Establish Contingency Cost based on Confidence Level - EcoSys - 4.03 - Help - Hexagon

EcoSys Projects Help (4.03)

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EcoSys Standard Version
4.03

This procedure allows you to create Contingency Estimated Cost on the Contingency object Path ID using the non-contingency object's unapproved total cost.

The Likely (cost) is the total of unapproved budget of non-contingency line items.

  1. In the Original Budget Summary panel, click the required Unapproved Cost hyperlink which is of Contingency type.

  2. In the Contingency Builder panel, click the Confidence Level tab.

  3. If you want to change the contingency line item, click the Object ellipsis and select the required contingency line item.

  4. Type the Probability (percent).

  5. Click the Contingency Value Method ellipsis and select the required method.

  6. Type the Low (cost) and High (cost) values.

    The attribute value for Low (cost) must be less than Likely (cost), and High (cost) must be greater than Likely (cost).

  7. Type the Cost Confidence (percent).

  8. Select Include Cost to copy the Contingency Estimated Cost to Included Contingency Estimated Cost.

  9. Click SAVE.

    • If the values for Low (cost) and High (cost) are not set accordingly, the Contingency Cost Validation gets highlighted in red color with an error message.

    • The Contingency Estimated Cost auto-populates based on the attributes value provided.

  10. To create Unapproved Cost for Contingency type budget line items, see Create Contingency Transactions.

    After executing the Create Contingency Transactions action, Include Cost gets unselected so that Contingency Builder is ready for next iteration of calculation.