Use Forecasting Worksheets
- You can create forecasting worksheets and enter work remaining to complete to track costs and evaluate remaining budget amounts. The system lets you create one worksheet per day. This job aid explains forecasting worksheets.
Create A Forecasting Worksheet
- Go to Cost Management and select Forecasting - Variance
- The first worksheet of a project is the Initial Data Load. This is the data uploaded from Sage 300 Construction and Real Estate. If changes are made to estimates or commitments, you can click Refresh to update the worksheet.
- The first group of columns shows estimates and committed costs at the category level. Pending and approved changes are included, as well as job-to date costs
- The row at the bottom shows totals.
- Scroll to the right to see the Balance to Complete column
- Enter values in the shaded columns, for Units, Unit of Measure, and Unit Cost. When you change an amount, a red triangle appears in the top left of the cell. If you need to pause during data entry, click Save Changes
- The forecasted variance is calculated using the formula shown below
- Risk is a percentage of risk against only the Forecasted Amount Remaining
- For categories against which a commitment for the full budgeted amount exists, any additional units are shown as negative forecasted variance-meaning the cost has exceeded the budget
- Total Estimate - (Forecasted Cost to Complete + Current Total Costs) = Forecasted Variance
Copy A Worksheet to Update Information
- At any point after the day of the initial data load, click Copy Worksheet to start a new worksheet with the data you have already entered.
***NOTE: If you click New Worksheet, any values in the units columns are not copied***
In this example, your original estimate for cost code 3-310 L was for 64 hours at $80/hour ($5,120). However, now you’ve concluded that you’ll need 80 hours of labor, plus or minus 10%
- Enter the new forecasted numbers and risk
- Click Lock Worksheet when you have finished entering data. At that point, you’ll be able to view a PDF of the worksheet, and the Delete Worksheet button will be unavailable.
- When you save changes to the worksheet, the Forecasted Cost to Complete reflects your new estimate, and the Forecasted Job Cost with Risk is: (Cost) * (Risk) = Forecasted Risk $6,400 * 1.1 = $7,040.00
Published:12-2019 | Revised:03-2020 v