 minutes)

This covers all topics in a single video. You can watch the individual topics in shorter videos, broken up into the following sections.

Download the Full Guidebook: Click Here

Breakout Video #1 – How do I input a project’s budget? (12 minutes)

Download the Guidebook: Click Here

Download the Training Example: Click Here

This video will cover:

  • Quick terminology/background
  • Setup the parameters
  • Create line items
  • Time-phase
  • (Optional) Upload any documents

Breakout Video #2 – How do I submit a budget for approval? (6 minutes)

Download the Guidebook: Click Here

Download the Training Example: Click Here

This video will cover:

  • Review the approval workflow
  • Submit
  • (Optional) Confirm submission

Breakout Video #3 – How do I approve a project’s budget? (9 minutes)

Download the Guidebook: Click Here

Download the Training Example: Click Here

This video will cover:

  • Select the project
  • (Optional) Review the budget line items
  • (Optional) Review any documents
  • (Optional) Review the gate deliverables
  • (Optional) Review the Virtual VSW
  • (Optional) Review the Approval Log
  • Approve with the Budget Menu
  • Approve with the User Dashboard