Load and Enter a Forecast for a Job

Overview:

The Forecast Entry process is used to review and update the Forecast in PENTA.  By Default, each Cost Type requires a forecast calculation method to be used during revenue recognition, in case a forecast is not posted for a period.  The window provides a forecast to be loaded under various methods, and once loaded, each costcode estimate can have a forecast posted, if needed.

Benefits:

• Provides ability to see all costcodes or limit to specific costcodes that need to be updated to streamline forecast effort
  • Review Costcodes that are X% complete based on Estimate
  • Review Costcodes that had activity in:
    • Actual Cost
    • Estimates
    • Commitments
    • Completion %
    • Costcode Status
• Various Forecast methods:
  • Use prior forecast
  • Use the system calculation rules
  • Forecast based on maximum of:
    • Actual Cost
    • Estimated Cost
    • Commitments
    • Anticipated Cost
    • Prior Forecast
• Allows multiple forecasts to be posted during a period.  Revenue Recognition uses the most recent posted forecast
• Forecast at Complete or Forecast to Complete methods can be used

Roles:

• Project Manager/Coordinator
• Controller

Additional Content

• For best results, ensure the following information is current in PENTA before entering a forecast:

  • Actual costs
  • Estimates
  • Subcontracts
  • Purchase orders
  • Anticipated costs
  • Change requests
• /wiki/spaces/KCSDEV/pages/5551399

Location:

• Project Management > Forecast Completion Information > Forecast Entry
• Project Management > Inquiries > Project Review & Forecast Entry - Forecast Entry button

Video: