Cost Estimates allow you to build up the costs associated with forecasting the Estimate to Complete for a Cost Code using Resources and a wide variety of functions to generate value.
Each line within a Cost Estimate is used to represent the individual resources required to complete a section of work, each creating a Total. The total value of the Cost Estimate is the sum of each contributing Cost Estimate Line Total. The final Cost Estimate total displays in the Estimates to Complete column for a record date.
New lines can be added to the Cost Estimate by pressing the down arrow on the keyboard or by selecting the Insert Lines function from the right-click context menu.
Within the Cost Estimate window, you can perform a variety of tasks that build the costs of a section of work, along with other functions such as:
- Create and use resources
- Adjust the calculation of your Cost Estimate between various calculation modes depending on your method of estimation
- Perform calculations using a range of mathematical and logic functions
Resource Rates across all Estimate To Complete for a Record Date can be updated at any time by selecting the Update cost estimate resource rates for this record date under Forecasting section of the right-click context menu or the Edit menu in the Budget Performance window.