This activity is used to review and confirm each line of the project’s budget or forecast version. Once all the lines have been confirmed, the status of the budget or forecast version can be promoted from Preliminary to Reviewed. This review is typically conducted by the person financially responsible for the budget/forecast once the cost/revenue estimates have been made and confirmed on each line of the budget/forecast.
If there is a need for modifications after the budget or forecast version has been set to Reviewed, it must be demoted back to Preliminary status to make the necessary changes.
All budget/forecast lines defined on the budget/forecast version must be confirmed before the budget/forecast version can be promoted to Reviewed.