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Creating and Managing Forecasts

Forecasts are anticipated and realistic cost projections that might occur during a project lifecycle. Using forecasts helps you plan for all potential costs that may affect your project, ensuring the Final Forecast Cost is communicated with greater certainty. As your project progresses, the Forecast feature accounts for real-world circumstances, enabling a real-time Final Forecast Cost figure.

Key Concepts

Forecast Final Cost (FFC): The anticipated total cost of the project based on actual costs to date plus remaining forecasted costs.

Forecast Types: Mastt supports four distinct types of forecasts, each serving different project management needs.

Understanding Forecast Types

Uncommitted Forecasts

Uncommitted forecasts are cost estimates based on professional judgment rather than concrete data. These often reflect optimistic projections.

Example: An allowance of $10,000 for additional site preparation work that may be required.

Client Contingency

Budget amounts specifically reserved for management control and unforeseen work within the project scope. These provide financial flexibility at the client level.

Example: A Management Reserve/Defence Contingency of 10% ($100,000) held by the client to cover unexpected scope changes.

Project Contingency

Additional resources (capital, personnel, time) allocated beyond the Base Estimate or Schedule to account for inherent or contingent risks. Project contingencies help ensure the project maintains a desired confidence level for completion.

Example: A Project Contingency of 10% ($100,000) managed by the project team to address unknown conditions encountered during construction.

Risk-Based Forecasts

Forecasts derived from a replicable and proven risk assessment process, making their associated uncertainty more objective. These are specifically linked to identified risks in the Project Risk Module. You can learn about creating Risk Forecasts by clicking here

Example: Risk #10 "Design Risks" with an estimated impact of $10,000.

Step-by-Step Guide

Step 1: Accessing the Forecast Feature

  1. Navigate to your project
  2. Select the Cost in the Side Menu
  3. Click on the Forecasts tab

Step 2: Creating a New Forecast

  1. Click the + New Forecast button
  2. Select the appropriate Forecast Type from the dropdown menu
  3. Enter a descriptive name for the forecast
  4. Input the estimated amount
  5. Select the relevant budget category
  6. Add any supporting notes or attachments
  7. Click Save

Your new forecast will now appear in the forecasts list and be included in the Final Forecast Cost calculations.

Step 3: Updating Existing Forecasts

  1. Locate the forecast you wish to update in the forecasts list
  2. Click the Edit icon
  3. Update the relevant information
  4. Click Save Changes

The Forecast Final Cost will automatically recalculate based on your changes.

Best Practices

  • Review forecasts regularly, especially after significant project events
  • Document the basis for each forecast to provide transparency
  • Use different forecast types appropriately to maintain accurate project cost projections
  • Update forecasts promptly when new information becomes available
  • Consider both best-case and worst-case scenarios when creating forecasts
  • Close instead of deleting old forecasts. Closed forecasts do not impact your Forecast Final Cost, but you will still have a record of the Forecast to review.

Troubleshooting

Final Forecast Cost seems inaccurate

  • Symptom: The total forecast doesn't align with project reality
  • Cause: Outdated forecasts or missing cost elements
  • Solution: Review all forecasts to ensure they're current and comprehensive

Unable to create a specific forecast type

  • Symptom: The forecast type you need isn't available in the dropdown
  • Cause: Insufficient user permissions or project configuration
  • Solution: Contact your system administrator to verify your access level

Tips:

  • Create forecasts at the beginning of the project and refine them as you progress
  • Use risk-based forecasts for identified risks with quantifiable impacts
  • Review client and project contingencies monthly to ensure adequate coverage

Note: Accurate forecasting is essential for informed decision-making. Take time to develop realistic forecasts rather than optimistic projections.

Last Updated: March 21, 2025