{"id":10062,"date":"2023-09-05T14:00:00","date_gmt":"2023-09-05T12:00:00","guid":{"rendered":"https:\/\/beebole.com\/blog\/?p=10062"},"modified":"2026-08-06T15:17:41","modified_gmt":"2026-08-06T13:17:41","slug":"project-cost-management-forecasting-excel-offset","status":"publish","type":"post","link":"https:\/\/beebole.com\/blog\/project-cost-management-forecasting-excel-offset","title":{"rendered":"Project cost management: Adjustable forecasting and the Excel OFFSET function"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Today we&#8217;re talking project cost management with adjustable forecasting and the Excel OFFSET function. Follow along below, or <a href=\"https:\/\/www.youtube.com\/watch?v=s2YT-IWMltc\" target=\"_blank\" rel=\"noopener\">watch the tutorial on YouTube by clicking here<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The first time you heard about a forecast, it probably had nothing to do with <strong>project cost management.<\/strong> The team of weather experts behind that forecast used a range of data, inputs, and knowledge. This combination created an output you used to plan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As we all know, weather forecasts are never perfect. But that doesn\u2019t mean they aren\u2019t useful. A directionally correct forecast is far more useful than intuition alone. The same applies to <a href=\"https:\/\/beebole.com\/blog\/power-bi-for-planning-budgeting-and-forecasting\/\" data-type=\"post\" data-id=\"9926\">financial forecasting<\/a>, which guides business teams on major decisions. <\/p>\n\n\n<div  class=\"position-relative bbl-summarize-w-ai-block\">\n    <div class=\"bbl-swa-inner \">\n        <div class=\"bbl-swa-inner-top\">\n                            <div class=\"bbl-swa-title\">\n                    TL;DR: What you&#8217;ll learn                <\/div>\n            \n                            <div class=\"bbl-swa-quote montserrat-font\">\n                    <p class=\"font-claude-response-body break-words whitespace-normal\" dir=\"ltr\">Project cost management runs on forecasts, but a static Excel model leaves you stuck if your assumptions change halfway through the project. Today we&#8217;re building an adjustable forecast in Excel with the OFFSET function so you can test multiple cost scenarios without rebuilding your spreadsheet.<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal\" dir=\"ltr\">Here&#8217;s what this article covers:<\/p>\n<ul class=\"[li_&amp;]:mb-0 [li_&amp;]:mt-1 [li_&amp;]:gap-1 [&amp;:not(:last-child)_ul]:pb-1 [&amp;:not(:last-child)_ol]:pb-1 list-disc flex flex-col gap-1 pl-8 mb-3 print:block print:space-y-1\" dir=\"ltr\">\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">The three stages of project cost management (estimating, budgeting, and controlling costs) and why each matters for keeping a project on budget<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">How testing multiple &#8220;what-if&#8221; variables gives you flexibility when assumptions shift mid-project<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Practical examples like revenue growth, material cost spikes, and inflation, plus how to pick the right variables for your own project<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">A step-by-step tutorial (with template and video) for a control panel that switches between scenarios instantly<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Rolling monthly figures into a yearly view your team can actually use<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Beebole&#8217;s real-time budget tracking and reporting that keeps forecasts grounded in actual project data instead of static spreadsheet formulas<\/li>\n<\/ul>\n                <\/div>\n                    <\/div>\n\n        <div class=\"bbl-swa-actions d-flex justify-content-between\">\n                                                <div\n                        class=\"bbl-swa-actions-label montserrat-font bbl-wider-label\"\n                    >Find your budget&#8217;s weak spot:<\/div>\n                            \n            <div class=\"bbl-swa-logos-outer d-flex\">\n                                <div class=\"bbl-swa-logos\">\n                                            <a class=\"bbl-summarize-w-chatgpt\" href=\"https:\/\/chat.openai.com\/?q=Please%20read%20the%20article%20at%20https:\/\/beebole.com\/blog\/project-cost-management-forecasting-excel-offset.%20Based%20on%20the%20information%20in%20this%20article,%20pick%20the%203%20what-if%20variables%20most%20likely%20to%20blow%20up%20a%20project%20budget,%20explain%20why%20each%20one%20is%20risky,%20and%20tell%20me%20at%20what%20point%20tracking%20them%20with%20Excel%20and%20OFFSET%20formulas%20starts%20to%20break%20down%20versus%20needing%20real-time%20actual-vs-forecast%20data%20instead.%20Stick%20to%20only%20what%20this%20article%20says%20\u2014%20no%20outside%20information%20or%20generic%20knowledge.%20Present%20it%20clearly%20and%20concisely.\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">\n            <svg width=\"28\" height=\"26\" viewBox=\"0 0 28 26\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                <mask id=\"mask0_1578_5676\" style=\"mask-type:luminance\" maskUnits=\"userSpaceOnUse\" x=\"0\" y=\"0\" width=\"28\" height=\"26\">\n                    <path d=\"M27.1171 0H0.882935V26H27.1171V0Z\" fill=\"white\"\/>\n                <\/mask>\n                <g mask=\"url(#mask0_1578_5676)\">\n                    <path d=\"M10.9449 9.46396V6.99394C10.9449 6.78592 11.023 6.62986 11.2049 6.52598L16.171 3.66598C16.847 3.276 17.6531 3.09409 18.4849 3.09409C21.6049 3.09409 23.581 5.51214 23.581 8.08603C23.581 8.26799 23.581 8.47602 23.555 8.68404L18.4069 5.66798C18.095 5.48608 17.7828 5.48608 17.4709 5.66798L10.9449 9.46396ZM22.5409 19.084V13.1819C22.5409 12.8178 22.3848 12.5578 22.0729 12.3759L15.5469 8.57989L17.6789 7.35781C17.8609 7.25393 18.0169 7.25393 18.1989 7.35781L23.165 10.2178C24.5951 11.0499 25.557 12.8178 25.557 14.5337C25.557 16.5097 24.3871 18.3297 22.5409 19.0838V19.084ZM9.41092 13.8841L7.27892 12.6361C7.09702 12.5323 7.01893 12.3761 7.01893 12.1681V6.44817C7.01893 3.66625 9.15093 1.5601 12.037 1.5601C13.1291 1.5601 14.1429 1.92419 15.0011 2.57416L9.87915 5.53826C9.56725 5.72016 9.41119 5.98015 9.41119 6.34429V13.8843L9.41092 13.8841ZM14 16.536L10.9449 14.82V11.1802L14 9.46423L17.0548 11.1802V14.82L14 16.536ZM15.963 24.4401C14.8709 24.4401 13.8571 24.076 12.9989 23.4261L18.1208 20.462C18.4328 20.2801 18.5888 20.0201 18.5888 19.6559V12.1159L20.7469 13.3639C20.9288 13.4677 21.0069 13.6238 21.0069 13.8319V19.5518C21.0069 22.3337 18.8488 24.4399 15.963 24.4399V24.4401ZM9.8009 18.6421L4.83475 15.7822C3.40464 14.95 2.44277 13.1822 2.44277 11.4662C2.44277 9.46423 3.63879 7.67025 5.48467 6.91618V12.8442C5.48467 13.2082 5.64079 13.4682 5.95269 13.6502L12.4528 17.4201L10.3208 18.6421C10.1389 18.746 9.98281 18.746 9.8009 18.6421ZM9.51507 22.9061C6.57704 22.9061 4.41898 20.6961 4.41898 17.9661C4.41898 17.7581 4.44504 17.55 4.47089 17.342L9.59288 20.3061C9.90478 20.4881 10.217 20.4881 10.5289 20.3061L17.0548 16.5363V19.0063C17.0548 19.2143 16.9768 19.3704 16.7948 19.4742L11.8288 22.3342C11.1527 22.7242 10.3467 22.9061 9.51479 22.9061H9.51507ZM15.963 26C19.109 26 21.7349 23.7641 22.3331 20.8C25.2451 20.0459 27.1171 17.3159 27.1171 14.534C27.1171 12.7139 26.3372 10.946 24.9331 9.67198C25.0631 9.12594 25.1411 8.57989 25.1411 8.03412C25.1411 4.31617 22.1251 1.53399 18.641 1.53399C17.9392 1.53399 17.2631 1.63786 16.5871 1.87201C15.4169 0.727951 13.8049 0 12.037 0C8.89099 0 6.26513 2.23587 5.66691 5.19997C2.75494 5.95404 0.882935 8.68404 0.882935 11.466C0.882935 13.2861 1.66285 15.0539 3.0669 16.328C2.9369 16.874 2.85887 17.4201 2.85887 17.9659C2.85887 21.6838 5.87493 24.466 9.35895 24.466C10.0608 24.466 10.7369 24.3621 11.4129 24.1279C12.5828 25.272 14.1948 26 15.963 26Z\" fill=\"#313358\"\/>\n                <\/g>\n            <\/svg>\n        <\/a>\n                                                                    <a class=\"bbl-summarize-w-perplexity\" 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href=\"https:\/\/www.google.com\/search?aep=11&#038;udm=50&#038;q=Please%20read%20the%20article%20at%20https:\/\/beebole.com\/blog\/project-cost-management-forecasting-excel-offset.%20Based%20on%20the%20information%20in%20this%20article,%20pick%20the%203%20what-if%20variables%20most%20likely%20to%20blow%20up%20a%20project%20budget,%20explain%20why%20each%20one%20is%20risky,%20and%20tell%20me%20at%20what%20point%20tracking%20them%20with%20Excel%20and%20OFFSET%20formulas%20starts%20to%20break%20down%20versus%20needing%20real-time%20actual-vs-forecast%20data%20instead.%20Stick%20to%20only%20what%20this%20article%20says%20\u2014%20no%20outside%20information%20or%20generic%20knowledge.%20Present%20it%20clearly%20and%20concisely.\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">\n            <svg width=\"29\" height=\"29\" viewBox=\"0 0 29 29\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                <path d=\"M28.8828 14.4703C21.1362 14.9372 14.9348 21.1362 14.4691 28.8828H14.4125C13.9456 21.1362 7.74541 14.9372 0 14.4703V14.4137C7.74661 13.9456 13.9456 7.74661 14.4125 0H14.4691C14.936 7.74661 21.1362 13.9456 28.8828 14.4137V14.4703Z\" fill=\"#262C54\"\/>\n            <\/svg>\n        <\/a>\n                                                                    <a class=\"bbl-summarize-w-grok\" href=\"https:\/\/x.com\/i\/grok?q=Please%20read%20the%20article%20at%20https:\/\/beebole.com\/blog\/project-cost-management-forecasting-excel-offset.%20Based%20on%20the%20information%20in%20this%20article,%20pick%20the%203%20what-if%20variables%20most%20likely%20to%20blow%20up%20a%20project%20budget,%20explain%20why%20each%20one%20is%20risky,%20and%20tell%20me%20at%20what%20point%20tracking%20them%20with%20Excel%20and%20OFFSET%20formulas%20starts%20to%20break%20down%20versus%20needing%20real-time%20actual-vs-forecast%20data%20instead.%20Stick%20to%20only%20what%20this%20article%20says%20\u2014%20no%20outside%20information%20or%20generic%20knowledge.%20Present%20it%20clearly%20and%20concisely.\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">\n            <svg width=\"32\" height=\"32\" viewBox=\"0 0 32 32\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                <path d=\"M12.3998 19.784L21.6343 12.9589C22.0871 12.6243 22.7342 12.7548 22.9499 13.2745C24.0853 16.0155 23.578 19.3094 21.3191 21.571C19.0603 23.8325 15.9173 24.3285 13.0445 23.1989L9.90625 24.6536C14.4074 27.7339 19.8733 26.9721 23.2888 23.5501C25.9981 20.8376 26.8372 17.1403 26.0526 13.8061L26.0597 13.8132C24.9219 8.91511 26.3394 6.9573 29.243 2.95385C29.3117 2.85892 29.3804 2.764 29.4492 2.6667L25.6283 6.49216V6.4803L12.3974 19.7864\" fill=\"#262C54\"\/>\n                <path d=\"M10.4902 21.4428C7.25946 18.3529 7.81648 13.5711 10.5731 10.8136C12.6115 8.77269 15.9513 7.93973 18.8667 9.16426L21.9979 7.71666C21.4338 7.30848 20.7108 6.86946 19.8812 6.56095C16.1314 5.01605 11.6421 5.78494 8.59393 8.83439C5.6619 11.7699 4.73985 16.2836 6.3232 20.1352C7.50597 23.0138 5.56708 25.0498 3.61397 27.105C2.92184 27.8335 2.22735 28.5621 1.66797 29.3333L10.4878 21.4451\" fill=\"#262C54\"\/>\n            <\/svg>\n        <\/a>\n                                                                    <a class=\"bbl-summarize-w-claude\" href=\"https:\/\/claude.ai\/new?q=Please%20read%20the%20article%20at%20https:\/\/beebole.com\/blog\/project-cost-management-forecasting-excel-offset.%20Based%20on%20the%20information%20in%20this%20article,%20pick%20the%203%20what-if%20variables%20most%20likely%20to%20blow%20up%20a%20project%20budget,%20explain%20why%20each%20one%20is%20risky,%20and%20tell%20me%20at%20what%20point%20tracking%20them%20with%20Excel%20and%20OFFSET%20formulas%20starts%20to%20break%20down%20versus%20needing%20real-time%20actual-vs-forecast%20data%20instead.%20Stick%20to%20only%20what%20this%20article%20says%20\u2014%20no%20outside%20information%20or%20generic%20knowledge.%20Present%20it%20clearly%20and%20concisely.\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">\n            <svg width=\"32\" height=\"32\" viewBox=\"0 0 32 32\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                <path d=\"M7.66688 21.2213L13.3509 18.0321L13.4465 17.7551L13.3509 17.601H13.074L12.124 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11.8935L20.3712 10.3213L22.3608 7.83428L23.2386 6.84728L24.2626 5.75688L24.92 5.23802H26.1625L27.0774 6.5976L26.6677 8.00203L25.3881 9.62494L24.327 11.0001L22.8055 13.0483L21.8556 14.6868L21.9434 14.8175L22.1696 14.796L25.6066 14.0645L27.4636 13.729L29.6795 13.3486L30.6821 13.8168L30.7913 14.2927L30.3973 15.2661L28.0273 15.8513L25.2477 16.4072L21.1085 17.3864L21.0578 17.4235L21.1163 17.4956L22.9811 17.6712L23.7789 17.7141H25.7315L29.3674 17.9852L30.3173 18.6133L30.8869 19.3819L30.7913 19.9671L29.3284 20.7122L27.3544 20.244L22.747 19.1478L21.167 18.7538H20.9486V18.8845L22.2652 20.1719L24.6781 22.3507L27.6996 25.1596L27.8537 25.854L27.4655 26.4021L27.0559 26.3436L24.4011 24.3462L23.3771 23.4469L21.0578 21.4944H20.9037V21.6992L21.4382 22.4814L24.2607 26.724L24.407 28.025L24.2022 28.4483L23.4707 28.7038L22.667 28.5575L21.0149 26.2383L19.3101 23.6264L17.9349 21.2857L17.7671 21.3813L16.9557 30.1219L16.5753 30.5686L15.6975 30.9041L14.9661 30.3482L14.5779 29.449L14.9661 27.672L15.4342 25.3527L15.8146 23.5094L16.1579 21.2193L16.3627 20.4586L16.349 20.4079L16.1813 20.4294L14.455 22.7993L11.8295 26.3475L9.75208 28.5712L9.25467 28.7682L8.39251 28.3215L8.47248 27.5237L8.95428 26.8137L11.8295 23.1563L13.5636 20.8897L14.6832 19.5808L14.6754 19.3916H14.6091L6.97246 24.3501L5.61289 24.5256L5.02771 23.9775L5.09988 23.0783L5.37687 22.7857L7.67273 21.2057L7.66493 21.2135L7.66688 21.2213Z\" fill=\"#262C54\"\/>\n            <\/svg>\n        <\/a>\n                                                            <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">A financial forecast helps us to plan for an uncertain world. In<strong> project cost management, you have many variables to consider that could alter the project\u2019s success.<\/strong> Calculating the range of outcomes is key to knowing when and how to adjust.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this tutorial, we\u2019ll work with <strong>Microsoft Excel and the OFFSET function to create flexible forecasts. <\/strong>These are absolutely key when it comes to project cost management. Using this approach, it\u2019s easy to build a range of scenarios and predict outcomes. A quick reminder that you can <a href=\"https:\/\/www.youtube.com\/watch?v=s2YT-IWMltc\" target=\"_blank\" rel=\"noopener\">watch this tutorial here<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Before we begin, <a class=\"free-download-link\" href=\"https:\/\/docs.google.com\/uc?id=19bpjr5ftGP8ktWQXJj-fUqEtSH9Rgefi&amp;export=download\" target=\"_blank\" rel=\"noopener\">you can download the Excel template showcasing the Excel OFFSET function here<\/a> for the best results.<\/p>\n\n\n\n<h2 id=\"project-cost-management-definition\" class=\"wp-block-heading\">What is project cost management?<\/h2>\n\n\n\n<div  class=\"montserrat-font my-5 mx-auto bbl_definition_snippet\">\n  <div class=\"mb-4\">\n    <div class=\"bbl-ds-item question mb-3\">\n      <h2 class=\"h4 mb-0 mt-0\">Project cost management definition:<\/h2>\n    <\/div>\n    <div class=\"bbl-ds-item answer\">\n      <p>Project cost management is a crucial part of project management that involves estimating, budgeting, and controlling project costs to complete a project within the approved budget while fulfilling its objectives. It starts with <strong>cost estimation<\/strong>, determining necessary resources and their costs. This is followed by <strong>cost budgeting<\/strong>, which establishes a cost baseline, aggregating all estimated costs. The final stage, <strong>cost control<\/strong>, involves tracking project status and managing alterations to the cost baseline, often employing tools like earned value management (EVM).<\/p>\n    <\/div>\n  <\/div>\n<\/div>\n\n\n<figure class=\"wp-block-image alignright size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"400\" height=\"600\" src=\"https:\/\/beebole.com\/blog\/wp-content\/uploads\/2023\/03\/forecasting-project-costs-excel-offset.jpg\" alt=\"Project cost management in Excel\" class=\"wp-image-10064\" title=\"\"><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Effective cost management helps ensure a project delivers value and aligns with strategic goals. It involves understanding the project scope, risks, and schedules, and effective communication to manage stakeholder expectations. Efficient cost management prevents cost overruns, potential project failure, and potential financial loss, contributing to project success. It focuses not on cuts but on strategic resource usage for enhancing project value.<\/p>\n\n\n\n<h2 id=\"importance-of-scenario-planning\" class=\"wp-block-heading\">You can\u2019t plan every failure (But you can plan to fail)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Forecasts are built on <strong>scenarios<\/strong>. <a href=\"https:\/\/www.netsuite.com\/portal\/resource\/articles\/financial-management\/scenario-planning.shtml\" target=\"_blank\" rel=\"noopener\">Those scenarios consider a range of variables<\/a> that may shift under varying conditions. These scenarios include internal and external factors and how they might change. While you can\u2019t anticipate every scenario, you can build flexibility with multiple inputs. No one could\u2019ve forecasted the global pandemic in 2020. But, forward-thinking planners had already performed \u201cwhat-if analysis\u201d work to stress test their business. You might not know the source of the impact, but you can test their effect on the business. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Scenario planning<\/strong> helps you build a range of outcomes when it comes to project cost management. And once you create those projections, you\u2019ll think about how to act within them.  As a <a href=\"https:\/\/www.techtarget.com\/whatis\/definition\/cost-management\" target=\"_blank\" rel=\"noopener\">project cost manager<\/a>, uncertainty is all too familiar. You face countless questions about cost, project timing, and more. Running a sensitivity analysis across scenarios gives you visibility about how to respond.<\/p>\n\n\n<div  class=\"mb-4 call_to_action-block\">\n    <div class=\"call_to_action-blockcontent py-5 px-4 text-center border-top border-bottom\">\n                    <h4 class=\"call_to_action-header h2 mt-0\">Tired of the Headaches That Come with Forecasting?<\/h4>\n                            <p class=\"call_to_action-text\">See how Beebole can streamline the entire process.<\/p>\n                <div class=\"call_to_action-btns btns-wrap d-block d-lg-flex justify-content-center mx-auto\">\n                            <a class=\"w-100 w-lg-auto btn btn-outline-primary me-lg-4 mb-3 mb-lg-0 bbl_cta_block_demo_btn \" href=\"https:\/\/beebole.com\/sales-call\" id=\"cta_post_10062_article_demo_1\">Book a Call<\/a>\n                                <\/div>\n    <\/div>\n<\/div>\n\n\n<h2 id=\"scenarios-to-include-when-forecasting\" class=\"wp-block-heading\">What scenarios should you include when forecasting?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you&#8217;ve got a sharp eye on your project cost management, you probably already know what factors influence <a href=\"https:\/\/beebole.com\/blog\/how-to-calculate-project-profitability\/\">your project\u2019s success<\/a>. Maybe your business relies heavily on a specific material that changes in price. Or, your market ebbs and flows with the economic cycle. <strong>The scenarios you build will vary based on your situation, so start by taking stock of your key drivers for success.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s an example of three scenarios that you might generate when you build out a financial forecast:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>What if the revenue increased by 10% more than expected?<\/strong> While it\u2019s great to exceed expectations, it also means you have an opportunity. A what-if analysis for revenue can launch a discussion of what projects to fund or initiatives to launch. <\/li>\n\n\n\n<li><strong>What if your raw materials increase significantly? <\/strong>Are you able to reprice your products to include these costs, or will you be forced to accept a lower margin? <\/li>\n\n\n\n<li><strong>What if inflation continues to increase?<\/strong> This scenario impacts practically all parts of a business. Whether it means higher healthcare costs, more expensive materials, or delays in shipping, scenario planning for higher inflation is a must.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019ve ever found yourself wondering, \u201cWhat if this happened?\u201d on a project, you should build out a scenario to test it. With the Excel OFFSET function, you\u2019ll learn that you can build limitless scenarios and toggle between them easily.<\/p>\n\n\n\n<div\n    class=\"montserrat-font my-5 mx-auto p-4 p-lg-5 bbl_customer_story_blurb\"\n  style=\"background-image:url('https:\/\/beebole.com\/blog\/wp-content\/themes\/sage\/public\/images\/block-csb-bk.18ecf3.png')\"\n>\n  <div class=\"position-relative\">\n    \n    <div class=\"bbl-csb-text\">\n      <p data-start=\"139\" data-end=\"394\">When you\u2019re running 100+ projects at once, a single inaccurate forecast can spiral into missed budgets and lost profitability. That\u2019s why <strong>Rancho BioSciences<\/strong> uses Beebole for their project time tracking\u2014and now they track every hour, cost, and budget in real time.<\/p>\n<p data-start=\"396\" data-end=\"642\">With Beebole, they can:<br data-start=\"419\" data-end=\"422\" \/>\ud83d\ude80 Catch cost overruns before they become a problem<br data-start=\"463\" data-end=\"466\" \/>\ud83d\ude80 Build forecasts grounded in real project data<br data-start=\"514\" data-end=\"517\" \/>\ud83d\ude80 Eliminate invoice disputes with accurate time and budget tracking<br data-start=\"585\" data-end=\"588\" \/>\ud83d\ude80 Give leadership the clarity they need to act fast<\/p>\n    <\/div>\n\n          <a class=\"d-inline-block bbl-csb-link mt-2\" href=\"https:\/\/beebole.com\/blog\/how-to-avoid-project-cost-overruns\/\">\n        Read the case study\n        <svg width=\"14\" height=\"14\" viewBox=\"0 0 14 14\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n          <path d=\"M5.25 10.5L8.75 7L5.25 3.5\" stroke=\"#424240\" stroke-width=\"1.16667\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\n        <\/svg>\n      <\/a>\n      <\/div>\n<\/div>\n\n\n<h2 id=\"how-to-create-an-adjustable-forecast-with-OFFSET\" class=\"wp-block-heading\">How to create an adjustable forecast with OFFSET (Watch and learn)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Now that you\u2019re ready to build your forecast, it\u2019s time to jump into Excel. We\u2019ll build a spreadsheet that includes <strong>a range of scenarios, and then give you the tools you need to calculate the outcomes.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the screencast below, you\u2019ll learn how to build and test your forecasts with OFFSET. You can create inputs and then apply calculations to generate a forecast.<\/p>\n\n\n\n<h2 id=\"video-tutorial-create-adjustable-forecast\" class=\"wp-block-heading\">Watch the tutorial<\/h2>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<span class=\"bbl-video-yt-subscribe\"><span class=\"bbl-vys-video\"><span class=\"bbl-video-outer\"><span class=\"bbl-video\" data-type=\"youtube\" data-id=\"s2YT-IWMltc\" data-title=\"How to Create an Adjustable Forecast with the Excel OFFSET Function\"><img alt=\"How to Create an Adjustable Forecast with the Excel OFFSET Function\" height=\"360\" loading=\"lazy\" src=\"https:\/\/img.youtube.com\/vi\/s2YT-IWMltc\/hqdefault.jpg\" width=\"480\" \/><svg class=\"bbl-video-play-btn\" version=\"1.1\" viewBox=\"0 0 68 48\"><path d=\"M66.52,7.74c-0.78-2.93-2.49-5.41-5.42-6.19C55.79,.13,34,0,34,0S12.21,.13,6.9,1.55 C3.97,2.33,2.27,4.81,1.48,7.74C0.06,13.05,0,24,0,24s0.06,10.95,1.48,16.26c0.78,2.93,2.49,5.41,5.42,6.19 C12.21,47.87,34,48,34,48s21.79-0.13,27.1-1.55c2.93-0.78,4.64-3.26,5.42-6.19C67.94,34.95,68,24,68,24S67.94,13.05,66.52,7.74z\" fill=\"#f00\"><\/path><path d=\"M 45,24 27,14 27,34\" fill=\"#fff\"><\/path><\/svg><\/span><\/span><noscript><iframe loading=\"lazy\" title=\"How to Create an Adjustable Forecast with the Excel OFFSET Function\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/s2YT-IWMltc?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/noscript><\/span><span class=\"bbl-vys-cta\"><span class=\"bbl-vys-cta-text\"><span class=\"bbl-vys-cta-title\">There's more where that came from.<\/span><span class=\"bbl-vys-cta-subtitle\">Don\u2019t miss a single video.<\/span><\/span><a class=\"btn btn-primary text-white px-5 px-lg-3\" href=\"https:\/\/www.youtube.com\/@BeeBole?sub_confirmation=1\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><span>Subscribe<\/span><\/a><\/span><\/span>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>*Discover more tutorials and webinars in Beebole&#8217;s <a href=\"https:\/\/beebole.com\/videos\/\">video collection<\/a>.*<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you want to see how to build the spreadsheet in a series of steps, read on. I\u2019ll walk you through using Excel to create scenario planning templates.<\/p>\n\n\n\n<h2 id=\"download-offset-forecast-spreadsheet\" class=\"wp-block-heading\">Start by downloading the OFFSET forecast spreadsheet<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s walk through creating <strong>a flexible project cost management forecast. <\/strong>We\u2019ll build out a range of scenarios and then add OFFSET functionality that allows us to switch between them easily.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To follow along with this tutorial, <a class=\"free-download-link\" href=\"https:\/\/docs.google.com\/uc?id=19bpjr5ftGP8ktWQXJj-fUqEtSH9Rgefi&amp;export=download\" target=\"_blank\" rel=\"noopener\">download the finished OFFSET Forecast spreadsheet<\/a>. You can use it as a guide to add your scenarios and estimate project costs.<\/p>\n\n\n\n<h2 id=\"create-scenarios\" class=\"wp-block-heading\">Create your scenarios<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">With project cost management in mind, here are recommended variables for my scenarios:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Project start date<\/strong>: The date that the project investment is made. <\/li>\n\n\n\n<li><strong>Build time:<\/strong> How many months will it take to complete the project? <\/li>\n\n\n\n<li><strong>Total project investment:<\/strong> How much will you invest in the project? <\/li>\n\n\n\n<li><strong>Customers added per month<\/strong>: Once our project is complete, how many customers will start using the product? <\/li>\n\n\n\n<li><strong>Monthly customer revenue<\/strong>: While customers will vary, it\u2019s important to build in an average revenue per customer. <\/li>\n\n\n\n<li><strong># of customers churning out<\/strong>: Customers may leave over time, and it\u2019s important to factor this. <\/li>\n\n\n\n<li><strong>Cost of sales %<\/strong>: Once the product launches, there will be costs associated with it. Let\u2019s use a percent rate to apply to the revenue.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">In Excel, it\u2019s best to create a standalone tab that includes each of these scenarios. The table below includes each of the seven factors I\u2019ll use in my forecast.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Important: <\/strong>To make full use of the offset function, make sure to create a row labeled <strong>Scenario #.<\/strong> Each scenario has a number so that we can shift between them with ease.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"211\" src=\"https:\/\/beebole.com\/blog\/wp-content\/uploads\/2023\/03\/scenario-table-700x211.png\" alt=\"It&#039;s important to create a row for each of your scenario inputs when working with project cost management. Also, ensure that you number each scenario.\" class=\"wp-image-10071\" title=\"\" srcset=\"https:\/\/beebole.com\/blog\/wp-content\/uploads\/2023\/03\/scenario-table-700x211.png 700w, https:\/\/beebole.com\/blog\/wp-content\/uploads\/2023\/03\/scenario-table-768x231.png 768w, https:\/\/beebole.com\/blog\/wp-content\/uploads\/2023\/03\/scenario-table.png 900w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><figcaption class=\"wp-element-caption\">Create a row for each of your scenario inputs. Also, ensure that you number each scenario.<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Think of your forecast as a sensitivity analysis: \u201cIf a given factor changes by X%, what\u2019s the impact on my earnings?\u201d With these scenarios, we can test exactly that.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Add your scenario details<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Now, it\u2019s time to build a projections tab that connects to our scenario variables. With this set of projections, we\u2019ll see a detailed calculation for our project financials. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s switch to a new tab and lay out our spreadsheet. In my case, I\u2019m going to create a column for each month between 2023 and 2025. Then, each row in the forecast model uses an input variable.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"316\" src=\"https:\/\/beebole.com\/blog\/wp-content\/uploads\/2023\/03\/layout-columns-scenario-table-700x316.jpg\" alt=\"Lay out your forecast across a series of columns, with each row acting as a calculation in Microsoft Excel.\" class=\"wp-image-10070\" title=\"\" srcset=\"https:\/\/beebole.com\/blog\/wp-content\/uploads\/2023\/03\/layout-columns-scenario-table-700x316.jpg 700w, https:\/\/beebole.com\/blog\/wp-content\/uploads\/2023\/03\/layout-columns-scenario-table-768x347.jpg 768w, https:\/\/beebole.com\/blog\/wp-content\/uploads\/2023\/03\/layout-columns-scenario-table.jpg 826w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><figcaption class=\"wp-element-caption\">Lay out your forecast across a series of columns, with each row acting as a calculation.<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Go ahead and add placeholder rows for each of the row calculations we need. Don\u2019t worry about perfecting these formulas for now; just ensure that there\u2019s a row placeholder for each.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How to include a control panel<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Also, I\u2019m going to use the highlighted section in the cells above as my <strong>control panel<\/strong>. This is the area where we can change the scenario number and recalculate everything we need:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>In cell <strong>B2<\/strong>, we\u2019ll type a number that corresponds to our scenario of choice. By default, I\u2019ll put in 1. Remember that we numbered our scenarios in the prior step. You\u2019ll change this cell anytime you want to see a new scenario. <\/li>\n\n\n\n<li>In cell <strong>B3<\/strong>, I\u2019m going to use an HLOOKUP formula. You can reference this in the downloadable spreadsheet, but this will automatically update with the scenario name as the scenario number changes.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"477\" height=\"350\" src=\"https:\/\/beebole.com\/blog\/wp-content\/uploads\/2023\/03\/excel-forecasting-using-control-panel-formulas.jpg\" alt=\"The first three rows of column B will serve as the control center with a changeable scenario number.\" class=\"wp-image-10068\" title=\"\"><figcaption class=\"wp-element-caption\">We\u2019ll use the first three rows of column B as the control center with a changeable scenario number.<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">There\u2019s another important component to this spreadsheet, and that includes the scenario details. Remember, we built these out on the standalone <strong>Inputs <\/strong>tab. But we\u2019ll carry them through to this tab so that we see the scenario details.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s the goal: as we change the scenario number, we pull all of the details of that scenario through to our Projection tab. So, how do we make the calculations dynamic as the scenario number changes? This is the power of the <strong>OFFSET <\/strong>formula.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Just below the area we built for projections, let\u2019s add our <strong>Scenario details<\/strong>. Don\u2019t retype these details\u2014let\u2019s connect them back to our <strong>Scenarios <\/strong>tab. We want to build this dynamically so that as the scenario number changes, so will all of the inputs.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"456\" src=\"https:\/\/beebole.com\/blog\/wp-content\/uploads\/2023\/03\/scenario-table-added-excel-forecasting-700x456.jpg\" alt=\"Lay out your forecast across a series of columns, with each row acting as a calculation.\" class=\"wp-image-10072\" title=\"\" srcset=\"https:\/\/beebole.com\/blog\/wp-content\/uploads\/2023\/03\/scenario-table-added-excel-forecasting-700x456.jpg 700w, https:\/\/beebole.com\/blog\/wp-content\/uploads\/2023\/03\/scenario-table-added-excel-forecasting.jpg 746w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><figcaption class=\"wp-element-caption\">Let\u2019s add a dynamic set of scenario details that pulls from our Inputs tab.<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Time to use the OFFSET function<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s write our first formula for the Project Starts date, which will use the OFFSET function:<\/p>\n\n\n\n<div class=\"wp-block-kevinbatdorf-code-block-pro\" data-code-block-pro-font-family=\"Code-Pro-JetBrains-Mono\" style=\"font-size:.875rem;font-family:Code-Pro-JetBrains-Mono,ui-monospace,SFMono-Regular,Menlo,Monaco,Consolas,monospace;line-height:1.25rem;--cbp-tab-width:2;tab-size:var(--cbp-tab-width, 2)\"><span style=\"display:block;padding:16px 0 0 16px;margin-bottom:-1px;width:100%;text-align:left;background-color:#282A36\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"54\" height=\"14\" viewBox=\"0 0 54 14\"><g fill=\"none\" fill-rule=\"evenodd\" transform=\"translate(1 1)\"><circle cx=\"6\" cy=\"6\" r=\"6\" fill=\"#FF5F56\" stroke=\"#E0443E\" stroke-width=\".5\"><\/circle><circle cx=\"26\" cy=\"6\" r=\"6\" fill=\"#FFBD2E\" stroke=\"#DEA123\" stroke-width=\".5\"><\/circle><circle cx=\"46\" cy=\"6\" r=\"6\" fill=\"#27C93F\" stroke=\"#1AAB29\" stroke-width=\".5\"><\/circle><\/g><\/svg><\/span><span role=\"button\" tabindex=\"0\" style=\"color:#f6f6f4;display:none\" aria-label=\"Copy\" class=\"code-block-pro-copy-button\"><pre class=\"code-block-pro-copy-button-pre\" aria-hidden=\"true\"><textarea class=\"code-block-pro-copy-button-textarea\" tabindex=\"-1\" aria-hidden=\"true\" readonly>=OFFSET(Inputs!C7,0,Projection!$B$2)<\/textarea><\/pre><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" style=\"width:24px;height:24px\" fill=\"none\" viewBox=\"0 0 24 24\" stroke=\"currentColor\" stroke-width=\"2\"><path class=\"with-check\" stroke-linecap=\"round\" stroke-linejoin=\"round\" d=\"M9 5H7a2 2 0 00-2 2v12a2 2 0 002 2h10a2 2 0 002-2V7a2 2 0 00-2-2h-2M9 5a2 2 0 002 2h2a2 2 0 002-2M9 5a2 2 0 012-2h2a2 2 0 012 2m-6 9l2 2 4-4\"><\/path><path class=\"without-check\" stroke-linecap=\"round\" stroke-linejoin=\"round\" d=\"M9 5H7a2 2 0 00-2 2v12a2 2 0 002 2h10a2 2 0 002-2V7a2 2 0 00-2-2h-2M9 5a2 2 0 002 2h2a2 2 0 002-2M9 5a2 2 0 012-2h2a2 2 0 012 2\"><\/path><\/svg><\/span><pre class=\"shiki dracula-soft\" style=\"background-color: #282A36\" tabindex=\"0\"><code><span class=\"line\"><span style=\"color: #F286C4\">=<\/span><span style=\"color: #62E884\">OFFSET<\/span><span style=\"color: #F6F6F4\">(Inputs<\/span><span style=\"color: #F286C4\">!<\/span><span style=\"color: #F6F6F4\">C7,<\/span><span style=\"color: #BF9EEE\">0<\/span><span style=\"color: #F6F6F4\">,Projection<\/span><span style=\"color: #F286C4\">!<\/span><span style=\"color: #F6F6F4\">$B$2)<\/span><\/span><\/code><\/pre><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">This formula follows a few steps, with each step separated by a comma:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It looks at the <strong>Inputs <\/strong>tab in Cell <strong>C7<\/strong>. Remember that this is the first sheet in our workbook where we created scenarios. <\/li>\n\n\n\n<li>It shifts the reference by 0 rows because we don\u2019t want to move down rows versus our reference cell. <\/li>\n\n\n\n<li>It moves our reference over by the number of columns in Cell B2 on the same tab. That\u2019s our control panel, where we tell Excel how many columns to move over.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Now, every other cell is a matter of simply moving the reference cell from Inputs down by one column. Notice the similarity in the formulas, as they all point to a scenario, shifting only based on the scenario you select.<\/p>\n\n\n\n<figure class=\"wp-block-table\">\n<div class=\"bbl-block-table\"><table >\n<thead>\n<tr >\n<td >Variable<\/td>\n<td >Formula<\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr >\n<td >Project starts<\/td>\n<td >=OFFSET(Inputs!C7,0,Projection!$B$2)<\/td>\n<\/tr>\n<tr >\n<td >Build time<\/td>\n<td >=OFFSET(Inputs!C8,0,Projection!$B$2)<\/td>\n<\/tr>\n<tr >\n<td >Total project investment<\/td>\n<td >=OFFSET(Inputs!C9,0,Projection!$B$2)<\/td>\n<\/tr>\n<tr >\n<td >Customers added per month<\/td>\n<td >=OFFSET(Inputs!C10,0,Projection!$B$2)<\/td>\n<\/tr>\n<tr >\n<td >Monthly customer revenue<\/td>\n<td >=OFFSET(Inputs!C11,0,Projection!$B$2)<\/td>\n<\/tr>\n<tr >\n<td >Customers churning out<\/td>\n<td >=OFFSET(Inputs!C12,0,Projection!$B$2)<\/td>\n<\/tr>\n<tr >\n<td >Cost of sales %<\/td>\n<td >=OFFSET(Inputs!C13,0,Projection!$B$2)<\/td>\n<\/tr>\n<tr >\n<td >Customers start<\/td>\n<td >=EDATE(D18,D19)<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The last formula for \u201cCustomers start\u201d uses the EDATE function to shift by a specified number of months. It takes the start date and adds the scenario\u2019s \u201cBuild time\u201d variable to know when revenue should start.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So far, we\u2019ve got everything \u201chooked up\u201d in this model. We\u2019ve brought through the scenario details from the <strong>Inputs <\/strong>tab. Read on to apply the needed calculations for optimized project cost management right in Excel.<\/p>\n\n\n\n<h2 id=\"add-forecast-calculations\" class=\"wp-block-heading\">Add your forecast calculations<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">We\u2019ve pulled through our scenario details. Now, it\u2019s time to create our projections. <strong>Projections take details from a scenario<\/strong> and <strong>then apply calculations to them. <\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As part of our forecast, we\u2019re going to make all of the calculations that you see below. While every forecast differs, it should include each of your input variables in a calculation.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"263\" src=\"https:\/\/beebole.com\/blog\/wp-content\/uploads\/2023\/03\/control-panel-formulas-project-cost-management-700x263.png\" alt=\"Each row in this Excel spreadsheet showcasing the Offset Function uses a variable from the scenarios to create projections for project cost management.\" class=\"wp-image-10067\" title=\"\" srcset=\"https:\/\/beebole.com\/blog\/wp-content\/uploads\/2023\/03\/control-panel-formulas-project-cost-management-700x263.png 700w, https:\/\/beebole.com\/blog\/wp-content\/uploads\/2023\/03\/control-panel-formulas-project-cost-management.png 740w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><figcaption class=\"wp-element-caption\">Each row utilizes a variable from the scenarios to create projections.<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s walk through the formulas built for each of these rows, plus a short explainer of how it works. The example formulas use column E, but work as you drag them across to each month.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The forecast calculations<\/h3>\n\n\n\n<figure class=\"wp-block-table\">\n<div class=\"bbl-block-table\"><table >\n<thead>\n<tr >\n<td >Cell<\/td>\n<td >Formula<\/td>\n<td >Explanation<\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr >\n<td >Investment made<\/td>\n<td >=IF($D$18=E2,$D20,0)<\/td>\n<td >This formula looks at the scenario table and compares the date to the \u201cProject Starts\u201d date. It then inserts the project investment amount. In essence, the formula fills in the investment in the intended start month.<\/td>\n<\/tr>\n<tr >\n<td >Customers added<\/td>\n<td >=IF(E2&gt;=$D$27,$D$21,0)<\/td>\n<td >This formula looks at the scenario table and inserts the number of customers added. But, it only does this if the date is after the project completion date. (After all, we shouldn\u2019t have customers before our project finishes.)<\/td>\n<\/tr>\n<tr >\n<td >Customers churned out<\/td>\n<td >=-IF(E2&gt;=$D$27,$D$23,0)<\/td>\n<td >Similar to the \u201ccustomers added\u201d input, this includes the number of customers we lose each month. Again, it uses the \u201cCustomers start\u201d helper field.<\/td>\n<\/tr>\n<tr >\n<td >Net # of customers<\/td>\n<td >=(E6+E7)+D8<\/td>\n<td >This formula multiplies customers times the average revenue per customer.<\/td>\n<\/tr>\n<tr >\n<td >Revenue<\/td>\n<td >=E8*$D$22<\/td>\n<td >This formula multiples customers times the average revenue per customer.<\/td>\n<\/tr>\n<tr >\n<td >Cost of sales<\/td>\n<td >=-$D$24*E10<\/td>\n<td >This formula multiples the revenue times the cost of sales. Since this is a cost, we multiply it as a negative.<\/td>\n<\/tr>\n<tr >\n<td >Gross profit<\/td>\n<td >=E10+E11<\/td>\n<td >Gross profit is revenue less costs in this formula.<\/td>\n<\/tr>\n<tr >\n<td >Cash impact<\/td>\n<td >=E13-E5<\/td>\n<td >This formula is designed to estimate the total cash impact, which includes the investment cost.<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">With these formulas, we have a complete projection of how our project performs. Simply change the scenario number in the control panel cell, and every formula is calculated. Because we used the <strong>OFFSET <\/strong>function, all formulas will shift accordingly.<\/p>\n\n\n\n<h2 id=\"add-summary\" class=\"wp-block-heading\">Add a forecast summary<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Our forecast is complete! We can test out scenarios and study the results. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An important part of creating a forecast is sharing it. A summary of the months into year groupings is a great way to do that. On a new <strong>Summary <\/strong>tab, I created sums of the months for each financial metric. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This table gives me a ready-to-share visual. Make sure also to link the scenario name from the Projection tab so that you remember which projection the summary shows.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"655\" height=\"315\" src=\"https:\/\/beebole.com\/blog\/wp-content\/uploads\/2023\/03\/forecast-summary-excel-offset-function.jpg\" alt=\"A forecast summary helps to group the months into years for easier understanding when working on a project forecast in Excel for your project cost management. \" class=\"wp-image-10069\" title=\"\"><figcaption class=\"wp-element-caption\">A forecast summary helps to group the months into years for easier understanding.<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">This simply sums up the months of each year. Save the work of recreating this yourself with our included template.<\/p>\n\n\n\n<h2 id=\"track-actuals-against-forecast-with-beebole\" class=\"wp-block-heading\">Track actuals against your forecast with Beebole<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Once you&#8217;ve picked a scenario and the project is underway, the forecast is only half the story. You still need to know how reality is tracking against it. That&#8217;s where <a class=\"highlighted-link bbl-link-hs bbl-link-hs-v-1\" href=\"https:\/\/beebole.com\"><span>Beebole<svg width=\"17\" height=\"18\" viewBox=\"0 0 17 18\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M11.25 0.875H15.625C15.7908 0.875 15.9497 0.940848 16.0669 1.05806C16.1842 1.17527 16.25 1.33424 16.25 1.5V5.875C16.25 6.04076 16.1842 6.19973 16.0669 6.31694C15.9497 6.43415 15.7908 6.5 15.625 6.5C15.4592 6.5 15.3003 6.43415 15.1831 6.31694C15.0658 6.19973 15 6.04076 15 5.875V3.00833L4.81667 13.1917C4.69819 13.3021 4.54148 13.3622 4.37956 13.3593C4.21765 13.3565 4.06316 13.2909 3.94865 13.1764C3.83414 13.0618 3.76854 12.9074 3.76569 12.7454C3.76283 12.5835 3.82293 12.4268 3.93333 12.3083L14.1167 2.125H11.25C11.0842 2.125 10.9253 2.05915 10.8081 1.94194C10.6908 1.82473 10.625 1.66576 10.625 1.5C10.625 1.33424 10.6908 1.17527 10.8081 1.05806C10.9253 0.940848 11.0842 0.875 11.25 0.875ZM2.5 4.625C2.16848 4.625 1.85054 4.7567 1.61612 4.99112C1.3817 5.22554 1.25 5.54348 1.25 5.875V14.625C1.25 14.9565 1.3817 15.2745 1.61612 15.5089C1.85054 15.7433 2.16848 15.875 2.5 15.875H11.25C11.5815 15.875 11.8995 15.7433 12.1339 15.5089C12.3683 15.2745 12.5 14.9565 12.5 14.625V7.75C12.5 7.58424 12.5658 7.42527 12.6831 7.30806C12.8003 7.19085 12.9592 7.125 13.125 7.125C13.2908 7.125 13.4497 7.19085 13.5669 7.30806C13.6842 7.42527 13.75 7.58424 13.75 7.75V14.625C13.75 15.288 13.4866 15.9239 13.0178 16.3928C12.5489 16.8616 11.913 17.125 11.25 17.125H2.5C1.83696 17.125 1.20107 16.8616 0.732233 16.3928C0.263392 15.9239 0 15.288 0 14.625V5.875C0 5.21196 0.263392 4.57607 0.732233 4.10723C1.20107 3.63839 1.83696 3.375 2.5 3.375H9.375C9.54076 3.375 9.69973 3.44085 9.81694 3.55806C9.93415 3.67527 10 3.83424 10 4C10 4.16576 9.93415 4.32473 9.81694 4.44194C9.69973 4.55915 9.54076 4.625 9.375 4.625H2.5Z\"\/><\/svg><\/span><\/a> comes in. Instead of manually updating the workbook with actuals each month, set up matching billing, cost, and quantity budgets for the project in Beebole, split by person or subproject if needed, and let time and expense entries flow in as work happens. Beebole&#8217;s reports surface billed amounts, real costs, and profitability in real time, and flag when a project is trending over budget while there&#8217;s still room to course-correct. You can export those actuals straight to <a href=\"https:\/\/beebole.com\/integrations\/excel\">Excel<\/a> or <a href=\"https:\/\/beebole.com\/integrations\/google-sheets\">Google Sheets<\/a> and drop them next to the scenario you chose, turning the OFFSET model from a one-time projection <strong>into a living forecast-versus-actual comparison you can revisit every month.<\/strong><\/p>\n\n\n\n<h2 id=\"conclusion\" class=\"wp-block-heading\">Conclusion: Now you can build a forecast &amp; take your project cost management to the next level<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Now, it\u2019s your turn. It\u2019s time to take a step back and ponder what scenarios your business should test. Then, build out a range of possibilities that test the future. This is a beautiful piece of the puzzle that is project cost management. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Remember: Your forecast doesn\u2019t have to be perfect. <strong>It\u2019s only a guidepost that you use to steer your decisions. The flexibility you can build with the OFFSET function shows that predicting the future doesn\u2019t have to be painful or time-consuming.<\/strong><\/p>\n\n\n\n<div  class=\"mx-auto bbl_suggested_post_block my-5\">\n\t<a class=\"bbl_sp_block-blockcontent align-items-center d-flex flex-column flex-md-row justify-content-center\" href=\"https:\/\/beebole.com\/blog\/power-bi-for-planning-budgeting-and-forecasting\" title=\"How to use Power BI for planning, budgeting, and forecasting\">\n\t\t<img\n\t\t\talt=\"How to use Power BI for planning, budgeting, and forecasting\"\n\t\t\tclass=\"d-block h-auto\"\n\t\t\tloading=\"lazy\"\n\t\t\theight=\"153\"\n\t\t\tsrc=\"https:\/\/beebole.com\/blog\/wp-content\/themes\/sage\/public\/images\/suggested-post.cad3bf.png\"\n\t\t\twidth=\"233\"\n\t\t\/>\n\t\t<div class=\"bbl_sp_block-text-col\">\n\t\t\t\t\t\t\t<div class=\"mb-1\"><div class=\"bbl_sp_block-label mb-3\">RELATED POST<\/div><\/div>\n\t\t\t\t\t\t<div class=\"bbl_sp_block-title\">How to use Power BI for planning, budgeting, and forecasting<\/div>\n\t\t\t\t\t\t\t<div class=\"bbl_sp_block-button mt-3\">\n\t\t\t\t\tRead more\t\t\t\t\t<svg width=\"14\" height=\"14\" viewBox=\"0 0 14 14\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n\t\t\t\t\t\t<path d=\"M5.25 10.5L8.75 7L5.25 3.5\" stroke=\"white\" stroke-width=\"1.16667\" stroke-linecap=\"round\" stroke-linejoin=\"round\" \/>\n\t\t\t\t\t<\/svg>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/a>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">\u2014<br>Photos by Brian McGowan and Ross Sneddon on Unsplash<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n      <script type=\"text\/javascript\">\n        ( function() {\n          var iframes = document.querySelectorAll( '.bbl-video:not(.loaded)' );\n          iframes.forEach( function( iframe ) {\n            iframe.addEventListener( 'click', function() {\n              if ( iframe.dataset.type === 'youtube' ) {\n                iframe.innerHTML = '<iframe src=\"https:\/\/www.youtube.com\/embed\/' + iframe.dataset.id + '?feature=oembed&autoplay=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen title=\"' + iframe.dataset.title + '\"><\/iframe>';\n                iframe.classList.add( 'loaded' );\n              }\n            });\n          });\n        })();\n      <\/script>\n<div class=\"bbl-post-disclaimer\">The experts who have written or contributed to this article are independent from Beebole, and their contribution doesn't serve as endorsement for our company\/tool or their past\/present organizations, employers, or associates.<\/div>","protected":false},"excerpt":{"rendered":"<p>Today we&#8217;re talking project cost management with adjustable forecasting and the Excel OFFSET function. Follow along below, or watch the tutorial on YouTube by clicking here. The first time you heard about a forecast, it probably had nothing to do with project cost management. The team of weather experts behind that forecast used a range [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":10475,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4011],"tags":[1468,3989,4013],"class_list":["post-10062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-project-management","tag-finance","tag-excel","tag-templates"],"acf":[],"_links":{"self":[{"href":"https:\/\/beebole.com\/blog\/wp-json\/wp\/v2\/posts\/10062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/beebole.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beebole.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beebole.com\/blog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/beebole.com\/blog\/wp-json\/wp\/v2\/comments?post=10062"}],"version-history":[{"count":52,"href":"https:\/\/beebole.com\/blog\/wp-json\/wp\/v2\/posts\/10062\/revisions"}],"predecessor-version":[{"id":14974,"href":"https:\/\/beebole.com\/blog\/wp-json\/wp\/v2\/posts\/10062\/revisions\/14974"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/beebole.com\/blog\/wp-json\/wp\/v2\/media\/10475"}],"wp:attachment":[{"href":"https:\/\/beebole.com\/blog\/wp-json\/wp\/v2\/media?parent=10062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beebole.com\/blog\/wp-json\/wp\/v2\/categories?post=10062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beebole.com\/blog\/wp-json\/wp\/v2\/tags?post=10062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}