The Link and Forecast module is a facility for forecasting quantities, values and resources, making use of estimating and valuation information, and the planning time from the program.
- Integrating the bill and program provides immediate forecasting
- Detailed analysis of forecast
- User defined cost codes describing with, what, where
- Summary analysis at cost code level
- Import of costs
- Monthly allowable cost reconciliation
- Remaining and final cost and value forecasts
- Financial and Engineering information
Integrating the Bill of Quantities with the Program
CANDY has the unique ability to integrate the bill of quantities and program. Items from the bill of quantities can be allocated to appropriate activities on the corresponding program. A bill item can be allocated to many activities, specifying the quantity allocated to each activity and the spread thereof i.e. when during the activities duration it is to be actioned.
Forecasting the Bill and Resources
Once the link has been established, financial and engineering information generated in the estimate and valuations can be forecast over time. The resulting information includes each bill item’s quantity, resource and financial data allocated to time. Each bill item is priced using resources and CANDY can allocate each of the resource quantities and values to time.
Summarising into Project Codes (With, What & Where)
Cost & Allowable can provide very detailed and powerful information. It is not always possible to generate the cost information to the same level of detail or accuracy. CANDY allows the user to summarise bill items and resources into one or more cost codes to produce summaries based on either one or a combination of the cost codes. The three industry standard approaches to controlling a construction project are provided for – resource based (with), location (where) and task-orientated control (what).
Forecasting the summary cost codes (When)
Additionally, utilising the information generated by the Bill -Program link, the “when” control measure can also be achieved. In conclusion, control of what (task) is being done, where (location) is it being done, with what (resources) is it being done and when (time) will it be done, is readily available.
Once an initial forecast has been agreed, it can be stored and locked for comparison with future performance on the project. The forecast may be updated at user-defined intervals, based on historical data together with work that remains to be carried out.
Each month the progress quantities recorded against each bill item are entered in order to generate a monthly certificate. The monthly allowable is then imported into the Cost & Allowable module for comparison with the monthly costs. Updating the program can provide suggested progress quantities to the bill items each month.
On site the costs would be collected against the various what, with and where cost codes in each period (when). The costs should be compared back to the allowable for each code on a monthly basis. The costs can be imported from a text file, which should be generated by a specialised costing system.
Once the Bill of Quantities and Program have been updated, the remaining allowable can be calculated and spread across the remaining time.
Factors or percentages may be entered against each cost code in combination with project codes for each reporting period in order to forecast a cost to completion. If a trend is expected to change, future percentage figures may be altered as required.
In addition to financial information, CANDY also generates engineering information, such as total quantity of resources and total man-hours for the various project codes. This information is vital for the engineering staff to make decisions on site.
Forecasting made simple
Once the unique CANDY link is established between the bill of quantities and program, forecasting over the duration of the project is simple. A full analytical breakdown of the forecast can be easily and readily obtained. The bill of quantities and program will be updated on a monthly basis, which in-turn will automatically update the CANDY Cost & Allowable forecasting module.