Budgeting & Forecasting

An actionable guide to project budgets

Develop a more accurate budget to keep costs under control through effective planning and resource allocation.

Overcome complexity with project portfolio forecasting

Achieve enhanced visibility across the enterprise to gain spending insights that allow teams to pivot monetary resources to more high-value initiatives.

Reduce project cost & schedule overruns

Improve project predictability and enable proper response to surprises and changes.

Leverage accurate & early forecasts

Achieve the predictability needed to minimise outcome variance from the outset.

Ready to get started?

Talk to an expert and discover what Hexagon can do for your organisation.

Overview

Budgeting is critical for understanding and managing project funding and resource requirements. Accurate forecasting helps you analyse project performance and make adjustments to stay on budget and schedule. Together, they are the foundation, and perhaps the most important part of any project controls and project management solution.

EcoSys provides a flexible and integrated platform for budgeting & forecasting that helps you produce more accurate baselines, manage and control contingency and manage budget changes. Then you can accurately forecast the cost, time and resources needed to complete the project.

Key benefits for Budgeting & Forecasting

By connecting budgeting & forecasting work processes to opportunity management, project stage gates, change management, closeout, and benchmarking through EcoSys, organisations achieve:

Enhanced Accuracy & Control

Develop precise performance baselines and cashflows and manage contingency effectively to control budget changes and revisions.

Flexibility & standardisation

Use various forecasting methods, eliminate manual data entry, and standardise processes for improved consistency and flexibility.

Reliable risk assessment

Plan for contingencies effectively, ensuring confidence despite uncertainties.

Better project performance

Accurate budgets + predictive forecasts = better project performance

With well-established budgets setting the baseline, forecasting is the life blood of project controls: predicting the outcome based on current trends and being able to take corrective action.

EcoSys contains powerful and robust budgeting capabilities to help you produce accurate baselines. Then leverage budgets, progress, and actuals captured within the platform to produce advanced, predictive forecasts.

EcoSys delivers a unique combination of best practice approaches for budgeting and forecasting, while providing the flexibility to follow the processes that are already established and working within your organisation.

Highlights

Highlights of budgeting & forecasting

EcoSys’ out-of-the box capability supports budgeting and forecasting within the same software used to manage project and portfolio planning, resources, costs, changes, and performance. Leverage connected data to optimise budgets and forecasts across your enterprise.

Budget Creation: Create original budgets and contract budgets to manage project performance.
Time-Phased Budgeting: Develop time-phased budgets, forecasts, and estimates to complete (ETC).
Connected Budgeting: Derive budgets from approved estimates either internally or from 3rd party solutions to drive more insightful budget planning.
Contingency Management: Plan accurate contingency requirements, allocate and manage multiple contingency funds across the enterprise, and control their utilisation.
Accurate Forecasting: Use multiple forecasting methods and out-of-the-box or custom approaches for project and contract forecasting.
Workflow Management: Drive budget and forecast change management via workflows and track changes.
Identify Variances: Early variance detection provides an opportunity to mitigate or exploit cost variances.
Efficient Tools: Use Excel-like spreadsheets for ease and flexibility without the file management challenges.
Progress Measurement: Leverage progress measurement to calculate earned value and enhance forecast accuracy.
Phased Contingency: Develop phased contingency drawdown plans based on risk assessments.

Connect key process areas for powerful project solutions

Budgeting & Forecasting is just one of the essential processes in EcoSys that serve as building blocks for exceptional project and portfolio management.