Forecasting has undergone numerous improvements to enable increased options for defining how items can be forecasted.
2.1 The Forecast Budget
The Forecast Budget now has complete capture of all forecasts made. It now includes summary-level forecasts (lump-sum) as well as resource-level forecasts.
The forecast budget is now defined as Actual Cost + Forecast-to-complete. This is now aligned with ETC so that the two can be used in tandem to compare the theoretical result (ETC) with the forecasted result (FTC).
The Forecast Budget will now always be equal to EAC Forecasted.
2.2 Progress Measurements and Forecasts
Similar to previous behavior, forecasts are entered and submitted as part of progress measurements. What’s new in this release, is that forecasts are preserved from one progress measurement to the next.
2.3 Resource Forecasting
Resource-level forecasts have now been extended to enable greater flexibility and features in Time-Phasing, rate revisions and updates to FTC. A forecast therefore, can be a combination of one or more of the following:
- Changes to FTC quantity
- Changes to time-phasing
- Changes to cost and/or billing rates
2.3.1 Changes to FTC Quantity
Similar to previous behavior, users can still enter an FTC quantity that is greater or less-than the Remaining quantity.
The FTC (forecast to complete) of any resource item can now be time-phased as part of the forecast. This is regardless of whether there is a forecasted variance (i.e. change in quantity). The item can be time-phased whether it was estimated by resource class or by named resource.
2.3.3 Changes to FTC Rates
There is now a new popup window that enables users to modify cost and/or billing rates of the FTC quantity. Rates can be changed even if the FTC quantity was not changed. Changes in rates are now applied to the full FTC quantity – previously they were only applied to any forecasted variance (i.e. forecasted VAC).
2.3.4 Forecast Reporting
All reports that have forecast values or forecast charts now fully reflect any and all of the above forecasting entries.
The “Forecasted ETC” field is now available in the Progressing > Progress Import file