Project Cost and Forecast - Revision history

Siyuan wei at 16:53, 29 September 2023

2023-09-29T16:53:42Z

Siyuan wei at 16:53, 29 September 2023

2023-09-29T16:53:13Z

Siyuan wei: /* Fee Reporting */

2023-09-27T16:20:33Z

Fee Reporting

Siyuan wei: /* Fee Reporting */

2023-09-25T20:48:03Z

Fee Reporting

Siyuan wei: /* Forecast on Subcontract or Material Purchasing Cost Lines */

2023-09-25T20:44:34Z

Forecast on Subcontract or Material Purchasing Cost Lines

Siyuan wei: /* Forecast on Material (or Equipment) Cost Lines */

2023-09-25T20:20:01Z

Forecast on Material (or Equipment) Cost Lines

Siyuan wei: /* Forecast on Labour Cost Lines */

2023-09-25T19:58:34Z

Forecast on Labour Cost Lines

Siyuan wei: /* Forecast on Labour Cost Lines */

2023-09-25T19:56:00Z

Forecast on Labour Cost Lines

Siyuan wei: /* Forecast on Labour Cost Lines */

2023-09-25T19:55:26Z

Forecast on Labour Cost Lines

Siyuan wei at 19:40, 25 September 2023

2023-09-25T19:40:15Z

← Older revision		Revision as of 16:53, 29 September 2023
Line 1:		Line 1:
−	~~<blockquote>''For Costing and Forecasting, first and foremost refer to the Costing and Forecasting Course for how to forecast.''~~ The following items have been prepared in order to establish a set of rules or ‘tips and tricks’ to be implemented or followed on a monthly basis when preparing your cost reports. ~~</blockquote>~~'''For any of the below that needs further review or explanation, please direct questions to your Construction Manager. The following is presented in no particular order.''' Costing and forecasting on a project is essential for understanding the project financials, a true and accurate Project Cost and Forecast Report is critical for the company to predict company financial outlook and manage budget for the ongoing and upcoming fiscal year. This page explains general guide-lines on How-To of the Project Cost and Forecast in Viewpoint Job Cost: Cost Projection.	+	The following items have been prepared in order to establish a set of rules or ‘tips and tricks’ to be implemented or followed on a monthly basis when preparing your cost reports.
		+
		+	'''For any of the below that needs further review or explanation, please direct questions to your Construction Manager. The following is presented in no particular order.''' Costing and forecasting on a project is essential for understanding the project financials, a true and accurate Project Cost and Forecast Report is critical for the company to predict company financial outlook and manage budget for the ongoing and upcoming fiscal year. This page explains general guide-lines on How-To of the Project Cost and Forecast in Viewpoint Job Cost: Cost Projection.

	== Typical Monthly Forecasting Notes ==		== Typical Monthly Forecasting Notes ==

← Older revision		Revision as of 16:53, 29 September 2023
Line 1:		Line 1:
−	<blockquote>''For Costing and Forecasting, first and foremost refer to the Costing and Forecasting Course for how to forecast.'' The following items have been prepared in order to establish a set of rules or ‘tips and tricks’ to be implemented or followed on a monthly basis when preparing your cost reports. </blockquote>'''For any of the below that needs further review or explanation, please direct questions to your Construction Manager. The following is presented in no particular order.''' Costing and forecasting on a project is essential for understanding the project financials, a true and accurate Project Cost and Forecast Report is critical for the company to predict company financial outlook and manage budget for the ongoing and upcoming fiscal year. This page explains ~~the idea and reason behind the costing and forecasting on projects. For~~ general guide-lines on How-To of the Project Cost and Forecast in Viewpoint Job Cost: Cost Projection~~, navigate to [[Project Cost and Forecast: How-to\|here]]~~.	+	<blockquote>''For Costing and Forecasting, first and foremost refer to the Costing and Forecasting Course for how to forecast.'' The following items have been prepared in order to establish a set of rules or ‘tips and tricks’ to be implemented or followed on a monthly basis when preparing your cost reports. </blockquote>'''For any of the below that needs further review or explanation, please direct questions to your Construction Manager. The following is presented in no particular order.''' Costing and forecasting on a project is essential for understanding the project financials, a true and accurate Project Cost and Forecast Report is critical for the company to predict company financial outlook and manage budget for the ongoing and upcoming fiscal year. This page explains general guide-lines on How-To of the Project Cost and Forecast in Viewpoint Job Cost: Cost Projection.

	== Typical Monthly Forecasting Notes ==		== Typical Monthly Forecasting Notes ==

@@ Line 133: / Line 133: @@
 See below example:
 [[File:ProjectCostAndForecast-FeeReporting.gif|center|frame]]Once all steps are completed, you can commit the batch by following the example below:
-[[File:ProjectCostAndForecast-CommitForecastBatch.gif|center|frame]]
+[[File:ProjectCostAndForecast-CommitForecastBatch.gif|center|frame]]Once the batch is committed, you can refer to [[Report - Project Cost and Forecast]] on how to export report for submitting,

← Older revision		Revision as of 20:48, 25 September 2023
Line 132:		Line 132:

	See below example:		See below example:
−	[[File:ProjectCostAndForecast-FeeReporting.gif\|center\|frame]]	+	[[File:ProjectCostAndForecast-FeeReporting.gif\|center\|frame]]Once all steps are completed, you can commit the batch by following the example below:
		+	[[File:ProjectCostAndForecast-CommitForecastBatch.gif\|center\|frame]]

@@ Line 121: / Line 121: @@
 === Forecast on Subcontract or Material Purchasing Cost Lines ===
-Demonstrate the actual vs remaining, this is tied with the field progress tracking we did previously. Try change the remaining units, or hours, or cost directly. or change the over/under.
+Forecasting on the Subcontract or Material Purchasing line would be the simplest, as the "Actual Cost" + "Remaining Committed" + "Remaing (Cost)" = "Projected Final Cost". The only field you will be adjusting is the "Remaining", by increasing the value, you are indicating, there are additional risks in this scope that you are setting money aside against; by decreasing this value, you are indicating you are confident on this scope will complete with the Projected Total Cost.
-The Project Cost and Forecast module can be found under Job Cost section, it is called "JC Cost Projection".
+You have a "Buy Out" option, typically used in this type of cost lines, by clicking the "Buy Out" check box, you are indicating that the commitment and agreement has been made with the corresponding subcontractor and the values on this line will hold the value. This matters only when you use AutoCalculate option in Viewpoint.
-* If there is no open batches exist, you can create a new batch by select "Create a new batch", then select the Month of the '''Cost Occurred''', then click "OK".
+[[File:ProjectCostAndForecast-SubContractBuyOut.png|center|frame|Buy Out check box]]
-After doing this the window for Project Cost and Forecast will appear. For new batch, you will need to input the project number and select a date. This date determines the cut off date for the cost, typically you can set it to the last work day of the month your batch is opened at. The window will have the layout as below. the columns order on your screw might be different from what's shown here.
+=== Fee Reporting ===
-'''insert <pic>'''
+After you complete the forecast process on each line item (including cleaning up the negative remaining costs), at the bottom of the "JC Cost Project" grid area, you will see a number under "Over/Under" column. In Synergy, we treat FEE as a cost - meaning forecasting FEE line is just the same as forecasting on Subcontract lines. Deduct the number you see in at the bottom of "Over/Under" column to the "Remaining Cost" in the dedicated Fee Cost Line. It is easier to "zero out" the fee first and use the total number as your new Remaining.

@@ Line 97: / Line 97: @@
 === Forecast on Labour Cost Lines ===
 Forecasting on Labour Cost Lines relies on 3 elements:
-* remaining units - how many month/weeks remaining to this activity? or how many lineal feet of grade beam or wall left?
+* remaining units - how many month/weeks remaining to this activity? or how many lineal feet of grade beam or wall left? If the budget was uploaded correctly, and [[Progress Entry|progress has been entered]] for each reporting period, the remaining units should be auto-populated.
 * hours per unit - hour many manhours need to complete 1 unit?
 * cost per hour - what is the (blended) rate per hour for this activity
@@ Line 108: / Line 110: @@
 [[File:ProjectCostAndForecast-ForecastLabourDemo.gif|center|frame]]
-=== Forecast on Material (or Equipment) Cost Lines ===
+For example, on toilets, or garbage bins, the quantity required for each month is likely different, but you can use alternative measure such as "toilet-month", meaning 1 toilet for 1 month. for a 20 month project, if you need in total 100 toilet month, then you are average at 5 toilet per month. Lets assume by month 10, you have used 40 toilets month, and month 10, you have 6 toilets on site, then that means in month 10, you have used 6 toilet-month. If you are projecting the total project still going to use 100 toilet-month, then the remaining units will be 50 toilet-month, and cost per units will be how much each toilet cost (rental + cleaning) per month. Always use actual cost on material as it reflects the actual unit cost that has incurred on this project. it should show in the red box area below:
-=== Forecast on Subcontract Cost Lines ===
+=== Forecast on Subcontract or Material Purchasing Cost Lines ===
 Demonstrate the actual vs remaining, this is tied with the field progress tracking we did previously. Try change the remaining units, or hours, or cost directly. or change the over/under.

@@ Line 105: / Line 105: @@
 Those 3 items can be entered at these fields below. in the example shown, you can click on the arrow in the red box to rotate among different fields, such as Cost per Hour, to Hour per Unit.
 [[File:ProjectCostAndForecast-LabourForecast.png|center|frame]]
-It is important to check when is the payroll cutoff date, you can do this by examine the cost detail by clicking the {{Key press|Cost}} button in the orange box.
+It is important to check when is the payroll cutoff date, you can do this by examine the cost detail by clicking the {{Key press|Cost}} button in the orange box. see example below:
 === Forecast on Material (or Equipment) Cost Lines ===