What is history-based budgeting method in SAP PM - Plant Maintenance?

SAP Term: history-based budgeting method

• Component: PM

• Component Name: Plant Maintenance

• Description: Budget that is created on the basis of historic data, particularly on the basis of historic actual costs.

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• Key Concepts: 
  History-based budgeting is a method used in SAP Plant Maintenance (PM) to create a budget based on the past performance of a plant or asset. This method takes into account the actual costs incurred in the past and uses them as a basis for creating a budget for the future. It is an effective way to ensure that the budget is realistic and achievable. 
  
  How to use it: 
  In order to use history-based budgeting in SAP PM, you must first enter the actual costs incurred in the past. This can be done by entering the cost data into the system or by importing it from an external source. Once this data has been entered, you can then use it to create a budget for the future. The system will take into account the actual costs incurred in the past and use them as a basis for creating a budget for the future. 
  
  Tips & Tricks: 
  When using history-based budgeting in SAP PM, it is important to ensure that all of the cost data entered into the system is accurate and up-to-date. This will ensure that the budget created is realistic and achievable. Additionally, it is important to review and update the cost data regularly to ensure that it remains accurate and up-to-date. 
  
  Related Information: 
  For more information on history-based budgeting in SAP PM, please refer to SAP Help documentation or contact your local SAP support team. Additionally, there are many online resources available that provide detailed information on how to use history-based budgeting in SAP PM.