Cost Forecasting Best Practices: How to Follow Cost Forecasting Best Practices and Standards

1. What is Cost Forecasting and Why is it Important?

Cost forecasting is a crucial aspect of financial planning and decision-making for businesses across various industries. It involves estimating and predicting future costs associated with a project, product, or service. By analyzing historical data, market trends, and other relevant factors, cost forecasting helps organizations make informed budgetary decisions, allocate resources effectively, and assess the financial feasibility of their endeavors.

From a strategic perspective, cost forecasting enables businesses to anticipate and plan for potential expenses, ensuring that they have the necessary funds to support their operations. It allows companies to identify cost drivers and understand how different factors impact their overall expenditure. By gaining insights into cost patterns and trends, organizations can make proactive adjustments to their strategies, such as optimizing processes, negotiating better deals with suppliers, or exploring alternative cost-saving measures.

1. historical Data analysis: One of the fundamental aspects of cost forecasting is analyzing historical data. By examining past cost patterns and trends, businesses can identify recurring expenses, seasonal variations, and other factors that influence their cost structure. This analysis serves as a foundation for predicting future costs accurately.

For example, a retail company may analyze historical sales data to forecast the cost of inventory for upcoming seasons. By considering factors like consumer demand, market trends, and supplier pricing, the company can estimate the expected cost of goods sold and plan its inventory management accordingly.

2. market Research and analysis: Cost forecasting also involves conducting market research and analysis to understand external factors that impact costs. This includes monitoring industry trends, economic indicators, and competitor pricing strategies. By staying informed about market dynamics, businesses can anticipate changes in costs and adjust their forecasts accordingly.

For instance, a manufacturing company may analyze raw material prices, labor costs, and transportation expenses to forecast the overall production cost. By keeping track of market fluctuations and supplier relationships, the company can make accurate predictions and adapt its pricing strategies to maintain profitability.

3. Scenario Planning: Cost forecasting often involves scenario planning, where businesses simulate different scenarios to assess the potential impact on costs. This approach helps organizations prepare for uncertainties and make contingency plans.

For example, a construction company may create cost forecasts for various scenarios, such as changes in material prices, labor availability, or regulatory requirements. By considering these scenarios, the company can identify potential risks and develop strategies to mitigate them, ensuring that projects remain within budget.

4. Cost Optimization Strategies: cost forecasting also plays a crucial role in identifying opportunities for cost optimization. By analyzing cost drivers and identifying areas of inefficiency, businesses can implement targeted cost-saving measures.

For instance, a service-based company may analyze its operational costs and identify areas where automation or process improvements can lead to significant savings. By incorporating these optimization strategies into their cost forecasts, businesses can achieve greater financial efficiency and competitiveness.

Cost forecasting is a vital practice that enables businesses to plan, allocate resources, and make informed financial decisions. By analyzing historical data, conducting market research, scenario planning, and implementing cost optimization strategies, organizations can enhance their financial performance and achieve long-term success.

2. An Overview of the Common Techniques and Tools

Cost forecasting plays a crucial role in effective financial planning and decision-making. It involves estimating future costs based on historical data, market trends, and other relevant factors. In this section, we will explore various techniques and tools commonly used in cost forecasting, providing insights from different perspectives.

1. Historical Data Analysis: One of the fundamental methods in cost forecasting is analyzing historical data. By examining past cost patterns and trends, organizations can identify recurring expenses, seasonal variations, and other factors that influence costs. This analysis helps in establishing a baseline for future cost projections.

2. regression analysis: Regression analysis is a statistical technique used to identify relationships between variables. In cost forecasting, regression models can be employed to determine how changes in certain factors, such as production volume or inflation rates, impact costs. By analyzing historical data and applying regression analysis, organizations can make informed predictions about future costs.

3. time series Analysis: time series analysis involves studying data collected over a specific period to identify patterns and trends. In cost forecasting, time series models can be used to forecast costs based on historical data points. These models consider factors like seasonality, cyclical variations, and trends, enabling organizations to anticipate future cost fluctuations.

4. Expert Judgment: In some cases, expert judgment is necessary to supplement quantitative forecasting methods.

3. The Key Principles and Standards to Follow

cost forecasting is the process of estimating the future costs of a project, program, or activity based on historical data, current trends, and assumptions. Cost forecasting is essential for effective planning, budgeting, and decision-making in any organization. However, cost forecasting is not an exact science, and it involves many uncertainties and risks. Therefore, it is important to follow some best practices and standards to ensure the accuracy, reliability, and validity of cost forecasts. In this section, we will discuss some of the key principles and standards to follow when conducting cost forecasting. We will also provide some insights from different perspectives, such as project managers, cost analysts, and stakeholders.

Some of the key principles and standards to follow when conducting cost forecasting are:

1. Define the scope and objectives of the cost forecast. Before starting the cost forecasting process, it is important to clearly define the scope and objectives of the cost forecast. What is the purpose of the cost forecast? Who are the intended users and beneficiaries of the cost forecast? What are the expected outputs and outcomes of the cost forecast? These questions will help to establish the scope and boundaries of the cost forecast, as well as the level of detail and accuracy required. For example, a cost forecast for a feasibility study may have a different scope and objective than a cost forecast for a detailed design or implementation phase.

2. Use a consistent and transparent methodology. A cost forecast should be based on a consistent and transparent methodology that follows the best practices and standards of the relevant industry or domain. The methodology should include the following elements: a) a cost breakdown structure (CBS) that defines the cost categories and subcategories of the project, program, or activity; b) a cost estimation technique (such as analogy, parametric, engineering, or expert judgment) that calculates the cost of each cost category or subcategory based on the available data and assumptions; c) a cost risk analysis that identifies and quantifies the uncertainties and risks associated with the cost estimate; and d) a cost contingency that provides a buffer for the potential cost overruns or underestimates. The methodology should be documented and communicated to all the relevant stakeholders, and any changes or updates should be justified and recorded.

3. Use reliable and relevant data sources. A cost forecast is only as good as the data that supports it. Therefore, it is crucial to use reliable and relevant data sources that reflect the current and expected conditions of the project, program, or activity. The data sources should include both historical and current data, as well as external and internal data. Historical data refers to the actual costs of similar or comparable projects, programs, or activities that have been completed or are in progress. Current data refers to the actual costs of the project, program, or activity that is being forecasted, as well as the market prices, inflation rates, exchange rates, and other factors that may affect the future costs. External data refers to the data that is obtained from outside sources, such as industry benchmarks, databases, reports, or publications. Internal data refers to the data that is generated from within the organization, such as cost accounting records, project plans, or performance reports. The data sources should be verified and validated for their accuracy, completeness, and relevance, and any gaps or discrepancies should be addressed or explained.

4. update and revise the cost forecast regularly. A cost forecast is not a static document, but a dynamic and evolving one. As the project, program, or activity progresses, new information, changes, and events may occur that may affect the cost forecast. Therefore, it is important to update and revise the cost forecast regularly to reflect the current status and future expectations of the project, program, or activity. The frequency and extent of the updates and revisions may depend on the complexity, duration, and uncertainty of the project, program, or activity, as well as the needs and expectations of the stakeholders. However, a general rule of thumb is to update and revise the cost forecast at least once every quarter, or whenever there is a significant change or deviation from the original plan or baseline. The updates and revisions should be documented and communicated to all the relevant stakeholders, and any variances or deviations should be analyzed and explained.

5. Review and validate the cost forecast periodically. A cost forecast should be subject to periodic reviews and validations by independent and qualified experts or auditors. The purpose of the reviews and validations is to ensure the quality, accuracy, and reliability of the cost forecast, as well as to identify and correct any errors, omissions, or biases. The reviews and validations should cover the following aspects: a) the scope and objectives of the cost forecast; b) the methodology and assumptions of the cost forecast; c) the data sources and calculations of the cost forecast; d) the risk analysis and contingency of the cost forecast; and e) the updates and revisions of the cost forecast. The reviews and validations should be conducted at key milestones or stages of the project, program, or activity, such as the initiation, planning, execution, or closure. The results and recommendations of the reviews and validations should be documented and communicated to all the relevant stakeholders, and any actions or improvements should be implemented.

Following these principles and standards will help to ensure that the cost forecast is a useful and reliable tool for planning, budgeting, and decision-making. However, it is important to remember that a cost forecast is not a guarantee or a commitment, but a projection or an estimate based on the best available information and assumptions. Therefore, a cost forecast should always be accompanied by a degree of confidence or uncertainty, and a range of possible scenarios or outcomes. A cost forecast should also be used with caution and discretion, and not as a substitute for sound judgment and experience.

4. The Common Pitfalls and How to Avoid Them

Cost forecasting is a crucial process for any project or business, as it helps to plan and allocate resources, monitor performance, and identify risks and opportunities. However, cost forecasting is not an easy task, and it involves many challenges and pitfalls that can lead to inaccurate or unrealistic results. In this section, we will discuss some of the common challenges that cost forecasters face, and how to avoid or overcome them.

Some of the common challenges that cost forecasters face are:

1. Lack of data or poor data quality: Cost forecasting requires reliable and relevant data to support the assumptions and calculations. However, sometimes the data may be missing, incomplete, outdated, or inaccurate, which can affect the quality and validity of the forecast. To avoid this pitfall, cost forecasters should ensure that they have access to sufficient and reliable data sources, and that they validate and clean the data before using it. They should also document the data sources and methods used, and report any limitations or uncertainties in the data.

2. Bias or overconfidence: Cost forecasters may be influenced by their own preferences, expectations, or emotions, which can introduce bias or overconfidence in their forecasts. For example, they may be optimistic or pessimistic about the future, or they may be influenced by the past performance or the current situation. Bias or overconfidence can lead to underestimating or overestimating the costs, or ignoring the risks and uncertainties. To avoid this pitfall, cost forecasters should adopt an objective and realistic approach, and use evidence-based methods and techniques. They should also seek feedback and input from different stakeholders, and consider alternative scenarios and outcomes.

3. Complexity or uncertainty: Cost forecasting involves many variables, factors, and assumptions, which can make the process complex and uncertain. For example, the cost forecast may depend on the scope, schedule, quality, and resources of the project, as well as the external factors such as market conditions, inflation, exchange rates, and regulations. Complexity or uncertainty can lead to errors or inconsistencies in the forecast, or to a wide range of possible results. To avoid this pitfall, cost forecasters should simplify and clarify the process, and use appropriate tools and models. They should also quantify and communicate the uncertainty and risk in the forecast, and update the forecast regularly to reflect the changes and new information.

4. Lack of communication or alignment: cost forecasting is not a one-time or isolated activity, but a continuous and collaborative process that involves multiple stakeholders, such as project managers, sponsors, clients, contractors, and suppliers. However, sometimes there may be a lack of communication or alignment among the stakeholders, which can affect the quality and usefulness of the forecast. For example, the stakeholders may have different expectations, objectives, or perspectives, or they may not share or agree on the data, methods, or assumptions used. Lack of communication or alignment can lead to confusion, conflict, or mistrust in the forecast, or to missed opportunities or risks. To avoid this pitfall, cost forecasters should establish and maintain effective communication and coordination with the stakeholders, and ensure that they understand and agree on the purpose, scope, and approach of the forecast. They should also share and discuss the results and implications of the forecast, and solicit feedback and suggestions for improvement.

By avoiding or overcoming these common challenges, cost forecasters can improve the accuracy and reliability of their forecasts, and provide valuable insights and guidance for the project or business. Cost forecasting is not an exact science, but a skill that can be learned and improved with practice and experience. By following the cost forecasting best practices and standards, cost forecasters can enhance their competence and confidence, and deliver high-quality and useful forecasts.

5. How to Apply Cost Forecasting in Different Scenarios and Industries?

Cost forecasting is a vital process for any business, project, or organization. It helps to estimate the future costs of resources, activities, and outcomes, and to plan accordingly. Cost forecasting can also help to identify potential risks, opportunities, and savings, and to evaluate the performance and efficiency of the operations. However, cost forecasting is not a one-size-fits-all approach. Depending on the context, scope, and objectives, different methods and techniques may be more suitable and effective. In this section, we will explore some examples of how cost forecasting can be applied in different scenarios and industries, and what factors and challenges need to be considered.

Some of the common scenarios and industries where cost forecasting is used are:

1. Construction projects: cost forecasting is essential for any construction project, as it helps to determine the feasibility, budget, and profitability of the project. Cost forecasting in construction involves estimating the costs of materials, labor, equipment, subcontractors, overheads, contingencies, and other expenses. Some of the methods that can be used for cost forecasting in construction are:

- Analogous estimating: This method uses the historical data of similar projects to estimate the costs of the current project. It is a quick and easy method, but it may not be very accurate or reliable, as it does not account for the differences and uncertainties between the projects.

- Parametric estimating: This method uses statistical models and formulas to estimate the costs based on the parameters and variables of the project, such as size, scope, complexity, quality, and duration. It is a more accurate and reliable method, but it requires more data and assumptions, and it may not capture the non-linear relationships between the parameters and the costs.

- Bottom-up estimating: This method involves breaking down the project into smaller and more detailed components, and estimating the costs of each component. It is a very accurate and reliable method, but it is also very time-consuming and resource-intensive, and it may not account for the interdependencies and synergies between the components.

2. Manufacturing industries: Cost forecasting is crucial for any manufacturing industry, as it helps to optimize the production, inventory, and supply chain processes. Cost forecasting in manufacturing involves estimating the costs of raw materials, labor, energy, machinery, maintenance, transportation, storage, and other expenses. Some of the methods that can be used for cost forecasting in manufacturing are:

- Historical trend analysis: This method uses the past data and trends of the costs to project the future costs. It is a simple and intuitive method, but it may not be very accurate or reliable, as it does not account for the changes and fluctuations in the market conditions, demand, and supply.

- Regression analysis: This method uses statistical techniques and models to estimate the costs based on the relationship between the costs and the independent variables, such as production volume, quality, efficiency, and external factors. It is a more accurate and reliable method, but it requires more data and assumptions, and it may not capture the non-linear or complex relationships between the variables and the costs.

- Machine learning: This method uses artificial intelligence and algorithms to learn from the data and patterns of the costs, and to predict the future costs. It is a very accurate and reliable method, but it also requires more data and computational power, and it may not be very transparent or explainable.

3. Healthcare sector: Cost forecasting is vital for any healthcare sector, as it helps to improve the quality, accessibility, and affordability of the healthcare services. Cost forecasting in healthcare involves estimating the costs of medical equipment, drugs, personnel, facilities, insurance, and other expenses. Some of the methods that can be used for cost forecasting in healthcare are:

- Expert judgment: This method uses the opinions and expertise of the healthcare professionals, managers, and stakeholders to estimate the costs. It is a fast and flexible method, but it may not be very accurate or reliable, as it may be influenced by biases, preferences, and emotions.

- Delphi technique: This method uses a structured and iterative process of collecting and aggregating the opinions and feedback of a panel of experts to estimate the costs. It is a more accurate and reliable method, but it may also be time-consuming and costly, and it may not account for the diversity and complexity of the healthcare sector.

- Simulation: This method uses mathematical models and scenarios to estimate the costs based on the probabilities and uncertainties of the outcomes and events. It is a very accurate and reliable method, but it also requires more data and assumptions, and it may not be very realistic or practical.

6. How to Measure and Communicate the Value of Cost Forecasting?

Cost forecasting is a vital process for any organization that wants to optimize its budget, resources, and performance. It involves estimating the future costs of projects, activities, or operations based on historical data, current trends, and assumptions. By doing so, cost forecasting can help organizations plan ahead, avoid overspending, identify risks, and seize opportunities. However, cost forecasting is not always easy or accurate, and it requires constant monitoring and updating. Therefore, it is important to measure and communicate the value of cost forecasting to stakeholders, such as managers, clients, or investors, who may have different expectations and perspectives on the results. In this section, we will discuss some of the benefits of cost forecasting, how to measure them, and how to communicate them effectively. Here are some of the main points to consider:

1. Cost forecasting can help improve decision making and strategic planning. By providing a realistic and reliable estimate of the future costs, cost forecasting can help organizations make informed choices about their priorities, goals, and actions. For example, cost forecasting can help determine the feasibility and profitability of a new project, the optimal allocation of resources, or the best time to launch a product or service. To measure this benefit, one can use indicators such as the return on investment (ROI), the net present value (NPV), or the internal rate of return (IRR) of the project or activity. To communicate this benefit, one can use charts, graphs, or tables to show the projected costs and revenues, and compare them with alternative scenarios or benchmarks.

2. cost forecasting can help reduce uncertainty and risk. By anticipating the possible fluctuations and variations in the future costs, cost forecasting can help organizations prepare for different outcomes and scenarios, and mitigate the impact of unexpected events or changes. For example, cost forecasting can help identify the potential sources of cost escalation, such as inflation, currency exchange rates, or market demand, and adjust the budget accordingly. To measure this benefit, one can use indicators such as the confidence interval, the standard deviation, or the sensitivity analysis of the cost estimate. To communicate this benefit, one can use visual aids, such as histograms, box plots, or tornado diagrams, to show the distribution and range of the possible costs, and highlight the key drivers and assumptions behind them.

3. cost forecasting can help enhance performance and efficiency. By tracking and comparing the actual costs with the forecasted costs, cost forecasting can help organizations monitor and evaluate their progress and performance, and identify the areas of improvement or optimization. For example, cost forecasting can help detect and correct any deviations, errors, or inefficiencies in the cost estimation process, such as underestimating or overestimating the costs, or using outdated or inaccurate data. To measure this benefit, one can use indicators such as the variance, the percentage error, or the accuracy ratio of the cost estimate. To communicate this benefit, one can use reports, dashboards, or scorecards to show the actual versus forecasted costs, and explain the reasons and implications of any discrepancies or adjustments.

7. How to Improve Your Cost Forecasting Skills and Performance?

Cost forecasting is the process of estimating the future costs of a project, program, or activity based on historical data, current trends, and assumptions. Cost forecasting is essential for effective planning, budgeting, and decision-making. It helps to avoid cost overruns, optimize resource allocation, and manage risks. However, cost forecasting is not an easy task. It requires a lot of skills, knowledge, and experience to produce accurate and reliable forecasts. In this section, we will share some tips on how to improve your cost forecasting skills and performance. We will cover the following topics:

- The benefits of cost forecasting

- The challenges of cost forecasting

- The best practices of cost forecasting

- The tools and techniques of cost forecasting

- The common mistakes and pitfalls of cost forecasting

Let's begin with the benefits of cost forecasting.

### The benefits of cost forecasting

Cost forecasting can provide many benefits for your project, such as:

- Improved visibility and transparency: Cost forecasting can help you to track and monitor the actual costs of your project against the planned or budgeted costs. This can help you to identify any deviations, variances, or issues that may affect your project performance. You can also communicate the cost status and progress of your project to your stakeholders, sponsors, and clients in a clear and timely manner.

- Enhanced control and accountability: Cost forecasting can help you to control and manage the costs of your project. You can use cost forecasting to set realistic and achievable cost targets, allocate and optimize the resources, and adjust the scope, schedule, or quality of your project as needed. You can also use cost forecasting to evaluate the cost performance and efficiency of your project, and hold yourself and your team accountable for the results.

- increased confidence and credibility: Cost forecasting can help you to increase your confidence and credibility as a project manager. You can use cost forecasting to demonstrate your competence and professionalism in managing the project costs. You can also use cost forecasting to justify and support your decisions and recommendations regarding the project costs. This can help you to gain the trust and respect of your stakeholders, sponsors, and clients.

- Reduced risk and uncertainty: Cost forecasting can help you to reduce the risk and uncertainty associated with your project costs. You can use cost forecasting to anticipate and mitigate the potential cost risks and uncertainties that may arise during the project lifecycle. You can also use cost forecasting to perform scenario analysis and contingency planning to prepare for the best and worst case scenarios. This can help you to avoid or minimize the negative impacts of cost overruns, delays, or changes on your project.

These are some of the benefits of cost forecasting. However, cost forecasting is not without its challenges. Let's look at some of the challenges of cost forecasting.

8. The Best Books, Courses, and Websites to Learn More About Cost Forecasting

1. Books:

- "Cost Estimating and Analysis: Balancing Technology and Declining Budgets" by Gregory A. Garrett: This book offers a comprehensive guide to cost estimation techniques and analysis, focusing on the challenges of balancing technology advancements with limited budgets.

- "Cost and Value Management in Projects" by Ray R. Venkataraman and Jeffrey K. Pinto: This resource provides insights into cost management strategies, value engineering, and project cost control, helping readers understand the importance of cost forecasting in project management.

2. Courses:

- "Fundamentals of Cost Estimating" by the Project Management Institute (PMI): This course covers the fundamental principles of cost estimating, including techniques for accurate forecasting, cost breakdown structures, and risk analysis.

- "Advanced Cost Estimating Techniques" by the international Cost Estimating and analysis Association (ICEAA): This course delves into advanced cost estimating methods, such as parametric estimating, analog estimating, and monte Carlo simulation, equipping learners with the skills to improve cost forecasting accuracy.

3. Websites:

- Cost Engineering: This website offers a wealth of resources, including articles, case studies, and forums, covering various aspects of cost engineering and forecasting. It provides a platform for professionals to exchange knowledge and best practices.

- ProjectManagement.com: This online community for project management professionals features a dedicated section on cost management, where experts share insights, tools, and techniques related to cost forecasting and control.

9. A Summary of the Main Points and a Call to Action

Cost forecasting is a vital skill for any business that wants to plan ahead and optimize its resources. It helps to estimate the future costs of projects, products, services, or operations, and to identify potential risks and opportunities. By following the best practices and standards of cost forecasting, you can improve the accuracy, reliability, and transparency of your cost estimates, and make better decisions for your business. In this section, we will summarize the main points of the blog and provide a call to action for the readers.

Some of the key takeaways from the blog are:

- Cost forecasting is not a one-time activity, but a continuous process that requires regular updates and revisions based on the changing conditions and assumptions.

- cost forecasting should be based on a clear and consistent methodology that defines the scope, objectives, assumptions, data sources, tools, and techniques of the estimation process.

- Cost forecasting should involve multiple stakeholders, such as project managers, engineers, accountants, and customers, who can provide different perspectives and inputs to the cost estimate.

- Cost forecasting should consider both the deterministic and probabilistic aspects of the cost estimate, and use appropriate methods such as historical data analysis, parametric modeling, analogy, expert judgment, or Monte Carlo simulation to account for the uncertainty and variability of the cost drivers.

- Cost forecasting should follow the standards and guidelines of the relevant industry or organization, such as the Project Management Institute (PMI), the Association for the Advancement of Cost Engineering (AACE), or the International Organization for Standardization (ISO), to ensure the quality, credibility, and comparability of the cost estimate.

To illustrate these points, let us look at some examples of how to apply the best practices and standards of cost forecasting in different scenarios:

- If you are forecasting the cost of a new product development, you should define the scope and objectives of the product, identify the key features and functions, and estimate the cost of each component using historical data or parametric models. You should also consider the market demand, the competition, and the customer feedback, and adjust your cost estimate accordingly. You should follow the standards and guidelines of the product development industry, such as the ISO 9001 or the ISO 14001, to ensure the quality and sustainability of the product.

- If you are forecasting the cost of a construction project, you should define the scope and objectives of the project, identify the major activities and tasks, and estimate the cost of each activity using analogy or expert judgment. You should also consider the risks and opportunities, such as the weather, the site conditions, the availability of resources, and the changes in the design or specifications, and use Monte Carlo simulation to quantify the uncertainty and variability of the cost estimate. You should follow the standards and guidelines of the construction industry, such as the PMI or the AACE, to ensure the reliability and transparency of the cost estimate.

- If you are forecasting the cost of a service or operation, you should define the scope and objectives of the service or operation, identify the key processes and inputs, and estimate the cost of each process using historical data analysis or parametric modeling. You should also consider the demand and supply, the efficiency and productivity, and the customer satisfaction and loyalty, and update your cost estimate regularly based on the actual performance and feedback. You should follow the standards and guidelines of the service or operation industry, such as the ISO 9004 or the ISO 31000, to ensure the effectiveness and improvement of the cost estimate.

We hope that this blog has given you some useful insights and tips on how to follow the best practices and standards of cost forecasting. Cost forecasting is a valuable skill that can help you to plan ahead and optimize your resources, and to identify potential risks and opportunities. By following the best practices and standards of cost forecasting, you can improve the accuracy, reliability, and transparency of your cost estimates, and make better decisions for your business.

If you want to learn more about cost forecasting, or if you need help with your cost estimation process, please contact us at @. We are a team of experts in cost forecasting, and we can provide you with customized solutions and guidance for your specific needs and goals. We can help you to develop a clear and consistent methodology, to involve multiple stakeholders, to consider both the deterministic and probabilistic aspects, and to follow the standards and guidelines of your industry or organization. We can also help you to monitor and update your cost estimates, and to communicate and present them effectively to your audience.

Thank you for reading this blog, and we hope to hear from you soon. Remember, cost forecasting is not a rocket science, but a science!

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