Generating Project Forecasts
Capital Projects / Projects/ Facility Construction Project Manager
Generating Project Forecasts
Forecasts are monthly projections that are updated to reflect approved change orders. If not already provided, project forecasts are system- generated when you access the Actions and Projects tab of the Commitment Progress Status report. The projections are based on work package Amount Bid broken down into monthly payments. This amount does not include project contingencies.
There can be only one forecast per project, but this forecast can have multiple monthly projections per project. Each forecast item is an action item. The Cost - Est. Baseline Expense for the action item is taken from the Amount Bid entered for the work package, and action item dates are based on the Contract Start and End Dates.
Determining forecast date range values
If the work package date range is greater than one month, the application breaks the cost amount into a number of monthly payments. Forecast costs are broken down by whole numbers of monthly payments. Costs are not prorated based on the number of days per month.
For example, for the following Project - Work Package Bids:
| Project Code | Work Package | Vendor Code | Amount - Bid | Date - Contract Start | Date - Contract End |
|---|---|---|---|---|---|
| 2013-000001 | 1.02.01 PP-Planning | AI ARCHITECTURE | $2,000. | 2013-02-04 | 2013-02-18 |
| 2013-000001 | 5.01.01 CC-Construction Costs | GGG GEN. CONST. | $80,000. | 2013-04-19 | 2013-07-09 |
For the project's first work package listed in the above table, one forecast item for $2,000. is created. This is determined by the contract date range of February 4, 2013 to February 18, 2013 (this is considered one month, even if partial) and the Amount Bid of $2,000.
For the project's second work package, four projection items are created. The Amount Bid of $80,000. is divided by 4 months (determined by the Date - Contract Start and End Dates) resulting in four monthly projection items of $20,000 each.