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Posted on May 19, 2010 by tapuniversity

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Project managers that work with cost management and budgeting are probably already very familiar with their organization’s fiscal year (FY). The fiscal year is broken into quarters (which are time periods of three months each since there are twelve months in a year). The first quarter is abbreviated Q1, the second Q2, and so on. Rather than looking at financials in terms of four time periods a year, they can also be examined by splitting the fiscal year in half. The first half of the fiscal year is equivalent to the time period spanning across both Q1 and Q2 and is abbreviated H1. The second half of the fiscal year is abbreviated H2. So if Ingrid’s Ice Cream Shop’s FY begins September 1, than Q1 includes September, October, and November. H1 would include September through February.

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