In most construction projects, unforeseen events may require changes to the budget. When these changes occur, navigate to the Change Order tab in Cost Management. Work with cost items to create change orders.
Select a card to see the ways that you can work with the Change Order tab:
To effectively work with change orders:
Get familiar with the basic change order workflow, which is a part of the financial Cost Management workflow:
PCO (Potential Change Order) is a starting point of the change order workflow. However, you can also create change orders from a cost item.
The different change order types are related in that:
As a result, within Cost Management:
The values populate and move across the columns in the change order tabs. Click the icon to see all available columns.
Here is a handful of helpful examples:
The change order tables provide detailed information on cost items, including the associated change order number. By clicking each number, you will be redirected to the specific tab where the corresponding change order is located. A flyout panel will open to provide further details.
Once the foreign currency is set up, change orders can be entered and managed in the currency of the foreign supplier as the project progresses. The system will automatically recognize the currency set for a supplier within their contract. When a potential change order (PCO) arises, you or the supplier (with the appropriate permission level) can generate a PCO.
Link a cost item with a contract awarded in foreign currency to:
The Estimated, Submitted, and Approved values will always be entered in base currency. Yet, you’ll see changes in the Proposed and Committed values. The base currency will be displayed with the icon next to it. Hover over it to see or edit the exchange rate:
You can also manage this information within the Cost Item’s flyout panel. First, select the item to open the flyout panel, then scroll to the Cost Summary section. Then, select the Proposed or Committed columns. Toggle between the two currencies and edit the exchange rate whenever needed.
You can copy values from the Estimated, Submitted, and Approved columns. Those values will be converted from the base to the foreign currency.
Check out our video course to learn more about managing change orders in Cost Management.