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Forecasting Reports (Projected Burn)

There are a few places where forecast reports can be accessed, with slightly different views available. At a high level, the reports provide the following information:

  • The amount which is forecast to be invoiced 
  • Access to the change log where details of forecast changes can be viewed
  • The projected "burn" for the month (burn = worked effort + value of resourcing)
  • The delta between forecast amounts and projected burn

Forecasts can not be edited from any of the reports, with forecasts being managed from the forecast screen for an individual project.

Before covering the three forecast screens, it is important to cover off some key concepts which are common to all reports. The project forecasting report, company forecasting report and forecasting report for an individual company are based on the same set of data and calculations, but are sumamrised/grouped to a different level of granularity.

Covered in this article are:

Key concepts common to the forecasting reports

Projected Burn

A key concept to understand is Projected Burn as it is an important part of the forecast reports. It is calculated the same way across each of the reports.

Projected Burn is used to predict the value of work that will be recorded on a project in a month. It is calculated as: 

Worked + Resourced = Projected Burn

  • Worked is the value recorded in timesheets
  • Resourced is the value of resourcing remaining to the end of the month

The current week portion uses a mix of time entries and the balance of any remaining resourcing.


The calculation for each projected burn can be seen by hovering over the figure in the projected burn column. As well as showing the worked and resourced values it also shows the total value worked for the month (which includes work effort fro the current week). 

The "resourced" part of the calculation takes into account the rates which are most likely to apply to the work that each person will do. This is achieved by multiplying the hours resourced by the timecode rate. 

The timecode rate to be used is determined in the following order:

  1. The weighted average of all timecodes which are assigned to each user
  2. The rates set on the Rate Card for the project
  3. The rates set on the Currency Default Rate Card
  4. The users current posting rate

Pro  Tip: You can see how a rate is established for calculating projected burn on the project resourcing screen. Hover over the rate to see where the rate has been drawn from.

Delta between forecast & projected burn

The Delta is used to identify where there is a difference between what the services forecast to be invoiced and the expected value of effort to occur in the month. 

To ensure the delta is accurate it needs to take into account any accruals (where work and invoicing will be done in different months) and any services discounts which are given. This makes the calculation look more complicated than it actually is... The calculations are:

  • Services Forecast - Projected Burn  = Delta
  • (Services Forecast - Projected Burn) + (Accrual - Discount) = Delta   (takes into account accruals and discounts) 

The various components of the calculations are made up of:

  • Services Forecast is the value forecast against services modules, including any services discounts
  • Projected Burn is the value of worked + remaining resourcing
  • Accrued is the balance of any accruals into (and out of) the month, against services modules
  • Discount is the value of any forecasts against modules with a services discount GL Code

Future forecasting

The forecasting screens are focused on a single month to help validate that forecasts align to the worked + resourced effort. The screens do also provide a high level forward view, showing the total forecast for all future months. The future forecasts are shown to the right of the table, providing an indication of expected future revenue for projects and companies.

If you change the month that the report is for the future forecast amounts will update accordingly.

Graphs and summary data

Each of the report screens includes graphs and summary data. The graph combines a forecast worm tracking alongside work effort and resourcing. The forecast worm is updated each day with a snapshot of the forecast amount for each project, which shows how forecasts change over the course of a month.

All information shown (including the graph and summary data) on the report screen is based on the filtered criteria. By filtering to an office, account manager, or project manager you can focus on a portfolio of work. 

Graph

  • The graph plots the total forecast amount for each day of the month (light purple line)
  • The value worked (in timesheets) up to the current date (dark purple line)
  • The cumulative value or resourcing through to the end of the month (green line and shaded area)

Summary Data

To support the graph, totals are shown for Worked, Resourced, Forecast, and Invoiced.

Worked + Resourced Forecast Invoiced
Projected Burn is the value worked to date + remaining resourcing Services is the total value forecast against services budgets. Services is the total value invoiced against services budgets.
Worked is the value worked (in timesheets)   Non-services is the value forecast against non-services budgets Non-services is the value invoiced against non-services budgets
Resourced is the value of remaining resourcing Total is the value of forecasts for services and non-services Total is the value of invoices for services and non-service

Company Forecasting - summarised to the company level

The Forecasting screen in the companies section provides forecast information rolled up to a company level. It is a high-level view and allows Account Managers to see the forecasting for their portfolio on one screen and identify any companies where there is a delta between projected burn and what is forecast. Highlighting companies where there is a delta between forecasting and projected burn can be a catalyst for account managers and project managers to get together to review the portfolio together.

The report can be filtered by Month, Office, Account Manager, Project Manager, Finance Type, and/or Project Status  All content in the report is based on which filters have been set, allowing you to take a wide or narrow view.

Forecasting information for an individual company can be accessed by clicking the name of the company. This opens the forecasting screen for that company, which shows the forecasts at a project level. See  forecasts for an individual company for more details 

Pro Tip: Use the Project Status filter to see which companies have forecasts which could be risky (Opportunity & Committed) - they may require attention and action.

 

 

The report provides the following information

  • Graph and summary data
  • Overview for each Account Manager
  • Forecast, projected burn, delta, and future forecasting for each Account Manager
  • For each company, the forecast, projected burn, delta, and future forecasting is shown

Note: If no filters are set, the overview will be grouped by Office, then Account Manager, with graphs & data shown for each office.

Project Forecasting - forecasts summarised to the project level

The Forecasting screen in the Project section provides forecast information rolled up to a project level. It is a high-level view and allows Project Managers to see the forecasting for their portfolio on one screen and identify any projects where there is a delta between projected burn and what is forecast. Highlighting projects where there is a delta between forecasting and projected burn can make it easier for project managers to know where adjustments could be needed, to either a forecast or project resourcing.

Clicking a project name opens the forecasting screen for that project, which is where changes can be made to the forecasts. 

Pro Tip: Use the Project Status filter to see which companies have forecasts which could be risky (Opportunity & Committed) - they may require attention and action.

 


The report provides the following information

  • Graph and summary data
  • Overview for each Project Manager
  • Forecast, projected burn, delta, and future forecasting for each Project Manager
  • For each project, the forecast, projected burn, delta, and future forecasting is shown

Note: If no filters are set, the overview will be grouped by Office, then Project Manager, with graphs & data shown for each office.

Company Forecast - Forecasts for an individual company

Forecasts for an individual company are shown on the forecasting screen in the workbench for that company. You can get to this screen by clicking the name of the company on the Company Forecasting report, or from the forecasting menu in the company workbench.

The forecasting screen for a company shows the forecasts, projected burn, and deltas for each of the company's projects. This view makes it easy for an Account Manager or Project Manager to monitor the forecasts for a company, and identify any projects with a delta between forecasting and projected burn.

Forecasting information for an individual project can be accessed by clicking the name of the project. This opens the forecasting screen for that project, showing the forecasts entered against modules. Forecasts can also be edited from this screen. 

The report provides the following information

  • Graph and summary data
  • For each project, the forecast, projected burn, delta, and future forecasting is shown

Project Forecast - Forecasts for an individual project

The forecasting screen for a project presents forecasts at a module level, the most granular view that is available. This screen is structured differently from the other forecasting screens as this is where Project Managers maintain the forecasts. As the screen has a different primary purpose, the information is presented differently. 

The project forecast shows:

  • Forecasts entered against modules, including the GL Code of the module
  • Forecasts are grouped by Services and Non-Services modules
  • Worked to date and projected burn
  • Resourcing delta highlighted

The concept of validating forecasts against projected burn has been carried through to this screen, with the resourcing delta highlighted beneath the forecast information. The delta is calculated exactly the same as on the resourcing reports.