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For most operations and finance personnel, the creation of a detailed operating budget is an important job function. Budgets are used to ensure proper operating costs are charged to tenants and to manage cash flow – our budgets are typically within 1% of actual consumption and costs.
The creation of a detailed usage and cost budget is an in-depth process and requires the following:
- Development of a load profile to understand usage – how and when it occurs
- Creation of a consumption model that describes the effects of:
- weather
- vacancy rates
- operational conditions
- energy efficiency projects
- production schedules
- Construction of an hour-by-hour consumption forecast using normalized weather and other expected inputs.
- Mapping the diverse and complex retail, transportation and other regulated charges against this forecast to determine end costs.
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The use of a common system for budget creation across a portfolio of sites ensures that consistency is maintained. This enables detailed benchmarking and portfolio analysis, leading to identification of both best practices, and those sites where capital upgrades may be required to immediately reduce operating costs.
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