Budgeting & Forecasting
Using InEight tools you can seamlessly manage your budget from creation through execution. Integrate across project areas, including scheduling and design, and track cost and revenue details with the most up-to-date information. At month end, prepare reports, analyze earned value, and update forecasts.
Explore the pages below to learn more about each step.
View Interactive Workflow:
Create original & current budget
With InEight tools, you can conform an estimate and publish it as the project budget. After that, you can prepare the budget for execution by setting up pay item earning rules and locking it. Finally, you can manage and track the budget across different project areas.
I - Create Budget from Conformed Estimate
This section covers how to conform an estimate in InEight Estimate and then publish it to InEight Control to be used as the project budget.
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II - Create and Align the Schedule
This section covers how to create a baseline schedule and align it with the budget.
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III - Set Up and Lock the Budget
This section covers how to prepare the budget for project execution, including setting up pay item earning rules and locking the budget.
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IV - Set Up Budget-Related Data in Other Tools
This section covers how the budget is managed and tracked across different areas of the project, including design work, subcontractors and vendors, and field execution.
View SectionPerform budget moves & manage changes
As changes to the project arise, you have multiple options to update the Current Budget, including creating issues to manage budget changes.
I - Perform Budget Moves
This section covers budget moves from one cost item to another which do not impact the total project budget (net zero moves).
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II - Manage Changes to the Current Cost and Revenue Budgets
The section shows an example of how to create an issue directly in InEight Change.
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Update budget & month-end close
As construction progresses, the project controller keeps the budget accurate and current, enabling informed decisions. At month’s end, the team reviews and validates data to prepare a report.
I - Update Budget with Actuals
This section covers how to keep the budget up to date as project execution progresses. This includes updates related to schedule, design, contracts and work claimed in the field.
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II - Month-End Close (Soft Close)
This section covers how to configure organization settings for month-end reporting.
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Analyze earned value & forecasts
The project team uses InEight Control to prepare the month-end report, ensuring an accurate view of the project’s health. While collaborating on the official Live Forecast, they incorporate additional data sources like updated schedule values, time-phased forecasting, and earned value metrics.
I - Analyze Earned Value and Forecasts
This section covers how to prepare the Live Forecast and reference time phased forecasts and earned value metrics.
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Close monthly cycle
At the end of this suspended period, the team has likely finalized actuals, processed payroll, documented accruals, and reviewed forecasts. With these tasks done, they can now generate reports to share with key stakeholders.
I -Close Monthly Cycle
This section covers how to configure organization settings for month-end reporting.
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