Which calculation method should I choose when using the Forecast to Complete feature?
Answer
In the Project level Budget tool, the Forecast to Complete column allows users to forecast cost in various ways. In the Procore Standard Budget View, the Estimated Cost at Completion is calculated as the sum of your Projected Costs and the costs in the Forecast to Complete column. The Forecast to Complete column represents all potential costs not currently captured in “live” cost source columns such as Committed Costs, ROM, or RFQ. See Add Cost ROM & RFQ Source Columns to a Budget View.
Below are suggestions for choosing which calculation method to use with the Forecast to Complete feature:
- Automatic Calculation. In the Standard Budget View, this is the default option. It is calculated by subtracting the Projected Costs column from the Projected Budget column. Using this option results in a $0 Projected Over/Under if under budget.
- Manual Entry. This should be used to forecast one-time or individual costs that are not time-based. For example: future commitments, permit fees, or delivery costs.
- Lump Sum Entry. This should be used when you want to input a single figure to forecast the remaining cost at completion for a specific budget code in a project's budget. In the Budget tab, Procore populates the 'Lump Sum Entry' amount with the 'Forecast to Complete' amount. If you want to input a different amount, you must edit the amount in the 'Forecasting' tab. Because your lump sum entry overrides the 'Forecast to Complete' amount in the budget, it is important to understand the implication that using this calculation can have on your overall budget forecast.
- Monitored Resources. This should be used for regular/recurring linear costs that are based on time/duration. This forecast will automatically draw down as time progresses throughout the project. For example: payroll, trailer rental, or equipment rental.