Cost forecasts
“Cost Forecasts” is an input for the process “Monitor and Control Project Work “.
The cost forecasts are derived from progress against the cost baseline and computed estimates to complete (ETC). This is typically expressed in terms of cost variance (CV) and cost performance index (CPI). An estimate at completion (EAC) can be compared to the budget at completion (BAC) to see if the project is still within tolerance ranges or if a change request is required. For projects not using earned value management, variances against the planned versus actual expenditures and forecasted final costs are provided.
“Cost Forecasts” is an output for the process “Control costs”.
Either a calculated EAC value or a bottom-up EAC value is documented and communicated to stakeholders.
This definition was found in the PMBOK V5
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