Prevent user from creating item and hour forecasts in projects

Hello,

    I have a requirement like users should not create/modify  any item forecasts (or) hour forecasts on the  last day of every month and they can create/modify in case they get approved by their manager. 

  Can you share me the ideas how can i implement this? I know one way is to create a custom work flow. Is there any other way we can implement this security. 

Thanks for your help in advance!!

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