Forecast Subcontractor Work
As Project Controller, it can be very challenging to collect vendor information from your project teams and ensure it includes the most recent changes.
Use InEight Control to collect project information from multiple vendors and represent it in the forecast.
Watch the following video to learn about forecasting with InEight Control:
Forecasting Methods
When forecasting vendor information, you can choose between two forecasting methods:
Committed Cost Forecast
Your committed cost represents the total cost you are under contract for with your subcontractor.
In InEight Control, your Committed total cost can update automatically from InEight Contract if you have that setting turned on. Or you can have your Committed total cost update automatically from your ERP system. If your committed cost values come from an ERP system, you’ll likely use this method.
Using the Committed Cost forecast method, you can compare your Forecasted total cost to your Committed total cost to see if you are spending more than you had committed. Notice in the example below, the Forecast total cost is more than the Committed total cost. This would likely prompt you to look into why more cost has been paid out to the subcontractor than originally planned.
Contract Forecast
This method pulls the cost that is associated to a specific cost item from Contracts. This includes any anticipated or potential change orders for the contract.
If you have all your vendor information in InEight Contract, this method gives you the benefit of automatically including any anticipated or approved change orders in the forecast total cost.
In the HVAC and Plumbing example below, because the Contract forecast method is selected, the Forecast total cost includes any potential change orders even though they are not yet contributing to the Committed total cost. This can give you a more up-to-date and accurate forecast for your vendor work.
