Forecasts

Background

Forecast records (previously known as "drawdowns") provide a monthly spread of estimated construction contract expenditures on projects. Accurate forecasts enable CDOT to plan expenditures and deliver more projects more effectively. 

Access: This record is located in the Costs module of PMWeb.

Related Pages: Project Schedule, Estimate Capture

Job Aids

The following job aids and reference guides are relevant to Forecast records:

• Generate and Submit a Forecast

• Adjust Projections Manually

To request additional training or documentation, please submit a Help Request in PMWeb. 

Curve Types

Back Loaded Curve - the allocation is weighted toward the end of the cash flow projection range dates.

Bell Curve - the allocation follows a symmetrical bell curve between the cash flow projection range dates.

Front Loaded Curve - the allocation is weighted toward the beginning of the cash flow projection range dates. 

Linear Curve - the currency value is allocated by the number of days in each month, between the start and finish dates. 

Modifying Forecasts

Any forecast can have the monthly estimates modified but the editor is responsible for ensuring all monthly estimate values total the total contractor estimate. 

Projects with shutdowns must be edited from the curve types available. When adjusting monthly totals, be sure to redistribute values.  

Report Guidance

The Project Forecast, Portfolio Forecast and Snapshot (Single Calendar Year), and Region CY Forecast and XPI reports are available for this record in "BI Reporting".

Workflow Guidance

Once the submitter sends the record to Workflow, PMWeb automatically approves the record. The record's status changes from Draft to Approved. After PMWeb approves the record, the submitter will be unable to edit the record. 

FAQs

Why is my Form 65 value not showing up in the Forecast record?

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. 

How can I edit my forecast if I wanted to adjust the start or end dates of the forecast drawdown projections?

To edit the forecast projection:

1) Click on the ellipses button (...) in the "Projection" column.

2) Delete all existing lines by clicking on the first line item in the resultant window and while holding down the Shift key on your keyboard, clicking on the bottom line to select all lines. Then click on “Delete” in the table toolbar. Repeat as necessary to delete all lines on all pages.

3) Adjust the parameters in the window header and re-generate the projections. 

4) Edit the line items in the projection table as needed and then click on “Save” in the table toolbar. Remove or add additional lines to delay or extend forecast drawdowns.

5) Close the window by clicking “x” in the top right corner.

6) In the Forecast record header section, check the box for “Auto-Projection Override”. 

 See the Adjust Projections Manually job aid for more details.

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?".

How can I view an approved projection?

1)

• 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.

2) 

• 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.

When do I need to update a forecast?

During preconstruction activities, 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. 

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.

I use multiple PMWeb schedules for my project. What can I do to make sure my project is set-up for forecast projections? 

• Ensure that the "Set As Project Schedule" checkbox is checked in the Schedule record you wish to use for forecasting. The other projects will be ignored from the forecasting process. 

• Verify that milestones and the Construction schedule task include the correct project code. 

• Make sure the project schedule is current by the 2nd Monday of the month. 

Does PMWeb have customized Distribution profiles like the Spendometer offers for SAP? 

Today, Engineering PMs or assigned staff select from Linear, Bell, Front-loaded, or Back-loaded curves. The ability to customize the monthly expenditures after the system generates a forecast is also available for staff entering Forecast record information. 

How can I find out more information about PD 703?

• Consult with your Business Office or PMO Rep. 

• As relates to PD 703, the CMO thresholds are as follows for different levels of approval or advice:

  • • Greater than or equal to 15% and greater than or equal to $500,000; or 2) greater than or equal to $5,000,000 above the original approved amount

    • 10% or greater and between $250,000-$500,000 above the original approved amount; or 2) Less than 15% and between $500,000 and $4,999,999 above the original approved amount

    • Less than $250,000 above the original approved amount; or 2) less than 10% and between $250,000-$499,999 above the original approved amount