Many of the Job Cost reports have an option to print either with or without projected costs. The user should carefully examine the Sample Reports section of this Help file to determine which format best meets the company's needs.

A projected cost is the predicted total cost of a job or phase at the time of completion. When a job is initially entered into Spectrum, the original estimated cost is entered at the phase level, and the current estimated cost is automatically set equal to the original estimated cost.

Estimated Costs

The estimated cost for a job may be thought of as the budget upon which the job bid is based. The estimated cost to perform each Phase is entered in Job Phases; estimates for all phases of a job are then automatically added together and displayed as the "original estimate."

As change orders are processed, the "revised estimate" for a job reflects the sum of any change orders and the original estimated cost.

The current estimate (not the original estimate) is used throughout Spectrum on reports and inquiry screens.

The non-projected formats of the Contract Status Report compare current revised estimates with actual costs.

Projected Costs

Many of the Job Cost reports have the option of printing either with or without projected costs. The user should carefully examine Sample Reports section of the online Help to determine which format best meets the company's needs.

The Projected cost refers to the amount that a job is likely to cost upon completion, based on actual costs at any given point. A worksheet may be printed and given to the project manager for completion so that projected costs are routinely updated.

Projected cost is the predicted total cost of a job or Phase at the time of completion. In Spectrum, this can be determined in several ways: actual cost divided by the % complete; actual Unit Cost divided by the projected units; or entered by the operator. In the percentage of completion accounting method, the projected cost is used in the calculation of earned revenue.

The projected formats of the Contract Status reports provide date-sensitive financial information for both projected costs and change order amounts. This is achieved by storing, by period, the change in the projected cost of a job during the Projected Cost Update and other screens affecting project cost. By storing these figures on a period-by-period basis, it is possible to backdate the projected formats of the Contract Status Report to present statements of contract status at various points in time.