Video - InEight Control - Forecasting Methods

TRANSCRIPT

The forecast method determines the appropriate forecast unit cost, which is used to calculate the total forecast cost. The forecast method applies to individual cost items, and you can change it at any time. For example, you may use several different forecast methods on the different cost items across your project to calculate your remaining man hours and costs.

Under the forecast method column, selecting rollout will total up your forecast totals from some of the forecast values of its subordinate cost items.

The committed cost forecast method is mostly used on cost items that are driven from contracts. It's not used for claiming quantities. This forecast method allows you to use committed cost information to forecast your cost at completion. This forecast type can only be used when they allow as built is set to all or cost.

You can also select none, if you choose not to forecast that item. For terminal cost items, in addition to the non-option, there are four different methods built into the system available for forecasting.

Current budget. Current budget uses the cost items current budgeted unit cost or man hours in the following equation to determine a final forecast at cost or men hours. Current budget equals as-built total cost or man hours to date, plus CB unit cost or man hours times CE quantity remaining.

Note that you can only apply this method to terminal cost items. The current estimate forecast method uses the same forecasting equation, but substitutes the current estimate for the forecast unit costs instead of the current budget unit cost. So that CE, or current estimate, equals as-built total cost for man hours to date, plus CE unit cost or man hours time CE quantity remaining.

The average performance forecast method uses the average of your costs or man hours to date in the following equation. Average performance equals as-built total cost for man hours to date plus the average unit cost or man hours multiplied by the CE quantity remaining. The results automatically calculates a final forecast value for you based on the average performance of the cost item so far.

The committed cost forecast can also be used for terminal cost items.

In addition, you may have some circumstances where you need to define the final forecast manually using your own calculations. You can override the existing preset forecast methods by entering either a final or remaining forecast value manually into your data block. This is covered under the manual forecasting topic in greater detail.

There are three different ways to assign your built-in forecasting methods.

One, globally, to all cost items in the project.

Two, by selection of multiple cost items, or three, by individual cost item. To globally set all your cost items to a single forecast method, select actions, global forecast method, and a slide out panel appears.

Select Current Budget.

A note appears indicating this will only be applied to your terminal items and it also displays which forecast files this will be applied to.

Select Apply.

Once again, a prompt appears telling you this will only be applied to your terminal items. Click Yes, and your forecast method changes to Current Budget on all your terminal items.

Note that the global forecast method only applies to the forecasted items of the user who performs them. It doesn't apply to other users in the project.

You can also set the forecast method for multiple selected cost items at once.

For example, select cost items 2, 4.2,

and 4.3.

With those three cost items checked, select Actions, set forecast method. The slide out panel appears, select the average performance on the slide out, then click Apply.

All selected items now have the average performance forecast method.

Perhaps since earthwork doesn't yet have any progress recorded, you really meant the forecast method to be set to Current Budget.

To change the forecast method of an individual cost item, double-click in the forecast method field and select the appropriate method from the dropdown list-- in this case, Current Budget. Earthwork is now set back to the Current Budget forecast method.