Forecast Business Process
Use the Forecast business process to create and update a master project forecast, or to add one or more forecast adjustments. These forecasts become part of the overall project profile in the Cost Sheet.
Characteristics
This is a Project-level business process without a workflow, provided in the system template.
Record Statuses
Active | non-terminal status |
|---|---|
Approved | non-terminal status |
Discarded | non-terminal status |
Informal | non-terminal status |
Proposed | non-terminal status |
Scenario_1 | non-terminal status |
Scenario_2 | non-terminal status |
Scenario_3 | non-terminal status |
Scenario_4 | non-terminal status |
Scenario_5 | non-terminal status |
Related Processes
The Forecast business process might create the following business processes: Budget Change
The Forecast business process might be created by the following business processes: Not applicable
Creating a Forecast Record
Create a Forecast record by navigating to Budget Management / Forecast on the Project/Shell tab, or from the Tasks log on the Home tab or relevant Project/Shell tab.
Complete the Forecast form and attach related documents, if needed. After completing the form, click Save to create a record and keep it in editable mode, or click Submit if you are done and ready to commit the record.
Note: You must enter a value in all required fields (*) before you can save the form.
- Go to your Project tab and switch to User mode.
- In the left Navigator, select Budget Management, and then select Forecast.
- On the Forecast page, click Create. Refer to the tables below to complete the form. You can click Save at any time to create a record and keep it in editable mode.
- To add attachments, click Attach Files
on the Attachments tab. - After completing the form, click Submit.
Completing the Forecast Form
Key Information
Key information about this Forecast
Field Name | Access | Description |
|---|---|---|
Title | Editable | Enter a title. |
Amount | Read-Only | Total amount (sum of amounts for all line items) |
Forecast Type | Editable | This field lets you build, modify, and adjust the forecast record to track the changes over time. |
Forecast Category | Editable | Indicate a category of the forecast. |
Create a Budget Change on Approval? | Editable | If selected, the system automatically creates a budget change record after the forecast is approved. Note: The excluded line items are not included in the created budget. |
Forecast Version | Editable | This field is optional. In case a previous forecast has been rejected or canceled, increment the version in this field. |
Status | Required | Forecasts typically begin as Informal and move to Active after they are prepared for review. They will then move to Proposed before either being set to Approved or Discarded. You can also use the various Scenarios to compare different options. |
Description
Enter a scope description, assumptions, justification, and anything else needed for this Forecast.
Field Name | Access | Description |
|---|---|---|
Short Description | Editable | Enter a description of 250 characters or fewer. |
Detailed Description | Editable | The detailed information about the short-description field. The field size can be expanded. |
Financial Information
Financial impact of this Forecast record
Field Name | Access | Description |
|---|---|---|
A. Approved Forecasts | Read-Only | The total of all other forecast records to date |
B. Current Forecast / Adjustment | Read-Only | The current amount for the forecast, or after forecast, adjustment |
C. Revised Forecast (A + B) | Read-Only | Use this field to revise the forecast after approval. |
Record Information
System information about this record
Field Name | Access | Description |
|---|---|---|
Record Number | Read-Only | System-assigned record number |
Business Process Record URL | Read-Only | A shareable link to this record, for anyone with the necessary permissions |
Creator | Read-Only | Creator of this record |
Creation Date | Read-Only | Date that the record was created |
Record Last Update Date | Read-Only | Date that the record was last updated |
Due Date | Editable | Target completion date for this record. A default duration has been set by your administrator but can be overridden here for this record. |
Project Number | Read-Only | Unique Project Number |
Project Name | Read-Only | Name of the project |
Additional Information
The Forecast Additional Information block is reserved for future use by your organization.
Field Name | Access | Description |
|---|---|---|
Forecast Date Picker UDF 1 | Disabled | Reserved for future use by your organization |
Forecast Date Picker UDF 2 | Disabled | Reserved for future use by your organization |
Forecast Decimal UDF 1 | Disabled | Reserved for future use by your organization |
Forecast Decimal UDF 2 | Disabled | Reserved for future use by your organization |
Forecast Date Only Picker UDF 1 | Disabled | Reserved for future use by your organization |
Forecast Date Only Picker UDF 2 | Disabled | Reserved for future use by your organization |
Forecast Currency Amount UDF 1 | Disabled | Reserved for future use by your organization |
Forecast Currency Amount UDF 2 | Disabled | Reserved for future use by your organization |
Forecast Picker UDF 1 | Disabled | Reserved for future use by your organization |
Forecast Picker UDF 2 | Disabled | Reserved for future use by your organization |
Additional Notes
The Forecast Additional Notes block is reserved for future use by your organization.
Field Name | Access | Description |
|---|---|---|
Forecast Text 255 UDF 1 | Disabled | Reserved for future use by your organization |
Forecast Text 255 UDF 2 | Disabled | Reserved for future use by your organization |
Forecast Text 255 UDF 3 | Disabled | Reserved for future use by your organization |
Forecast Text 255 UDF 4 | Disabled | Reserved for future use by your organization |
Forecast Long Text UDF 1 | Disabled | Reserved for future use by your organization |
Forecast Long Text UDF 2 | Disabled | Reserved for future use by your organization |
Consolidating Line Items
Forecast line items can be consolidated from the following business processes:
- Budget Change
- Budget Transfer
- Change Order
- Change Request
- Contract
- Estimate
- Forecast
- Initial Budget
- Invoice
- Issue
- Journal Entry
- PO Amendment
- Potential Change Order
- Purchase Order
- Risk
- Work Release
Completing the Line Items tab
General
Specify a cost code for this Forecast line item.
Field Name | Access | Description |
|---|---|---|
Cost Code | Required | Enter a cost code. |
Code Name | Read-Only | Populates the code name of the selected cost code |
Budget Details
Enter the cost for this line item as a lump sum or a unit rate. Note that excluded lines will have their amounts zeroed out.
Field Name | Access | Description |
|---|---|---|
Line Item Cost | Editable | Cost for this line item. Note that excluded lines will have their amounts zeroed out. |
Amount | Read-Only | Amount of this record or line item. Equal to the Line Item Cost field unless the Exclude field is set to yes. |
Description
Enter additional information specific to this Forecast line item.
Field Name | Access | Description |
|---|---|---|
Short Description | Required | Enter a description of 250 characters or fewer. |
Detailed Line Item Description | Editable | Enter any additional information to the short description. This field can be expanded, if needed. |
Additional Information
Enter additional information specific to this Forecast.
Field Name | Access | Description |
|---|---|---|
Exclude? | Editable | Select Yes if you want to keep this line item in the record for informational purposes but exclude the amount. |
Spend Category | Editable | Select the spending category. |
Work Package | Editable | Select the Work Package that this item will roll up to. |
Last Published Monday, April 14, 2025