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Forecasting is the process of predicting future project performance based on the actual performance to date. As theproject progresses, there are ways on how we will be able to analyze how the project perform. Forecastinformation is about the project's past performance that could impact the project in the future and is popularlygenerated using earned value methods which is so valuable if needed as early as possible in crucial decision makingpurposes. Through accurate forecasting, project failure can be totally avoided. Corrective and preventive actionscan be effectively perform to minimized the overall impact on project cost and project schedule if detected earlythrough the use of other methods in forecasting aside from earned value analysis like time series analysis, and thelinear regression analysis to name a few.
RE: Preparing ProactiveForecastsBruce Foley
6/12/2013 11:20:15 PMWe use forecasting in our projects to estimate the profit of even doing a job. If we forecast that the cost of the job isnot of value to us due to time or cost constraints, we either work to figure out a more time or cost-conscious solutionto the benefit of our organization.
EAC and AETCSerge Ndongo
6/9/2013 6:09:03 PMThe Estimate At Completion (EAC) is simply the current costs of the project so far plus the costs related to the completion of theproject. The Estimate To Completion (ETC) is a projection of the time and or effort required to complete a project.Project teams use the work breakdown structure to facilitate estimation. They can review the tasks at the bottom of the workbreakdown structure and look for the longest path through the sequence diagram. They can then use experience from previousprojects to estimate the time it will take to complete those tasks.
RE: EAC and AETCEsperanca Rosa
6/9/2013 11:59:54 PM
Hi class,Yes, I have experienced this before. For instance, my manager asked me to handle a smallproject from the beginning. Nothing was settled down or ready for that project, and it was a bigchallenge for me. It was my first time to be in charge of a project. My boss traveled for a week,and I started working right he left. I created my project schedule, costs, and forecast. The mostinteresting thing was that I didn’t have room available with conditions. So this was my priority onthat time (focus).We had a small room that was full of foolish material, and my first decision was to take out thatmaterial and start refurbish that room for my project. I made an inventory of the resources I wouldneed to prepare the room such as painting, lamps, hard floor, etc. I had six workers that neededconditions to work. The room didn’t even have chairs, tables, computers, phone, and other important things that people needs to be to work. So I prepared everything in one week. When myboss went back, he was delighted with what I have done. He was so surprised and satisfied withthe results I’ve made in one week. He praised me saying that it was a proactive attitude. This wasa great experience for me and gave me confidence to continue working on that project.To conclude, the estimate for completion of our project was in a great way because we were in agood path to complete our project on time.Thanks,Esperanca
Credibility of your ForecastProfessor Orr
6/10/2013 10:18:37 AM