1. Project Budget Add New Contingency Provision

Contingency Provision is an allocation of money set aside as a reserve for the occurrence of known possibilities or events that could increase the cost of a project. Use of a contingency provision is typically authorized upon the occurrence of a contingency and approved changed request has been approved by change control board.


Contingency provision can only be added when project is in Planning (Pipeline Project) and can be added as either a fixed amount or a percentage of baseline budget.

 

 

To ADD Budget Cost Items, Budget Module Update access must be granted.

 

  • Access the relevant project.  Click for instructions on how to locate the project dashboard based.
  • Select ‘Budget’ from the sidebar menu.
  • Navigate to ‘Cost Summary’ section. 
  • Click on the ‘pencil edit icon’ to navigate to Update Cost Summary page.

 

If ‘pencil edit icon’ is not available/greyed-out, access to update contingency provision has not been granted.

 

 

  • Once navigated to the Update Cost Summary page, enter either the contingency provision percentage value (%) or contingency provision fixed amount (amt) in the Plan(Baseline) column.
  • By default, the alternative field with be calculated and filled and contingency provision will be included in the Forecast Final Cost (FFC) value.
  • Select ‘Update Summary’ to save changes.