Cost Planning

Project managers need to plan the total cost of executing the project which is the initial estimate-at-complete (EAC) at the time of sale or award, cost plan is the internal estimate to complete the project that is different from the rates calculated in the estimating application which was the basis for the bid. The cost planning application in Rapisurv is closely linked to the budgeting and the forecasting app using the bid structure as the standard ensures that the project is not separated from the contract helping the management get accurate financial analysis at line-item level. Rapisurv cost planning can be done by component or by period with ability to distribute from an overall value monthly between the start and end period of a task or scope of work. 

Create a cost plan by entering the plan data in the period for every description, you can also plan by component by selecting the "By component" button, You can switch from one method of planning to another by creating a version in the other method.

Budgeting

Budgeting and approval are easy with Rapisurv, project managers can copy their cost plan into the budgeting app and adjust as needed or directly enter budget values by month. The budget managed by status controls and approved budget is locked to change except through supplemental request process. This features finance department or management approve funds for the project and to have visibility for decision making. Budgeting in Rapisurv is uses bid structure as the standard to keep in sync with other applications, it allows the manager to upload a different structure at the time of creation of the financial plan and the same structure will be applied to the cost plan and forecast. 

Create a budget by entering the budget data directly or by copying the cost plan data into budget. When a budget is approved, it can no longer be changed directly expect through supplements.

Forecasting

Forecasting to recalculate and adjust cost-to-complete (CTC) is an on-going process throughout the lifecycle of the project, updating the estimate-at-complete (EAC) and the profit margin is done through this process. Rapisurv provides the option to automatically forecast cost to complete from input assignment or the project manager can manually enter their forecast value on a monthly or weekly basis for both general contracting and self-performing organizations. Integrated forecasting in Rapisurv eliminates spreadsheets and keeps the contract and project connected throughout their lifecycle in a single source of truth, providing for in-depth financial reporting. The ability to create snapshots of the forecast helps the manager keep a record of previous forecast data which can later be compared to current forecast. Forecasting helps with cash flow planning by the finance department to enable them to allocate funds weekly, monthly, or quarterly.

Auto Forecasting

Forecasting can be done on a monthly or weekly basis, when automatic forecast solution is used, capacity planning is also done in the background and this can be reported in the "Capacity Utilization" report. To Forecast add relevant work skill and define the conversion of the unit of work to the unit of the "work description".