Project Forecast
The Project Forecast solution is part of the Value+ offering within Infor LN CloudSuite. This solution describes how Infor AI machine learning capabilities can be leveraged to seamlessly forecast project resource requirements across various cost types, including materials, labor, sundry, equipment, and subcontracting.
The system utilizes historical data from closed projects, focusing on aspects such as activity schedule and actual dates, budgeted quantities, physical progress percentage, and actual quantity consumption by cost type, cost object, and by cost control period. This data is used to forecast quantity consumption in alignment with the existing Work Breakdown Structure of the current, or upcoming project.
The machine learning algorithm analyzes the project’s classification information and classifies the project. By referencing the historical data of closed projects within the classification, the machine learning algorithm forecasts the quantity consumption for the current or upcoming project.
These are the key benefits of using this solution:
- Intelligent Resource Planning: Enables proactive forecasting of material, labor, and equipment requirements using machine learning for past project patterns.
- Data-Driven Cost Forecasting: Utilizes historical consumption trends and project classification to accurately predict future resource demands.
- Predictive Project Insights: Provides AI-powered forecasts of cost object consumption aligned with project structure and schedule.