Forecasts
Background
Forecast records (previously "drawdowns") provide a monthly spread of estimated construction contract expenditures on projects. Accurate forecasts enable CDOT to more effectively plan to use cash and deliver more projects.
Access: From the module menu, Costs --> Forecasts
Available reports: Project Forecast, Program Forecast and Snapshot (Single Calendar Year), Region CY Forecast and XPI
On this page:
Pre-Requisites
Forecasts require:
A project Schedule with a Construction task with a 'Construction' forecast code on that task.
A dollar value, which may come from:
The construction contract, less expenditures, once it is POST-AWARD.
Prior to POST-AWARD, the latest approved Estimate Capture record.
Job Aids
Job Aid - Generate and submit a Forecast record.pdfVideo references
Below is a supplemental video showing Step 2 of the process listed above. Not every step has a video. If you would like to see a video for a step but don't see one here, please submit a request through the website form.
Step 2: Confirm that you have an updated schedule record
Note: This video has no audio. If it's blurry, click the cog icon and select 1080p (HD).
FAQs
Below are some frequently asked questions. If you have a question but don't see it listed here, fill out a website help form and we'll add it.
I have a Form 65 but the value is not coming into PMWeb. Why not?
Check for this common misunderstanding:
The project Form 65 must have a watermark of POST-AWARD. At that point, the Proj'd to Complete column and Line 7 value will populate (NOT the Award column).
That Proj'd to Complete, Line 7 value is integrated into PMWeb Journal Entries.
Prior to the existence of that value, the latest approved Estimate Capture record value (construction contract only) will be used.
The button for editing my forecast disappeared! How can I view the forecast?
Once projections are approved, your "..." button disappears and you are unable to edit it again. You can still view your projection by following the instructions in the FAQ below, titled "How can I view an approved projection?".
Do I need to enter forecasts in both SAP and PMWeb?
No, you only need to enter forecasts in PMWeb. Once it's in there, you do not need to duplicate the forecast in SAP.
How can I view an approved projection?
Once your forecast is approved, you can view it in report form 2 different ways.
First way:
Click the button called "Project Forecast Projection Report" at the top-left of the forecast table
Click on the report you would like to view.
Click on the 👁 icon to view the report. This will open a new window. If you don't see it, check to see if it's minimized.
If necessary, click through to page 2.
Second way:
From your homepage, expand the blue navigation bar by clicking the carrot ">" under the PMWeb logo.
Then, click on "Costs". In the pop-up menu, click on "Forecasts".
Locate your forecast record and double-click on it.
Click on the arrow next to the Print icon in the top toolbar.
Select "BI Reporting".
Click on the report you would like to view.
Click on the 👁 icon to view the report. This will open a new window. If you don't see it, check to see if it's minimized.
If necessary, click through to page 2.
Do all my projects need a PMWeb forecast?
Nope! Enter a forecast for any project that has an expenditure of $500,000 or more in the calendar year 2023. If your project doesn't meet this criterion, you can leave it in SAP.
When do I need to update a forecast?
During any phase, generate a new forecast at major milestones, or if there is a change to scope, schedule, or budget. Examples of change triggers include:
The construction start and/or finish date(s) change
There is a change order for either more than 15% of the project cost or more than $500,000
During construction, generate a new forecast by the second Monday of each month.
Confirm: An Estimate Capture record exists if the construction contract is not POST-AWARD.
Contract award status determines what dollar amount is used to generate a project's forecast. This status can be seen on Form 65 with the "POST-AWARD" watermark.
Before the contract award, the dollar amount will come from the latest approved Estimate Capture record. Read more about the estimate capture record here.
After the contract award (POST-AWARD), the dollar amount will come from Form 65 and will be calculated as follows: Forecast to complete = Form 65 Line 7 Projected to Complete* MINUS Actuals MINUS Retainage.
