Budget Planning in PM

Hi friends,
Can you guide me with the budget process in SAP PM?
I have found two methods for assigning a budget profile to order type:
1) Using T-code KOAB creating an order type and assigning budget profile to it and,
2) Using T-code OIOA creating an order type and assigning budget profile during order type creation.
Can anyone tell me the difference between both of them?
And why cant we define a budget profile to order type created using OIOA in KOAB?
Thanks in advance.

Hey Ajay,
Thanks for your reply, It was a valuable answer for me but can you please tell me one thing:
In KO22 we change the budget for specific order in specific period but, is there any particular T-code for creating a budget for particular order?
What is planned cost in budget and how can we achieve that?
Once again thanks for your replies.

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