3.8 Projected Cost Update

POLICY: Projected Cost Update

PURPOSE: To report the current cost status of the project and the anticipated final cost based on the best judgment of the management team.

RESPONSIBILITY: Project Manager

PROCEDURE:

The anticipated final cost is an estimated number based on knowledge of job conditions and the best judgment of the management team. The Procore budget is to be reviewed daily and updated monthly at a minimum.

The Project Manager, with input from the other members of the Project Team, will review each line item of the Procore Budget. If the final cost of the individual line item is expected to vary from the updated total budget, the “Projected Budget” column of the Budget Tab is to be updated via the Budget Modification tool. See tutorial below.

Budget Projections