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Bernie, J and Howes, R (1983) Project management control using real-time budgeting and forecasting models. Construction Papers, 2(01), 19–40.
- Type: Journal Article
- Keywords: project management; budget; forecast; model
This paper presents a successfully tested method for establishing project expenditure budgets and forecasts for a broad spectrum of construction contracts. The model is based on the analysis of cost centre budgets which are dependent upon the user's concept of relevant expenditure patterns. The accumulations of cost centre budget forecasts represent the overall budgeted cost which can be analysed and simulated mathematically. The first section describes the theory of the cubic equation and application of a combination of cubic and exponential equations. The second section sets down a system which establishes the basis for its use by management.