SAP Work Order Cost Control

I am trying to control costs on work orders that relate to a project that is approved for a set amount.
We havent implemented PS yet, so we are using PM06 work order types to segregate those project work
orders.

I am thinking to create a work order hiearchy that settles to an internal order. But, I am not sure exactly how internal orders work.

In each equipment master related to projects assign internal order number instead of cost center. In settlement profile give settlement receiver as order instead of cost center.

So whenever you will create order aginst that equipment system will create settlement rule for Internal order.

If don't want to maintain this way then at the time of creating order you have to modify the settlement rule
and assign receiver as ORD and provide internal order number.