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Updating Cost Models

In CapitalForecastDirect you can choose to update the cost models used to calculate construction costs to the latest version. Updating the cost models to the latest version will not only update construction costs, but will also add an additional 300 Site Items to your account and update models for various Building Types.

 

IMPORTANT: This will update estimates for all Building Components that are controlled by the Model. If you obtained funding based on your current costs, you may want to keep your current values. If you do not want particular Building Components to update based on the new cost model be sure the Building Component is set to Manual. If you have any questions about this process please do not hesitate to contact our Client Services team for assistance.

How to Update the Cost Models

  • Click on the Account Setup tab.
  • Click on Account Information.
  • Scroll down to the Model Settings section and notice the Update Cost Models option. *Note: This option will be disabled if your account already has the latest cost model update.
  • Select the New version (v 4.0) option.
  • Click Save.
  • A pop-up box will appear confirming you want to make this change. Click OK to confirm the update.
  • Your data will update overnight.

 

Setting Building Components to Manual

If you would like to update the cost model for your account, but would not like particular Building Components to be affected by the update, those Building Components must be set to Manual. You can update this setting from either the Building Component's details page or by an import.

Changing to Manual from the Building Component's Details

  • Click on the Building Components tab.
  • Click on the Component ID to view the component information.
  • Select the Manual option for the Controlled By setting. This will ensure that the values you entered will not be overwritten by updating the cost model.
  • Click Save.

 

Changing to Manual by Importing

You can also update your Building Components by exporting your data, making changes to the Controlled By setting, and then importing those changes back into CapitalForecastDirect.

Exporting and Updating your Data

  • Click on Report in the Actions menu and then click on Building Components.
  • Use steps 1- 8 to filter for the Building Components that you want to update.
  • Select Master List in Step 9.
  • Select Excel in Step 10
  • In Step 11, click on Print.
  • Open the file. This is the Building Component Master List Report that will act as your template when importing updates.
  • After the spreadsheet opens, look at the Building Components listed. Find the Controlled By setting in Column R.
  • Change any Building Components that should not be affected by the cost model update to Manual.
  • Save the template file as .xls or .xlsx. Name the file and save it in a location that is easily found on your computer.

 

Importing your Changes

  • Click on the Import Data link under the Information & Analysis section of your home page.
  • Hover your mouse over the Shortcuts menu and click on Import.
  • Select Building Components under Import Type.
  • Search for the file that you saved and select it to upload.
  • Type Building Component Master List as the Excel Sheet Name. This must match the name of the Excel worksheet in the saved file.
  • Click Upload.
  • On the Submit Import page, make sure the Field name and the Excel Column Names match.
  • Click the Validate button at the bottom of the screen.
  • When your file has been accepted on the Import Validation screen, click the Import Data button to import your data into Capital Forecast.

 

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