What is cost forecast in SAP PS - Project System?

SAP Term: cost forecast

• Component: PS

• Component Name: Project System

• Description: A forecast of how costs are expected to behave over the remaining time of the project.

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• Key Concepts: 
  Cost forecast is a feature of the SAP Project System (PS) component that allows users to plan and manage the costs of a project. It enables users to create a budget for the project and track actual costs against the budget. The cost forecast also provides an overview of the project’s financial status, allowing users to make informed decisions about the project’s progress.
  
  How to use it: 
  To use cost forecast in SAP PS, users must first create a budget for the project. This budget should include all expected costs associated with the project, such as labor, materials, and overhead. Once the budget is created, users can enter actual costs as they occur and compare them to the budgeted amounts. This comparison will provide an overview of the project’s financial status and allow users to make informed decisions about its progress.
  
  Tips & Tricks: 
  When creating a budget for a project, it is important to be as accurate as possible. This will ensure that the cost forecast is accurate and will provide an accurate overview of the project’s financial status. Additionally, it is important to regularly update the cost forecast with actual costs as they occur. This will ensure that the cost forecast is up-to-date and provides an accurate picture of the project’s financial status.
  
  Related Information: 
  For more information on cost forecasting in SAP PS, please refer to SAP Help documentation or contact your local SAP support team. Additionally, there are many online resources available that provide detailed information on how to use cost forecasting in SAP PS.