Create uncommitted line items for potential changes, scope, work elements, risks, anything!
Create uncommitted line items for potential changes, scope, work elements, risks, anything!
Ensure accurate Final Forecast Cost / Estimate At Completion by using Mastt's Forecast & Uncommitted features:
Learn more about Forecast & Uncommitted in Mastt below. 👇
Forecasts or Uncommitted amounts are line items, scope, risks or anything - that has been allocated or identified as a cost to your budget, but has not yet been approved under a contract, purchase or expense. Listing Forecast & Uncommitted amounts against budgets is key to reporting an accurate Final Forecast Cost / Estimate At Completion.
Final Forecast Cost / Estimate At Completion = Actual Cost to Date + Remaining Committed Amounts + Forecast & Uncommitted
For thoroughness, note that:
Estimate to Complete (ETC) = Remaining Committed Amounts + Forecast & Uncommitted
Common challenges we see in managing forecast and uncommitted costs:
❌ Incomplete Cost Tracking: Failing to account for unapproved scope or future costs can lead to unexpected budget overruns.
❌ Fragmented Data: Collecting and consolidating uncommitted amounts into financial registers can be time-consuming and complex.
❌ No Risk Allowance: Realised or known risks need allowance. Failing to incorporate risks as uncommitted amounts will lead to budget overruns.
❌ Forecast Accuracy: Ensuring the accuracy of final forecast costs without comprehensive tracking can be challenging without detailed lists.
❌ Real-Time Updates: Keeping track of changes and updates to forecasted and uncommitted costs in real-time can be complex.
Mastt’s simple, easy to use tools make cost tracking easy:
🔷 Add Forecasts: Add line items to your cost tracker or budget for uncommitted amounts, risks or contingencies.
🔷 Connect to Risk Module: Turn 'on' risks to show up in the Mastt cost module as forecast type 'risk'.
🔷 Link Budgets: Connect forecast and uncommitted items to budgets.
🔷 Charts and Visualizations: Utilize built-in charts, tables, and visualizations to analyze forecasted and uncommitted costs.
🔷 Auto Reporting: Automatically generate charts, tables and visualizations for reports and dashboards from Mastt's extensive library of charts, tables and visualizations.
🟢 Track Thoroughly: Monitor all unapproved scope and future costs to ensure comprehensive financial planning.
🟢 Monitor Contracts: Close out forecasts and uncommitted amounts as work is committed under contract.
🟢 Real-Time Monitoring: Regularly update and monitor forecasted and uncommitted costs to reflect current project conditions.
🟢 Maintain Records: Keep detailed records of all forecasted and uncommitted costs for future reference and compliance.
Are you a Mastt user? For detailed information about this feature, please visit this Help Page article. You can also explore more articles at help.mastt.com.
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