Budgeting & Forecasting

Establishes the baseline project budget in IFS Cloud by rolling up expected costs and revenues into budget/forecast lines and setting one version as the Active Budget. The budget can be managed at any WBS level and optionally at CBS level, with amounts spread across accounting periods using spread profiles, and once active can enforce budgetary control over procurement transactions.

Predicts remaining and total project cost in IFS Cloud by assessing Estimate to Complete (ETC) and Estimate at Completion (EAC) using real-time progress captured through project snapshots. The EAC Workbench builds EAC from the Active Budget with Budget Transfers, Estimated Budget Changes and Estimated Future Commitments, then copies finalized EAC values to the project forecast.

Forecasts project revenue in IFS Cloud by building revenue ETC/EAC on the project forecast and EAC Workbench, drawing planned revenue from objects such as invoicing plans and sales contract lines and incurred revenue (preliminary and posted) via snapshots. Revenue EAC is calculated from planned revenue plus estimated future commitment and connected contract change orders.

Manages the lifecycle of multiple forecast versions and a single Active Budget in IFS Cloud, from Preliminary through line-level Confirmed status to forecast Approved via direct owner approval or a predefined approval routing. Approved forecasts can be promoted to the Active Budget, and periodic reviews create new versions from prior ones or from snapshots.

Defines the cost/revenue element catalog and Cost/Revenue Breakdown Structure (CBS) that underpin project budgeting and forecasting in IFS Cloud. Cost/revenue elements are user-defined categories set per company and derived onto transactions through posting control, while the CBS organizes elements into a hierarchy connected to projects for structured cost/revenue analysis.

Builds the tender cost estimate and elemental cost plan for a construction opportunity in IFS Cloud, working from measured quantities, resource libraries and subcontract enquiry returns. Direct works, subcontract packages, preliminaries, risk allowance, inflation and overhead and profit are assembled into a priced estimate whose accuracy is declared against a recognised estimate class. The approved estimate becomes the cost basis of the Sales Quotation and, on award, the baseline budget of the Project.