Estimate Business Process
Use the Estimate business process to create multiple project estimates, which can then be consolidated into the project's Initial Budget. Multiple scenarios can be built and compared.
The ORACLE PROJECT TEMPLATE includes an Estimate cash flow curve. Project Managers, Project Administrators, and Project Coordinators who have the necessary permissions can use the Master Schedule activity sheet to populate cash flow dates. The summarized Estimate amount will come from the Approved Estimates column on the Project Cost Sheet. Predefined distribution curves are available, or costs can be spread manually. Using the Estimate cash flow curve facilitates capital planning before an Initial Budget is created, which subsequently creates a Forecast cash flow curve.
Characteristics
This is a Project-level business process without a workflow, provided in the system template.
Record Statuses
| Status | Resulting State |
|---|---|
| Approved | terminal |
| Active | non-terminal |
| Discarded | non-terminal |
| Informal | non-terminal |
| Proposed | non-terminal |
| Scenario_1 | non-terminal |
| Scenario_2 | non-terminal |
| Scenario_3 | non-terminal |
| Scenario_4 | non-terminal |
| Scenario_5 | non-terminal |
Related Processes
The Estimate business process might create the following business processes: Initial Budget
The Estimate business process might be created by the following business processes: Project Request (Note that this is created through use of BP Data Transfer.)
Creating an Estimate record
Create an Estimate record by navigating to Budget Management / Estimate on the Project/Shell tab, or from the Tasks log on the Home tab or relevant Project/Shell tab.
Complete the Estimate form and attach related documents, if needed. After completing the form, select Save to create a record and keep it in editable mode, or select Submit if you are finished 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 Estimate.
- On the Estimate page, select Create. Refer to the tables below to complete the form. You can select Save at any time to create a record and keep it in editable mode.
- To add attachments, go to the Attachments tab, and select Attach Files
.
- After completing the form, select Submit.
Completing the Estimate Form
Key Information
Key information about this Estimate record
| Field Name | Access | Description |
|---|---|---|
| Title | Editable | Enter a title. |
| Amount | Read-Only | Amount of this record or line item |
| Estimate Type | Editable | The type of the estimated budget |
| Estimate Category | Editable | The category for the estimated budget |
| Create an Initial Budget on Approval? | Editable |
If selected, the system automatically creates an initial budget record after the estimated budget is approved. Note: Excluded line items are not included in the initial budget record. |
| Estimate Version | Editable | This field is optional. If a previous budget estimate has been rejected or canceled, increment the version in this field. |
| Status | Required | Estimates typically begin as Informal and move to Active after they are prepared for review. They then move to Proposed before either being set to Approved or Discarded. After the Estimate is set to Approved, it can no longer be changed. You can also use the various Scenarios to compare different options. |
Description
Enter a scope description, assumptions, justification, and anything else needed for this Estimate.
| 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. |
Estimate Units
Use the fields below to specify how this Estimate will be built. The selections here will be used for new line items that are added but can be changed per line item. The Project Total GSF and NASF are included for information purposes.
| Field Name | Access | Description |
|---|---|---|
| Project Total GSF | Read-Only | The total Gross Square Footage (GSF) of the areas involved in the project scope |
| Project Total NASF | Read-Only | The total Net Assignable Square Footage (NASF) of the areas involved in the project scope |
| Unit of Measure | Editable | Enter the Unit of Measure used for the Unit Quantity and Cost Per Unit amounts. |
| Unit Quantity | Editable | Unit quantity to be used to calculate the Cost Per Unit for this record |
| Cost per Unit | Read-Only | The total cost divided by the unit quantity for this record |
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 |
Currency
If the currency of this Estimate is different from the project currency, specify it here.
| Field Name | Access | Description |
|---|---|---|
| Transaction Currency | Editable | If there are multiple currencies defined, use this field to specify a currency other than the project currency. |
| Rate in Project Currency | Read-Only | Exchange rate that should be used to calculate the Project Currency Amount. This will be set after the record is saved, submitted, or sent forward in the workflow. After it is set for a record, it cannot be changed. |
| Project Currency Amount | Read-Only | This field shows the amount of the transaction, according to the project currency. |
Consolidating Line Items
Estimate 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 Estimate 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 |
|---|---|---|
| Item Quantity | Required | Enter the item quantity. |
| Unit of Measure | Editable | The default unit of measure used for any line items that are added to this record |
| Item Unit Cost | Required | Enter the item unit cost. |
| Amount | Read-Only | Amount of this line item |
Description
Enter additional information specific to this Estimate line item.
| Field Name | Access | Description |
|---|---|---|
| Short Description | Required | Enter a description of 50 characters or fewer. |
| Detailed Line Item Description | Editable | Enter additional detailed information about the line item description field. |