It’s common during the preconstruction or feasibility phase to receive a request for a rough order of magnitude forecast for a theoretical future project. These requests have different names: initial budgets, preliminary proposals, first price responses, feasibility-stage estimates, or best guesses. There are also more colorful names, but I digress.
Sometimes you just need to provide a quick answer and move on. Perhaps you get these requests multiple times per [enter time period]. Perhaps these requests tend to never go further than the request. Perhaps the source of the request is a prospect who’s never engaged in any contracts, but continually returns for more information. Or it’s a salesperson who is constantly opening up new opportunities and needs your assistance to build relationships.
Regardless, these responses take time out of your day. And enough of them can add up to a significant portion of your workload. So, anything you can do that lightens your effort and provides a credible response in the shortest amount of time might be invaluable.
What if you could accomplish your objective with two clicks of a mouse?
Quick access to your historical project costs along with some guidance and presentation tools might just be the answer. Here’s how this works in Eos Cortex.
Below is a project (Marin Place) that appears to be a candidate for the basis of a new forecast. I’ve established that my target project will be developed in Phoenix, AZ in 2019.
Note that the system has suggested 10 similar projects in the bottom left corner. Similar to Netflix or Apple TV, Cortex can guide you to consider and explore similar projects that you may not even know exist.
Mouse click #1
In the top right, Cortex displays a toolbar icon with the number 10 next to it:
Clicking this icon instantly compares the original project (Marin Place) with the 10 similar projects suggested by Cortex. Marin Place is established as the baseline project and important statistics, such as Average and Baseline to Average, display. As you can see below, all the projects in the comparison are normalized to Phoenix in 2019.
Mouse click #2
The next to the last icon on the toolbar is the Export icon, represented by a download icon:
Clicking the Export icon generates an export of the Cortex data to a formatted Microsoft Excel workbook containing images, data outlines, and multiple tabs of information.
My historical analysis is now portable—it’s out of Cortex and on my laptop. I can attach it to an email, include it in a proposal, or adjust it to present my forecast or the story I want to tell.
Of course, there’s much more to developing a forecast that you think will materialize… especially if you’re going to put your name on it. But when you need a quick response and need to move on, well, it’s not going to be perfect.
So what just happened? Because I had access to my historical data, all I had to do was find the project that was the best match for my forecast. Cortex did the rest.
Two simple mouse clicks. Really.