What is budget management in SAP PSM-FIO - Fiori UI for Public Sector Management?

SAP Term: budget management

• Component: PSM-FIO

• Component Name: Fiori UI for Public Sector Management

• Description: SAP S/4HANA cloud solution for Public Sector Management, which supports budget-based management of funds at Public Sector institutions.

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• Key Concepts: 
  Budget management is a component of the Public Sector Management (PSM) Fiori User Interface (FIO) that allows users to manage their budgeting process. It provides a comprehensive view of the budgeting process, allowing users to track and monitor their budgeting activities. It also provides tools for creating and managing budgets, as well as tracking and monitoring budget performance.
  
  How to use it: 
  To use the budget management component of the PSM-FIO Fiori UI, users must first log in to the system. Once logged in, users can access the budget management page, which provides an overview of the budgeting process. From here, users can create and manage budgets, track and monitor budget performance, and view reports on budget performance.
  
  Tips & Tricks: 
  When creating a budget, it is important to consider all aspects of the budgeting process. This includes setting realistic goals and objectives, as well as considering potential risks and opportunities. Additionally, it is important to review the budget regularly to ensure that it is still meeting its goals and objectives.
  
  Related Information: 
  The PSM-FIO Fiori UI also provides other components related to budget management, such as cost planning and forecasting, financial planning, and reporting. Additionally, there are other SAP products that can be used in conjunction with the PSM-FIO Fiori UI for budget management, such as SAP Business Planning and Consolidation (BPC) and SAP BusinessObjects Planning and Consolidation (BPC).