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Tempo Folio Tip of the Month: 5 Ways to Build a Budget with the Cost Planning Features

If you’re already using Tempo Folio for JIRA, you already know how to use the product to get real-time financial information across your projects and follow the status of your portfolios and projects, which we call folios, in real-time in. You also know how to enter the planned costs of your folio, but you might not be using these tools to create the budget itself.

With Tempo Folio you can skip using budgeting tools, such as complex spreadsheets, and just create your budget at the same time as setting up your folios, if you wish. Doing this can save you time and reduce the chances of making a mistake. And not only that, there are many different ways to do this, depending on your needs.

How to build a budget using Tempo Folio

In order to plan the costs of your folio, you need to be in the costs tab in the folio overview and have the planning section selected. If there are not yet any costs planned, your screen will look something like this:

Tempo Folio: Costs Planned page

From here there are various options as to how to plan costs and all of these can be used to create your budget.

1. Based on a lump sum

The first and easiest way to create a budget is by using the lump sum option. If you’re not worried too much about the individual details of your project’s expenses and just have a number you need to work with, you can easily just add a lump sum to your folio. This number will be distributed daily over the folio’s time frame.

This might be a good option for shorter, smaller projects that aren’t likely to get out of control.

Tempo Folio: Plan Lump Sum

2. Based on individual expenses and/or positions

If you’re planning the budget for a project and you want to add expenses and positions separately for maximum precision, then you can use the Plan an Expense and/or Plan a Position options. Once you’ve added all of your anticipated expenses and staff members, your budget is calculated for you!

It might be a good idea to use this option if you have an idea of the expenses and positions the project will need, but you don’t yet have an overall estimate of the cost.

Tempo Folio: Plan an Expense

Tempo Folio: Plan a Position

3. Based on an estimation

If you already have a scope roughly estimated, you can easily plan your costs based on estimations. In order to do this, you need to have already defined the scope associated with your folio. This option will automatically plan positions based on the estimated work effort of the items in the scope within the folio’s time frame.

This is a good choice for those who have already mapped out the work that needs to be done for a project and the time period in which it needs to be done, but have not yet planned the overall cost or the positions needed.

Tempo Folio: Plan from Estimates

4. Based on the staff’s availability

If you know all of the staff members who will be working on this project, then you can easily create a staff and define their availability for this project. Once you’ve done that, you can plan from their availability and Tempo Folio will automatically calculate the budget of the project based on those numbers.

Tempo Folio: Plan from Staff Member's availability

5. Based on the staff’s planned time

If you want to be even more precise, you can plan costs according to the planned time of your staff members. This will automatically create positions based on the cost rate and planned time for your staff members.

Tempo Folio: plan from staff members planned effort

So there you go! Go ahead and skip spreadsheets and complicated tools and plan your project’s budget directly within Tempo Folio!

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