What is a Forecast and Forecast Type?

Group 1649 A Forecast is an anticipated and reasonably realistic cost that might occur on a project. Ensure that you use Forecasts to help plan for all costs that may affect the project thus ensuring the anticipated final cost of the project, the Final Forecast Cost, is communicated with much greater certainty. As the project progresses, you can use the Forecast feature to take into consideration real-life circumstances, enabling a real-time Final Forecast Cost figure. 

Mastt handles four (4) types of Forecasts:

Type Description
Uncommitted Cost estimates based on opinion instead of data, often reflecting optimistic projections (e.g. Allowances, $10,000).
Client Contingency Budget amounts reserved for management control and unforeseen work within the project scope (eg. Management Reserve/Defence Contingency of 10%, $100,000).
Project Contingency Allocate additional resources (capital, resources, time) beyond the Base Estimate or Schedule to account for inherent or contingent risks, ensuring a desired confidence level (e.g. Project Contingency of 10%, $100,000.).
Risk Based on a replicable and proven process, making their associated uncertainty ‘objective’ (e.g. Risk #10 Design Risks, $10,000).

Note: Risk forecasts can be created in the Risk Module. Click here to view.

Need assistance? Click here to reach our support team. We're here to help!