Forecasting

Download Forecasting information brochure

Overview

The Link and Forecast module is a facility for forecasting quantities, values and resources, making use of estimating and valuation information, and the planning time from the program.

Integrating the Bill of Quantities with the Program

Candy has the unique ability to integrate the Bill of Quantities and the Program. Items from the Bill of Quantities can be allocated to the activities of a program. A bill item can be allocated to many activities, specifying the quantity allocated to each activity and where in the activity it is to be spread.

Forecasting the Bill and Resources

Once the link has been established, all the information related the Bill of Quantities can be forecast over time. The resulting information includes each bill item allocated to the relevant month. Similarly, each bill item is priced using resources, so Candy can allocate each of the resource quantities and values to the relevant months.

Summarising into With, What, Where (cost codes)

Link and Forecast can provide a very detailed level and huge amount of information. It is not always possible to generate the cost information to the same level of detail or accuracy. Candy can summarise bill items and resources into one or more cost codes to produce summaries based on either one or a combination of the cost codes. The three industry standard approaches to controlling a construction project are catered for, being resource based (with), location (where) and task orientated control (what).

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Forecasting the summary cost codes (when)

The link to the project schedule allows Candy to summarise data into what you are doing, with which resources, and where and when you use those resources.

Base forecast

Once an initial forecast has been agreed, it may be stored and locked for comparison with future performance on the project. The forecast may be updated at user defined intervals, based on historical data together with work that remains to be carried out.

Monthly Allowable

Each month the progress quantities against each bill item are entered in order to generate a monthly certificate. The monthly allowable can then be imported into the Link and Forecast module in order to compare to the monthly costs. Updating the Program will provide suggested progress quantities to the bill items each month.

Collecting Costs

On site, the costs would be collected against the various what, with and where cost codes in each period (when). The costs should be compared back to the allowable for each code on a monthly basis. The costs can be imported from a text file, which should be generated by your company costing system.

Forecasting Allowable

Once the Bill of Quantities and the Program have been updated, the remaining allowable can be calculated and spread across the remaining time.

Forecasting Costs

Factors or percentages may be entered against each cost code combination for each reporting period in order to forecast a cost to completion. If a trend is expected to change, future percentage figures may be altered as required.

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Engineering information

In addition to financial information, Candy also generates engineering information, such as total quantity of resources and total man-hours for the various cost codes. This information is vital for the engineering staff to make decisions on site.

Forecasting made simple

Once the unique link is established between the Bill of Quantities and program, forecasting over the duration of the project is made simple. A full analytical breakdown of the forecast can be completed easily, making the forecasting module very attractive. The bill of quantities and program will be updated on a monthly basis, which in-turn will automatically update the forecasting module.

Specifications

Linking the bill and program provides immediate forecasting
Detailed analysis of forecast
User defined cost codes describing with, what, where
Summary analysis at cost code level
Import of costs
Monthly allowable cost reconciliation
Remaining and final cost and value forecasts
Financial and Engineering information

Construction Computer Software

Candy: Forecasting