What is budget in SAP PA-PM - Budget Management?

SAP Term: budget

• Component: PA-PM

• Component Name: Budget Management

• Description: The original budget defined for a budget structure element.

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• Key Concepts: 
  Budget is a financial plan that allocates resources to achieve a specific goal. In SAP, budget management is a component of the Project System (PS) module. It allows users to plan and manage budgets for projects and activities. The budget management component of the PS module helps users to monitor and control the costs of projects and activities. 
  
  How to use it: 
  The budget management component of the PS module allows users to create budgets for projects and activities. Users can define budget categories, assign budget amounts, and assign budget owners. The budget management component also allows users to monitor and control the costs of projects and activities. Users can view budget reports, compare actual costs to planned costs, and adjust budgets as needed. 
  
  Tips & Tricks: 
  When creating budgets for projects and activities, it is important to consider the scope of the project or activity. It is also important to consider the timeline of the project or activity when creating a budget. Additionally, it is important to consider any potential risks associated with the project or activity when creating a budget. 
  
  Related Information: 
  The Project System (PS) module in SAP provides additional features related to budget management. These features include cost planning, cost estimation, cost analysis, and cost control. Additionally, the PS module provides features related to resource planning, resource allocation, resource utilization, and resource optimization.