💡Use Case: Forecasting Project Budgets in IT Consulting
A consulting team delivers custom development projects for multiple clients. They estimate tasks in Story Points and need to convert them into time and cost forecasts for better budgeting and client communication. Precise forecasting helps prevent unexpected expenses, reducing the risk of financial overruns and improving overall project management early on.
🎯 Goals
Estimate project costs early on at the planning phase using effort estimate - story points
Present transparent budgets to stakeholders and clients.
Control profitability by comparing forecasted vs actual costs.
⚙️ Workflow
1. Forecast the Budget in Story Points
The project manager and the team estimate the backlog in story points.
A conversion rate is set, for example:
1 SP = 2 hours.
Using Time & Cost Tracker, create a Forecast:
1.1 Go to the Forecasts section of the app and click Create forecast button.

1.2 Fill in the fields:
Forecast name – add a meaningful name.
Scope – select a Jira filter with needed work items for estimating the work costs
Default forecasted rate – set an average hourly rate
Estimate field – select:
Story points or
Original estimate (we also support this estimate format)
Story point value – define how many hours equal 1 SP.
💡 Example: 1 SP = 2 hours
.

2. Review Your Forecast
Once created, you’ll get a budget forecast that translates Story Points into cost.
Both Story Point estimate and Forecast Rate can be edited anytime.
The forecast dynamically recalculates if you change hours or rates.

3. Forecast Formula
The app uses a simple calculation:
🧮 Forecast Cost = Value of 1 Story Point in time × Number of Story Points × Hourly Rate
👉 Example:
1 SP = 3 hours
Task = 8 SP
Hourly rate = $50
3h × 8 SP × $50 = $1,200
📈 Outcomes:
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If you need help or have questions, please contact SaaSJet Support or email us at support@saasjet.atlassian.net.
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