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Any approved change requests to the original baseline budget.

For Portfolio level, no request change is required.

Baseline

A baseline comprises of the budget and schedule allocation approved at the start of the project. Baselines are used as a basis for monitoring and evaluating performance and assuming the scope of the project remains unchanged and it can be used to determine variance from budget or schedule.

CAPEX

Capital expenditure is the money a company spends to acquire new fixed physical assets or upgrade old ones, typically for long-term use.

Change Control

Change control is the process of identifying, evaluating, approving and implementing changes to a project. It ensures that changes are introduced in a controlled and effective manner and that any adjustments necessitated by changes are also addressed. 

Change Control Board

An appointed group of stakeholders who evaluate proposed changes and decide when and whether to make them.

Contingency provision 

An allocation of money set aside for the occurrence of known possibilities that could increase the cost of a project. The use of a contingency reserve is typically authorised upon the occurrence of a contingency.

Corrective action 

A step is taken to bring work back into alignment with performance expectations after it has failed to meet expectations. A corrective action, which is reactive, is not the same as a preventive action, which is proactive.

Cost Overrun

A cost overrun occurs when unexpected costs cause a project’s actual cost to go beyond the budget.

Cost Variance/ Variance at Completion

The cost variance of a project is its earned value minus its actual cost. A negative cost variance indicates that a project is running over budget. A positive cost variance indicates that a project is running below the budget.

Outlines the budget expenditure specifics. This should provide a better understanding of the budget item.

Estimate to Complete (ETC)

The total planned/forecast expenditure to complete the remaining work on the project. This includes the cost of all future periods forecast and the current period.

Execution phase

The execution phase begins after activity approval and is the phase in which the team executes the project plan. Execution is typically the longest and most expensive phase in the project management life cycle.

Negative variance

The amount by which actual project performance is worse than planned project performance. Negative variances in time and budget show the project is taking longer and is more expensive than planned, respectively.

OPEX

Operational expenditure is an expense a business incurs through its normal business operations.

The total budget expenditure for the project.

Planning phase

In project management, planning refers specifically to a phase of the life cycle that involves creating plans for management, control, and execution, as well as for what a project is meant to accomplish.

Positive variance 

The amount by which actual project performance is better than planned project performance. Positive variances in time and budget show the project is proceeding faster and is less expensive than planned, respectively.

Variance Analysis 

The practice of investigating deviations between planned and actual performance.