Feature

Forecast & Uncommitted

Create uncommitted line items for potential changes, scope, work elements, risks, anything!

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Forecast & Uncommitted

Create uncommitted line items for potential changes, scope, work elements, risks, anything!

More about this feature

Forecast & Uncommitted in Mastt

Ensure accurate Final Forecast Cost / Estimate At Completion by using Mastt's Forecast & Uncommitted features:

  • Uncommitted Amounts: Add uncommitted amounts for scope, risks, or future costs for accurate reporting.
  • Real-Time Tracking: Bring together uncommitted amounts with budgets, contracts, variations & payments in single, streamlined table.
  • Auto Reporting: Create dashboards, reports and more from Mastt's extensive library of charts, tables and visualizations.

Learn more about Forecast & Uncommitted in Mastt below. 👇

What are Forecast & Uncommitted amounts?

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

Challenges with Managing 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.

Forecast & Uncommitted Features

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 contigencies.

🔷 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.

Line forecasts for uncommitted amounts or risks directly to budgets.

Best Practices for Forecast & Uncommitted

🟢 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.

Step by Step Guides

Are you a Mastt user? Find detailed help articles by visiting help.mastt.com.

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