Good forecasting primer Kyle. I would add another step to your process. That is management of change (MOC). MOC is the process that keeps track of scope changes and non scope changes, like quantity design changes, material or labor pricing. Depending on the contract, these changes can affect your revenue, costs, or both.
So update the budget and forecast with MOC results each month.
Thanks for adding this Richard! I'm going to look into this right away. It seems like a useful practice. If you have any good links or resources on the topic, feel free to share them!
Good forecasting primer Kyle. I would add another step to your process. That is management of change (MOC). MOC is the process that keeps track of scope changes and non scope changes, like quantity design changes, material or labor pricing. Depending on the contract, these changes can affect your revenue, costs, or both.
So update the budget and forecast with MOC results each month.
Thanks for adding this Richard! I'm going to look into this right away. It seems like a useful practice. If you have any good links or resources on the topic, feel free to share them!