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Process Flow
Monitoring
Planning and
Execution and
Estimating
Forecasting
• Create Purchase • Perform Project
• Create Project
Orders Forecasts
• Plan Costs using
• Post Down Payments • Detail forecast by
Easy Cost Planning
Purchase Order
• Post GR/IR for
Purchase Orders • Plan Purchase Order
remaining value by
period
Create Project
In this example we use project with WBS
only
Project with WBS and Network Activities
will work the same way
Plan Costs using Easy Cost Planning
We use cost type ‘V’ (variable), but we can
use ‘M’ material or ‘N’ service
If we use ‘M’ or ‘N’ we must enter material
or service number, we can also use Vendor
Name, Purchasing Info Record etc.
Open Project in Noveco Project Manager Workbench
• Original Estimate
derived from Easy Cost
Planning
• Cost To Complete initially
generated from Original
Estimate
Noveco Project Manager Workbench
Estimated at Completion = Actual Costs + Commitments +
Costs To Complete
NOTE:
- In “Forecast” tab cost plan is summarized by Cost Element, Resource Name and Value Category
Noveco Project Manager Workbench
Select Costing item and choose “Detail Forecasting”
Noveco Project Manager Workbench
When run for the first time, costing line items are copied from
Easy Cost Planning
Process Flow
Monitoring
Planning and
Execution and
Estimating
Forecasting
• Create Purchase • Perform Project
• Create Project
Orders Forecasts
• Plan Costs using Easy
• Post Down • Detail forecast by
Cost Planning
Payments Purchase Order
• Post GR/IR for • Plan Purchase Order
Purchase Orders remaining value by
period
Post Time Sheets
Down Payment
Noveco demo: Plan By PO 4500009115 / 10
“Engineering:
Noveco demo: Plan By PO Electrical”
Goods receipt
Engineering
Design 4500009116 / 10
Goods receipt
“Engineering:
Mechanical”
Down Payment
4500009117 / 10
“Engineering:
Structural”
Goods receipt
Process Flow
Monitoring
Planning and
Execution and
Estimating
Forecasting
• Create Purchase • Perform Project
• Create Project
Orders Forecasts
• Plan Costs using Easy
• Post Down Payments • Detail forecast by
Cost Planning
Purchase Order
• Post GR/IR for
Purchase Orders • Plan Purchase Order
remaining value by
period
Project Manager Workbench
Exclamation mark indicates that forecast
cost to complete must be recalculated
Actual Costs and PO Commitments are
displayed
PO List is displayed
for selected WBS
hierarchy
Project Manager Workbench
Click “Refresh” to automatically
recalculate Cost To Complete and adjust
Estimated at Completion (if necessary)
Cost and Work To Complete reduced from
actual costs and purchase commitments
Switch to Change mode
Select Costing item and choose “Detail Forecasting”
Detailed Forecasting by Purchase Order
When run for the first time, the system copies plan cost
items from ECP.
Delete them if they are no longer required
Detailed Planning by Purchase Order
PO Value of Work Done = Value of Work
Done as % * ( PO Plan Value + PO Cost To
Complete)
PO Progress calculated
as %: PO Actual Cost / PO Actual Costs PO Down Current total
PO Plan Value and Remaining Payment amount PO Plan Value
Committed value
Detailed Planning by Purchase Order
Enter PO Cost To Complete amount System recalculates PO Estimated at Completion =
PO Plan Value + PO Cost To Complete
Detailed Planning by Purchase Order
Enter % of Value of Work Done by PO item System recalculates PO Value Of Work Done =
% of Value of Work Done * PO Estimated at Completion
Detailed Planning by Purchase Order
System recalculates PO Accrued Value = Value of
Work Done – Actual Costs – Down Payment
Detailed Planning by Purchase Order
System recalculates PO Remaining Value = Value of
Work Done – Actual Costs – Down Payment
Plan by Period PO Remaining value
Select Purchase Order item (or multiple items) and click
on “Plan By Period”
Plan by Period PO Remaining value
When Completed click “Confirm” to copy new Cost To
Complete to “Forecast” tab
Update Project Forecast from Detailed Forecasting
Exception indicator turns red because
project Estimated Cost at Completion
is higher than its Budget
Estimated at Completion is updated Cost To Complete are updated
and it is now over Budget by from the Detailed Forecasting
$30000.0 or by 10.0% screen
For more information visit Noveco Systems on
www.novecosystems.com
