The following definitions are for terms in Cost Management.
| Term | Description |
| Approved | The column in the Change Order tables shows the approved amount. For cost changes, it populates the Approved column. See the Change Order Statuses article to learn more. |
| Approved Change Orders | The column in the Contract and Budget tables, in the Cost section. Once change orders have gone through the full approval process the value of the final budget change appears in this column. |
| Approved Owner Changes | The column in the Contract and Budget tables, in the Budget section. Once change orders have gone through the approval process, the value of the final budget change appears in this column. |
| Billing Periods | Set a schedule for subcontractors to request payments. See the Billing Periods article to learn more. |
| Budget Status | Indicates the status of the selected item in the budget change process. |
| Committed | The column in the Change Order tables shows that the amount agreed to be paid for the relevant supplier scope change. It also means that PCO turns into an SCO. Or when an RFQ is accepted. |
| Contract Code | Unique identifier for supplier contracts. |
| COR | Change Order Request. Learn more about change order requests. |
| Cost Status | Indicates the status of the selected item in the cost change process. |
| ERP | ERP is an abbreviation for Enterprise Resource Planning. The management of all the information and resources involved in a company's operations by an integrated computer system. Some of the available ERP integrations for Cost Management are: Sage 360, QuickBooks, Vista. |
| Estimated | The column in the Change Order tables shows the estimated amount. For cost changes, it populates the Reserves column in the overview. |
| Financial Markup Formulas | Rules that can be applied to add add-ons and markups to budget change orders. See the Financial Markup Formulas article to learn more. |
| Forecast Final Cost | The column in the Budget and Contract tables, in the Forecast section. Shows the current projected cost as the sum of the original budget and the change orders. |
| Internal Adj | Internal cost adjustments reflect transfers of budget between items. |
| Main Contract | A contract that is set up for billing and payments. See the Main Contract article to learn more. |
| Markup | Add-ons and markups to allow for extra costs such as fees, insurance, and contingency. |
| Master Schedule | The equivalent of billing periods to the owner. See the Billing Periods article to learn more. |
| OCO | Owner Change Order. These are upstream budget change orders which amend the main contract. |
| Orig. Commitment | The column in the Budget and Contract tables, in the Cost section. Shows either the anticipated or contracted amount for the relevant supplier scope. |
| PCO | Potential Change Order. The starting point of any budget or cost change, and used to generate an RFQ, COR, OCO, or SCO. |
| Pending Change Orders | The column in the Budget and Contract tables, in the Cost section. Shows the sum of cost changes that have not yet been approved or rejected. |
| Pending Owner Changes | The column in the Budget and Contract tables, in the Cost section. Shows the sum of budget changes that have not yet been approved or rejected by the owner. |
| Projected Budget | The column in the Budget and Contract tables, in the Budget section. Shows the sum of the original budget, approved, and pending changes. |
| Proposed | The column in the Change Order tables shows the proposed amount. It also means that an RFQ has been generated and set as proposed in the Change Order tables. For cost changes, it populates the Proposed column in the overview. |
| Reserves | Populated by the amount in the Estimated column, for cost changes to reflect a cost liability without detailed information to process into a formal change order. |
| Revised Budget | The column in the Budget and Contract tables, in the Budget section. Shows the sum of the original budget, internal adjustments, and approved owner changes. |
| SCO | Subcontractor Change Order. Downstream cost change order which amends the original supplier contracts. |
| Scope | Define whether the change order is in or out of scope. Out of scope means that there is an anticipated budget change order request. |
| Source Ref # | The column in the Change Order tables provides the document reference from which a change order is generated. For example, it can be referenced if an RFI resulted in a change order. |
| Submitted | The column in the Change Order tables shows the submitted amount. For cost changes, it populates the Submitted column in the overview. It also means that a PCO has been turned into a COR. When a COR is marked as Accepted, it populates the submitted amount in the Approved column. If you are not using the COR process, the Approved means that the PCO has been converted to an OCO. |
| Variance Final | The delta between Projected Budget and Forecast Final, which is effectively total money in less total money out, indicates profit or loss. |