New Project Budget/Forecast Versions

Explanation

This activity is used to create a new budget/forecast version for a project.

Prerequisites

• A project must exist.
• A budget/forecast type must be setup in Project Basic/Forecast Types.
• The Cut-Off Date to be specified on the project budget/forecast version should reside on an accounting period that exists for the user's company.
• When copying a budget/forecast version from a project the project you are copying from should not have any mandatory code part demands.
  If any mandatory code parts have been set and there are values that are copied from a project that are missing values for these code parts, then no lines will be created in the budget/forecast.

System Effects

• A budget/forecast version of the specified type is created.

Window

Project Forecasts
Project Forecast Info
Projects
New Project Forecast

Related Window Descriptions

Project Forecasts
Project Forecast Info
Projects
New Project Forecast

Procedure

Use the following procedure to create a new budget/forecast version using the New Project Forecast Assistant:

1. Open the Projects or Project window and query for the project on which you want to create a budget/forecast.
2. Right click on the window and select Create Forecast. The first step of the New Project Forecast Assistant opens up. Note: This assistant can also be opened from the IFS/Navigator in which case the project for which the budget/forecast should be made should be selected using the List button for the Project ID field.
3. Select the Forecast Type field and use the List button to select a predefined budget/forecast type.
   
   Note: If the budget/forecast version being created is of the same budget/forecast type as an existing version, the forecast type of the existing budget/forecast version will be inherited into this field.
    
4. Enter a description of the version you plan to create in the Version Description field.
5. Enter a valid Accounting Period and Cut-Off-Date. These values will be referenced later on when creating snapshots on a particular project forecast version.
6. Select the Create Snapshot check box, if it is required to create a snapshot of the forecast version. Depending on the need for monitoring the data it can be created as a snapshot without or without details or linked to the project connected objects. Click the relevant Snapshot With Details, Snapshot Without Details or the Live View option according to your requirement.
7. In the Snapshot Matching field, select the default option for the calculation rule on the new forecast when connecting and matching snapshots. It can either be EAC Recalculated or ETC Recalculated option.
8. In the Copy area select the appropriate From Forecast or From Project check box to specify how you want to copy data. If the Copy check box is not selected, an empty forecast will be created.
9. In the Note field, enter a note, if required, about the budget/forecast version being created.
10. Click Next or Finish depending on your selection for Copy check box.

If the From Forecast option is selected and Next button was clicked the Copy From Forecast step will be displayed:

11. You can modify the budget/forecast version from which you want to copy by using List button on the the Forecast Type field.
12. Select the Copy and Include CCO Connections check box if it is required that the contract change orders that are connected to the source budget/forecast should be copied to be connected also to the new budget/forecast.
    Note: If you press the Connections button and in the Forecast Connection dialogue select contract change orders to be included in the budget/forecast version and then press OK the Copy and Include CCO Connections check box will be selected by default.
13. Select the Copy and Include Resource Forecast Connections check box if it is required that the resource forecasts that are connected to the source budget/forecast should be copied to be connected also to the new budget/forecast. Resource forecast connections can however only be copied to the new budget/forecast if the cut off dates are the same
    Note: If you press the Connections button and in the Forecast Connection dialogue select a resource forecast to be included in the budget/forecast version and then press OK the Copy and Include Resource Forecast Connections check box will be selected by default.
14. In the Forecast Version field, use the List button to modify, if required, the budget/forecast version from which you want to copy.

          Note: If the budget/forecast version being created is of the same budget/forecast type as an existing version, the record of the existing budget/forecast version will be inherited into the From Forecast group of fields.

13. Clear the Copy Approval Routing check box if it is required that the approval steps defined on the approval routing of the source budget/forecast not be copied to the new budget/forecast.
14. Clear the Copy Cost/Revenue Spread check box if it is required that the cost/revenue spread on the source budget/forecast should not be copied to the new budget/forecast. If selected, decide whether it should be the Complete spread or From Cut Off Date.
15. Clear the Set ETC check box if it is required that the ETC field of the forecast lines are not to be calculated based on previous forecast. If this check box is selected then select one of the three options, based on your requirement:

 
• Leave ETC Empty: No values will be inserted into the ETC field of the new forecast version.
• Set ETC Based on Previous EAC: The EAC of the previous version is copied as the EAC of the new forecast version. The ETC will then be calculated to be the difference between the EAC and the cost or revenue until the snapshot date and time.
• Set ETC Based on Previous ETC: The ETC of the previous version is copied as the ETC of the new forecast version. The EAC will then be calculated to be the sum of the EAC and the cost or revenue until the snapshot date and time.

If the From Project option was selected and Next button was clicked the Copy From Project step will be displayed:

11. Clear check box Cost or Revenue if it is required that cost or revenue is not be copied to the new budget/forecast.
12. Select what type of Cost (Estimated, Planned or Baseline) or Revenue (Estimated or Planned) that should be copied and on what Level (Project, Sub Project or Activity).
    
    Note: If Baseline is selected, baseline cost will be copied from the project to the EAC column in the budget/forecast. Option to copy values from a baseline will only be available when the following conditions are fulfilled:
     
    • project has a baseline
    • multi-currency budgeting is not in use
       
13. Click Finish.

Use the same procedure to create a new budget/forecast version using the Project Forecast or Project Forecast Info windows. You can also create a new budget/forecast version from the Project window. Query for project and open the Project Forecasts or Project Forecast Info windows.