Project Budgeting and Forecasting
4castplus Project Budgeting and Forecasting brings key insight into project trends and detailed future project spend and consumption patterns. With its easy-to-use tools for measuring and adjusting, cost engineers can control spend predictions with accuracy and transparency.
The project budget is one of the essential cornerstones of project controls. With 4castplus, you can build your budget from detail estimates created using the 4castplus built-in Estimating solution, or alternatively import the estimate from an external tool. Once baselined, the estimate becomes the Project Budget; and 4castplus provides an abundance of tools for analyzing, progressing, forecasting, trending, cost capture and reporting against the budget. You can slice & dice your view of the budget from very detailed context of: Area, Phase & Workpackage level of the project – or alternatively view at a more high-level Program or Portfolio view your Program Budgets.
Budget Revisions (Re-Baseline)
4castplus supports the ability for you to revise the baseline budget in multiple incremental revisions. This is designed to support the natural evolution of larger projects that get defined in iterative cycles. This also supports the scenarios when changes need to be made to the baseline as a result of new information or change in initial scope. Not to be confused with a Change Order, budget revisions have a specific purpose for re-baselining an in-flight project. For more on the difference between Budget Revision and Change Order, check out this article.
Project forecasts are an integral part of cost controls and determining key performance indicators on a project. KPIs such as: Costs to Complete, Variances and how a project is performing to plan are vital metrics to capture and trend on a regular basis to achieve a successful project outcome. 4castplus forecasting is rich with features and reporting to enable full control and visibility into projects.
Using the powerful 4castplus Progress Measurement tools, cost controllers can generate Earned Value Management metrics to establish forecast values at all levels of the work breakdown structure. EVM delivers powerful insight into project performance, productivity and an early warning signs so that project controls experts can take corrective action. EVM calculates forecast values based on past performance. It utilizes progress measurements to calculate performance and predict remaining costs over a timeline.
Forecast CPI and Cost to Complete
Using calculated performance metrics such as CPI and ETC provide a calculated forecast based on historical performance. However, this may not always be an accurate indicator of what’s to come. Project controllers need a way to insert a forecasted CPI or ETC that will be more reflective of future performance. 4castplus provides powerful tools for entering forecasts of predicted costs to complete.
Provide your internal and external stakeholders the full picture of how your project is going to play out. Use historical performance to make key decisions on taking corrective action on forecasted productivity and performance. Don’t let the complexity of project controls on construction projects limit your ability to make an impact. Let 4castplus do the heavy lifting for you so you can focus on things that really matter.
Click here to read more about ETC forecasting versus FTC forecasting.
Time-Phased Budgeting and Timeline Reporting
All budgets are time-phased to the schedule in 4castplus. You can additionally enter your own time-phased algorithms at any level of the budget: including workpackage and resource. This enables you to produce elegant timeline reports for S-Curves, Resource Forecasts and much more.
Learn more about 4castplus Project Budgeting and Forecasting
To learn more about 4castplus Project Budgeting and Forecasting including Cash Flow Forecasts, Discipline Forecasts – Manpower Loading, and Project Progress and Performance Measurement, check out our project budgeting and forecasting key features page.