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Program: Forecast Report

Learning > Other Training > Forecast Report

Background

The Program: Forecast Report allows project managers and stakeholders to monitor project cost/budget variance, anticipate future costs, and assess budget alignment. The report summarizes the latest information available from approved Estimate Capture, Contract, and Forecast records.

Access:

On the Project Portfolio page, select In My Court. Next, find "Program: Forecast Report" from the Dashboard/Report Selection column.
From the Dashboard & Reports tab, select "Program: Forecast Report" from the Program Reports column.

Guidance

Report

The Forecast report displays the latest schedule and financial data used to generate the forecasts as well as shows the variance between the forecast values and the contract actuals.

The numbers in the list below correlate to the column headers in the Program: Forecast report, starting from the leftmost column and moving toward the right, as shown in the image above:

Project Name: Identifies the project and links to the associated Project Summary Report.
Project Status: Identifies the current status of the project.
Residency: Identifies the residency in which the project is located.
Estimate Capture: Latest Approved Record: Links to the project's most recently approved Estimate Capture Details report.
Estimate Capture: Latest Record Date: Identifies the approval date of the project's most recent Estimate Capture record.
Estimate Capture: Category: Identifies the category of the project's most recent Estimate Capture.
Estimate Capture: Latest Record Amount: Identifies the Total Cost Estimate (Pre-Construction & Construction) from the project's most recent Estimate Capture record.
Construction Contract: EXECUTED Amount (Form 65, Line 7): Identifies the original value of the project's executed contract.
Construction Contract: ACTUALS: Identifies the actual value of the project's expenditures.
Construction Contract: REMAINING: Identifies the difference between the Executed Construction Contract value and the Actual Construction Contract expenditures (Column 8 - Column 9 = Column 10)
Forecast: Latest Approved Record: Links to the project's most recently approved Project Forecast report.
Forecast: Latest Record Date: Identifies the approval date of the project's most recent Forecast record.
Forecast: Latest Record Amount: Identifies the Total Forecasted Cost Estimate (Pre-Construction & Construction) from the project's most recent Forecast record.
Construction Begin: Identifies the planned start date from the project's "Begin Construction" Schedule record milestone.
Forecast: Begin Period: Identifies the beginning of the project's most recent Forecast period.
Construction End: Identifies the planned start date from the project's "End Construction" Schedule record milestone.
Forecast: End Period: Identifies the end of the project's most recent Forecast period.
Remaining Forecast (Current Period to End Period): Identifies the remaining value of the forecast.
Variance ($): If EXECUTED construction contract exists, Variance = Remaining Forecast - Construction Contract Remaining. If NO EXECUTED construction contract exists, Variance = Forecast Amount - Estimate Capture.
Variance (%): If EXECUTED construction contract exists, Variance = (Remaining Forecast - Construction Contract Remaining) / Construction Contract Executed. If NO EXECUTED construction contract exists, Variance = (Forecast Amount - Estimate Capture) / Estimate Capture.
New Forecast Needed: Stoplight status indicator of Forecast variance.

Green = No new forecast needed
Yellow = Variance is less than -$500,000 or -15% (new forecast may be required)
Red = Variance is greater than +$500,000 or +15% (new forecast required)

Report Filters

Users have the ability to select one or more of the following project categories to filter the information being displayed in the report, filters are typically read and applied hierarchically from left to right and up to down:

Region: Make a selection in the dropdown to filter by the region with which a project is associated.

Program: Make a selection in the dropdown to filter by the regional program with which a project is associated.

Residency: Make a selection in the dropdown to filter by the regional residency with which a project is associated.

Project: Make a selection in the dropdown to filter by specific projects.

Group By: Make a selection in the dropdown to group the report by the selected criteria. (Status)

Forecast Exists: Make a selection in the dropdown to filter by whether or not a Forecast record exists for the project.

Click the "View Report" button after applying desired filters to update the report view.

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