Two Ways to Forecast on a Project

Forecast by Cost Code & Category (Detailed Forecast)

The standard out-of-the-box Forecast Worksheet is broken down by cost code and category, allowing users to forecast down to the category level. This is sometimes referred to as Detailed Forecasting.

It is important to note that for companies that utilize more than one Labor allocation category, it is imperative to Set the Labor Category Used in Forecasting within Project Defaults when using the detailed forecast method.

Forecast by Cost Code (Summarized Forecast)

Forecasts can also be Summarized by Cost Code (all categories rolled up into one line item for the entire Cost Code) by turning on the Summarized Forecast Setting in Project Defaults.

Creating a New Forecast Worksheet

The first Forecast Worksheet that is created for a Project is often referred to as the Initial Data Load. Forecasts are set equal to the estimate each time New Worksheet is used. There is an available Setting to set the Cost to Complete to Zero on First Forecast of a Project within Project Defaults.

1. Navigate to the Forecasting section of the Cost Management module

2. Select New Worksheet to create the initial data load for the project.

3. Enter the Description of the worksheet and select Save Changes

After the initial data load, users will typically "Copy" the worksheet forward through the project lifetime.

Creating a Copy of an Existing Forecast Worksheet

Once the initial forecast worksheet is created, users are able to us the Copy Worksheet button to create all subsequent forecasts. The Copy Worksheet button will carry forward all input data of the current worksheet into a new worksheet with updated cost values to complete a new forecast.

It is important to understand that all forecast worksheets, whether created as New or a Copy, are a snapshot in time of the project. If various project items are created, like commitments and change events, after the worksheet is created - the newly created items will not be available to the existing forecast worksheet. A new or copied worksheet needs to be created to bring in the latest project values.

Completing the Forecast

For a complete breakdown of the Forecast Worksheet's columns and calculations, please refer to the Forecast Worksheets, A Breakdown article.

1. In the Forecast section of the worksheet, enter any additional forecasted cost values (this is in addition to costs already captured in the Costs section of the forecast worksheet) into the shaded columns within the Forecast Section: Units, Unit of Measure, and Unit Cost forecast line item. A red flag will appear on each modified field.

2. Select Save Changes. When save changes is used on a Forecast Worksheet, any values within the Forecast Summary Tab and the Summary Info Section that use forecasted values will be updated.

With Risk

In addition to being able to forecast for any additional costs for each forecast line item, the Forecast Worksheet has a section dedicated to accounting for risk. Risk is a percentage calculated against the Forecasted Amount Remaining that can be entered for each cost code and it's category.