If you haven't already, be sure to check out the article on 'What is a Forecast and Forecast Type' before reviewing this article!
To create and add a Forecast, follow these eassssssy steps!
Step 1: To add a Forecast in the system, select ‘Add Forecast' from the tool bar; or; f
Step 2: The Add Forecast form will open and present fields for you to enter:
- Forecast Title: E.g. 'Risk 1: Design Risks' or 'Allowance for scope changes'.
- Type: E.g. Uncommitted, Risk Provision, Project Contingency, Client Contingency (read more about Types here!)
- Status: E.g. OPEN/CLOSE
- OPEN - An active Forecast that is included on calculations and charts across the Dashboard, Overall and Cash Flow!
- CLOSED - For record keeping! Doesn't show on calculations and charts - only appears in the Forecast register.
- Cost Plan/Location: Select where you'd like to nest this Forecast
- Starting Amount: E.g. $10,000
- Likelihood (%): E.g. 50%
- Current Amount: E.g. $5,000 ($10,000 x 50%!) Current Amount is the value whichis is included on calculations and charts across the Dashboard, Overall and Cash Flow!
Step 3: If at Step 1 you selected ‘Add Forecast’ from the tool bar, you'll need to select a location for the Forecast. Under the column 'Cost Plan' in the Add Forecast form, select where you'd like this Forecast to live. One benefit of
Note: Forecasts can be added against Budgets and Contracts only. Forecasts can't be added against Contract Schedule Items or Variations!
Step 4: Click 'Add Forecast' in the bottom right of the form when you're done.
Step 5: To view the Forecast's you've created, check out the list of all Forecasts on a project in the Forecast register, by clicking on 'Forecasts' in the top menu.
Step 6: View the Forecast on the 'Overall' screen, where you can unravel down to see the Forecast you've created. For more information how Forecasts affect the overall screen, check out this article here.
Step 7: Take a deep dive on the Forecast you've created by visiting the Forecast's Detail View