The repair forecaster is a tool used to forecast repair expenses to determine if you repair costs are over budget or under budget and by how much.
The repair forecaster provides a powerful way to analyze expenses paid to date and forecast the total projected costs for each scope of work. Utilizing the repair cost budget created with the repair cost budgeter, the repair forecaster determines the over/under for each scope of work based upon the % complete.
What is the repair forecaster?
The repair forecaster is a tool used to forecast the cost to complete the project and determine if the repairs will be over or under budget.
How does the project forecaster work?
The repairs forecaster uses the repairs budget as a cost baseline, expenses spent to date and % complete to forecast repairs costs . The budget and expense information comes from the repair budgeter and the expense tracker.
Projected Cost = Expenses to Date / % Complete = Projected Cost to Complete
Budgeted - The budgeted column is the cost that was budgeted for that scope of work which is pulled from the repair cost budgeter.
Spent to Date - The spent to date column is the cost that has been spent to date for that scope of work which is pulled from the expense tracker.
% Complete - % complete is a commonly used project cost forecasting technique that uses the expenses to date and estimated completion % to determine the projected cost to complete.
Projected Repair Costs - The projected repair costs column is based upon the amount spent to date and the estimated % complete to determine the cost to complete & total projected cost.
Financial Projections Report