The budget is a core element of the overall project plan. It forms the basis for the planned expenditures over the duration of the project schedule, and organized into a hierarchy of structured cost codes, tasks and deliverables. The budget for each task is made up of any number of cost components such as labor hours, materials, fees, equipment, etc. Each of these will have an associated quantity and rate, which will form the expected cost to the project when that task is performed. It can also form the expected revenue to be billed when that task is performed or completed.

Project forecasting is a means for predicting future project outcomes. 4castplus provides automated tools to forecast either by a Calculated method or by a Predictive method. The calculated method analyzes project productivity metrics to-date, and uses a formula to predict how the project will play-out if that productivity rate continues. This method is known as: estimate to complete (ETC). The predictive method is more controlled by user input. Users set input parameters along with observable amounts remaining to instruct the system how to compute the forecast. This method is known as: forecast to complete (FTC).

Time-phased budgeting spreads the project’s costs over time to create a cash flow plan for the anticipated project’s spend forecast. 4castplus provides powerful tools for creating unique payment schedules that reflect the projected spend plan for each task. Project controls can then visualize planned value versus actual cost versus earned value over time in S-curve and other timeline reports. By synchronizing costs, revenues, and labor hours over time, 4castplus enables teams to anticipate resource needs, identify issues, and ensure financial stability throughout the project.

Frequent change orders and shifting project scopes can lead to budget instability and missed financial targets. 4castplus allows teams to track and analyze budget adjustments in real-time, compare baseline vs. current budgets, and forecast the impact of changes to maintain financial control and project success.

The baseline budget marks the agreed-upon starting point for the project to begin. When you “Baseline” the budget in 4castplus, the system will lock down the budget and schedule values at that point in time. The baseline can no longer be modified as it is a control point from which any scope changes to the budget, reflected by Change Orders, can be compared. The Current budget is the baseline plus any approved change orders. The current budget can only be modified by approved change orders.

Many construction projects exceed budgets due to inaccurate forecasting and unexpected changes. 4castplus provides real-time budget tracking, variance analysis, and automated forecasting to help teams stay ahead of potential overruns and make proactive financial decisions.