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Which calculation method should I use when using the Forecast to Complete feature?

Answer

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 using each calculation method when using 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 utilized to forecast one-time or individual costs that are not time-based. For example: future commitments, permit fees, or delivery costs.

  • Monitored Resources: This should be utilized 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.

If you would like to learn more about Procore’s budget management software and how it can help your business, please visit our construction budgeting software product page here.