The Budget Transfers process enables the transfer of dollars within the Project Structure to align Budgets with how we are buying the scope of work. This process is used to transfer current budget which impacts the Estimated Final Cost (EFC).
The Budget Transfers process reallocates funds between WBS/CBS following projects change management process. Transfers enforce "net zero" transactions, and can be one-to-one, one-to-many, many-to-many, and/or many-to-many WBS/CBS accounts.
Valid transfers types are:
· WBS to WBS: Impacts Cost Reporting in the Current Budget Column.
· Contingency to Contingency: Impacts Cost Reporting in the Current Budget Column.
· WBS to Project Contingency: Impacts Cost Reporting in the Approved Change Column. Used when there is an expected savings in the project scope that the project team wants to reflect in Cost Reporting and Available Budget and Estimated Final Cost (EFC).
· Project Contingency to WBS: Impacts Cost Reporting in the Approved Change Column. Used when a change has been approved but there is no commitment in place and the project team wants to reflect in Cost Reporting for Available Budget and Estimated Final Cost (EFC).
WDI Capital Project Life Cycle Map