Project forecasting provides useful insights on the final cost. As such, along the way, as you periodically progress the project, you’ll want to know and re-assess the Estimate at Completion. It gives all a glimpse of the possible outcome that boils down to the project’s probability of a successful outcome or failure. I know of no singular formula to calculate EAC because there were several of them.
Being a risk manager himself/herself, a project management professional’s task is to improve the project’s predictability, enabling the project to make an accurate forecast whenever needed. In this, high quality inputs, recording vital information, data monitoring, administrative controls, and analysis are critical to achieve a successful forecast from which informed decision can emanate. Project cost projection (EAC) has to be based more on facts than assumptions to be useful! One must avoid the temptation of even thinking that forecasting as just a good guess, a gut feel, and/or a number exercise!
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Open ends are great indicators of missing scope/s, incomplete and/or missing planning inputs. The solution is to tie all valid network activities in the right sequence, according to the approved project execution plan and path of construction.
A good schedule is a well-tied schedule and a well-tied schedule signifies complete scope.
Source: Frago, R. (2015/2017).Plan to Schedule, Schedule to Plan.ISBN 978-0-9947608-2-1.Canada.
A recent query from a colleague inspired me to write this short article on the subject of danglers, i.e. schedule danglers. I hope my humble insights will be useful.
Open start danglers are activities where the only predecessor is either Finish-to-Finish or Start-to-Finish, resulting in an open start to the activity. They are also known as “dangling activities.”
The number of activities with open start (danglers) should be zero.
The project scheduler should use Start-to-Start and Start-to-Finish links sparingly. Tie each activity end completely and properly to avoid danglers.
Read the full article by clicking the hyperlinked button below.
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