Budget Terminology

Sam Murray

There are some terms held within the Mtivity system that may be unfamiliar or different to those that you use within your company.

Confirmed Items: These are time allocations for work (those held under the activities tab) which are completed or otherwise recorded and vendor services (or RFQs) that have been confirmed or accepted.

Unconfirmed Items: These are vendor services (RFQs) that have not been accepted by yet and so are in a Draft or Cancelled state.

Benchmark/Hard Savings: These are all savings that have been recorded against existing or 'Live' benchmarks within the system. These are measured by the benchmark measured against the actual costs you have recorded.

Other Savings are broken down into 2 main areas.

Non-Taken Savings: This represents a fail-safe for your processes. If you have presented a cheaper alternative but the Client has specified a pricier alternative, you can provide notification of this choice here. This will allow you to record those differences so they can be omitted from your liability.

Soft Savings: These are savings where you have stepped in to prevent unnecessary costs to the client. A good example of this would be an incorrect proof being submitted to a vendor by the client and your organisation has stepped in to correct this before it goes to print, thus saving a costly reprint.

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