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Use the 'Forecast to Complete' Feature

Objective

To use the 'forecast to complete' feature in the project's Budget tool. 

Background

To ensure that future activities and costs on your project remain accurate and consistent, it is important to actively manage and monitor your project's budget. If that activity is your responsibility (for example, if you are a project manager or project accountant), you may have a need to generate weekly or monthly reports to clearly account for all your project's billable costs (in other words, what has been completed on the project) and projected costs (in other words, what remains to be completed on the project). 

To help your project team gain a greater understanding about what remains to be completed on a project, a 'Forecast to Complete' column is included, by default, on several of the Budget tool's 'Standard Views' (for example, Procore Standard Budget, Blank Budget View, (Multi-Level) Procore Standard Budget, and Procore ERP Direct Cost Budget). This column can also be added to any customized budget views that you choose to create. See Set up a New Budget View

With the 'Forecast to Complete' column, you can:

  • Estimate the 'Projected Over/Under' cost for each budget line item
    This ensures that the total in the 'Estimated Cost at Completion' column is accurate and consistent with your previous weekly or monthly projection.
  • Choose the calculation method to apply on a per-line item basis
    • The Automatic Calculation setting calculates the remaining project costs based on the difference between the 'Projected Budget' and the 'Projected Costs' in order to maintain a net zero ($0) 'Projected Over/Under' value for each budget line item.
    • The Manual Entry setting lets you add items and amounts to define a more realistic forecasting number based upon key job insights.
    • The Monitored Resources setting lets you add time/duration based items that automatically draw down as time progresses throughout the project.
  • Add forecasting notes
    Record a helpful note that documents the reasoning for the forecasted value for each budget line item.

Things to Consider

  • Required User Permissions:
    • 'Standard' level permissions or higher on the project's Budget tool.
  • Additional Information:
    • You can configure the 'Forecast to Complete' setting to Automatic Calculation, Manual Entry, or Monitored Resources on a per-line-item basis. 
    • You can add notes to each line item.
    • The 'Notes' entry is preserved if you decide to switch between Automatic Calculation, Manual Entry, and Monitored Resources.
    • Important! When you switch from Manual Entry to Automatic Calculation, all previously added Manual Entry items will be deleted.
  • Net Zero Calculations:
    • A user with 'Admin' permissions on the Budget tool can configure the 'Forecast to Complete' column to have an automatic net zero calculation under the Budget tool's configuration settings.
      Note: This setting is applied only to new line items that you add to the budget. 
    • A lightning bolt icon icon-lightning-bolt.png in the 'Forecast to Complete' column denotes the automatic net zero calculation is being applied.
    • A question mark denotes that the 'Forecast to Complete' column cannot be edited.  See Add a Partial Budget Line Item.
  • For companies using the ERP Integrations tool:

Steps

  1. Navigate to the project's Budget tool. 
  2. Click the Budget tab.
  3. Locate the budget line item that you want to examine. 
  4. Click the link in the Forecast to Complete column.
    Note: As illustrated below, the link to click is located to the right of the lightning bolt icon icon-lightning-bolt.png.
    forecast_budget_4_7_2020.png
  5. Select one of the following choices for the Forecast to Complete calculation method:

Automatic Calculation

Follow the steps below to enable the Automatic Calculation option on a budget line item, which is the default setting for the project's Budget tool. This option calculates the difference between the values in the 'Projected Budget' and 'Projected Costs' columns. That difference is displayed as the value in 'Project Over/Under' column. In the Forecast to Complete window, do the the following:

  1. Under Calculation Method, choose the Automatic Calculation option.
  2. (Optional) Enter any relevant information about the forecast in the Notes box. 
  3. Save your changes and return to the budget tool by clicking Done.

Manual Entry

Follow the steps below to manually create line items for the 'Forecast to Complete' column. In the Forecast to Complete window, do the the following:

  1. Under Calculation Method, choose the Manual Entry option.
  2. (Optional) Enter any relevant information about the forecast in the Notes box. 
  3. To add an additional entries, click Add new line item.
  4. Enter the following information:
    forecast_manualentry_4-7-2020.png
    • Description. Enter a descriptive summarization of your new line item.
    • Quantity. Enter a number. By default, this is set to 1.
    • Units. Select a unit of measure.This is a drop down list populated by the company-level Unit of Measure Master List in the company Admin tool,  so you may want to add a note about that here and/or link to that support article. The default is ‘ls’ (lump sum).
    • Unit Cost. Add the cost per unit (for example, enter 100). The default setting is zero (0.00).
    • Amount. Total cost of line item. (Units * Unit Cost).
  5. Add additional line items as necessary.
  6. Save your changes and return to the budget tool by clicking Done.

Monitored Resources

Follow the steps below to forecast a line item with your monitored values. 

Monitored Resources allows you to forecast projected costs based on resource rates and time by introducing resources, applying a time and date and adding a unit cost and utilization rate for resources within a cost code. Procore will automatically draw down the forecast to complete amount as time passes. In the Forecast to Complete window, do the the following:

  1. Under Calculation Method, choose the Monitored Resources option. 
  2. (Optional) Enter any relevant information about the forecast in the Notes box. 
  3. To add an additional entries, click Add new line item.
  4. Enter the following information:
    forecast_monitoredresources_4-7-2020.png
    • Description. Enter in a description for the new resource line item. Some examples include the following:
      • Project Manager Level 1, Level 2
      • Office Trailer Rental
      • Temporary Toilet Facilities
      • Temporary Storage Container Rental
    • Start Date. Select a start date for the resource line item.
    • End Date. Select an end date for the resource line item.
    • Units Remaining. Under Units Remaining, select Weeks (Default selection) or Months. Procore will use today's date to automatically calculate the Units Remaining and continue to draw down the remaining amount at the end of each unit (week or month). 
    • Unit Cost. Add the cost per unit (for example, enter 100). The default setting is zero (0.00).
      • Utilization. Enter in the percent of the resource that is utilized within the given duration of the line item.
        The Calculated Unit Cost, Forecast to Complete, and Planned columns will populate based on what you've entered in the previous columns.
        • Calculated Unit Cost = Utilization Rate * Unit Cost
        • Forecast to Complete = Calculated Unit Cost * Units Remaining
        • Planned = Calculated Unit Cost * Total Units (based on the full duration calculated from start date to end date).
          Note: You will not be able to pro-rate costs (For example: 8 days=2 weeks, not 1.14 weeks).
  5. Add more line items, as necessary.
  6. Save your changes and return to the Budget tool by clicking Done.
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.

 

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