Forecasts are anticipated cost projections that help you plan for potential costs during your project lifecycle. Use forecasts to track uncommitted costs, set aside contingencies, and link cost impacts to identified risks.
Before you start
- Gather the supporting documentation for your forecast estimates.
- Identify the appropriate forecast type for your cost projection.
Choose a forecast type
Mastt supports four forecast types. Select the type that matches your cost projection.
| Type | What it is | Example |
|---|---|---|
| Uncommitted Forecast | A cost estimate based on professional judgement for potential work not yet committed. | A $10,000 allowance for possible site preparation work. |
| Client Contingency | A budget reserve held by the client for management control and unforeseen work. | A 10% management reserve ($100,000) for unexpected scope changes. |
| Project Contingency | Additional resources beyond base estimates for inherent project risk, managed by the project team. | A 10% allocation ($100,000) for unknown construction conditions. |
| Risk-Based Forecast | A forecast derived from risk assessments and linked to identified project risks. | A design risk (Risk #10) with a $10,000 estimated impact. |
Tip: You can edit a linked risk from the Forecast register: click the Action button (three dots) and select Edit Risk or Go to Risks.
Create a forecast
- Go to the Cost module in the side navigation.
- Select the Forecast tab.
- Click + Add Forecast.
- Enter a descriptive title in the Title field.
- Select the forecast type from the Type dropdown.
- Select the forecast status from the Status dropdown (see the table below).
- Enter the estimated cost in the Starting Amount field.
- Enter the probability of the cost occurring in the Likelihood (%) field.
- Select the relevant budget from the Budget field. The budget you select decides where the forecast sits in your financial hierarchy.
- Enter explanatory notes in the Notes section.
- Click the Attachments area to upload supporting documents.
- Click Add to create the forecast.
| Status | What it means |
|---|---|
| Open | Counts towards your financial reports and integrates into your Forecast Final Cost (FFC) calculations. |
| Draft | Has no impact on your Forecast Final Cost (FFC) or financial reports. |
| Closed | Has no impact on your Forecast Final Cost (FFC) or financial reports. |
The Current Amount is automatically calculated from the Starting Amount and Likelihood (%).
Note: Review forecasts regularly and update them when new information becomes available. Enter your reasoning in the Notes field to maintain an audit trail.
Troubleshooting and FAQs
Can I change the forecast type after I create the forecast?
Yes. See How to Edit and Delete Forecasts for instructions on updating forecast details.
Why does the Current Amount show a different value to the Starting Amount?
The Current Amount is automatically calculated by multiplying the Starting Amount by the Likelihood (%). For example, a $25,000 Starting Amount at 75% Likelihood gives a Current Amount of $18,750.
Need help?
Contact Mastt Support for additional assistance with forecasts.