Page 24 - Unanet GovCon: Managing Project Execution and Control - Participant Guide (ILT)

Corrective Action: Reforecast
The concept of reforecasting a project’s future efforts involves adjusting the upcoming
People Assignments and Expense Budgets when it has been determined that the
current plan remains valid. When key metrics like hours, revenue, and/or profitability are
outside of the approved thresholds, or the team is aware of future changes to resources
and/or requirements, reforecasting is a popular solution. This method works well when
project teams regularly perform scheduled reviews and make required adjustments
during those project reviews. The process of reforecasting includes the following
recommended steps:

1. Choose a reforecasting method
2. Update People Assignments and Expense Budgets
3. Analyze updates using metric reports
4. Document the actions taken

Reforecasting Methods

There are multiple ways to assess a project to determine whether and how to reforecast
to get the project back into alignment. Two options used by many Unanet users to
determine whether reforecasting is necessary include the project manager’s insight and
Unanet’s Project Periodic Performance reports.

Adjustments based on Project Manager Insight

Project team leads/managers may already know which changes the project needs, such
as updates to resources, hours, or expenses. In this case, these necessary changes
may result in the project’s key metrics being outside of the accepted threshold.

Adjustments based on Performance Reports

Several standard Unanet reports provide a forecast of cost or revenue information in a
Daily, Weekly, Monthly, Semi-Monthly, Quarterly, or Yearly layout. Once a Project
Manager determines whether their team has exceeded the assigned labor or expense
budget for the period being reviewed, the PM can adjust the future assignments or
budgets. Key reports that analyze performance are listed in the table below.

Report Name Description
PROJECT REPORTS (Time & Expense Only)
PERIODIC REPORTS

Performance Compares plans, assignments, and actuals for selected projects
in a daily, weekly, monthly, or quarterly grid

LESSON 3: MONITORING AND CONTROLLING PROJECT PEFORMANCE
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