What’s your pet EAC formula?

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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Questions About Project Cost Reconciliation

Some cost management professionals said it’s a waste of time chasing, say, USD0.25, spending hours to reconcile. The cost of the effort involved translates to maybe more than tens of thousand times the amount being reconciled.

My question to you all. 1) Do you think that this reconciliation exercise down to the cents value is really needed and why? 2) Is there a better approach?… a faster way of reconciliation? Rufran hashtag#pmsolutionpro hashtag#rufranfrago hashtag#projectmanagement Picture credit: blog paytraq.com, 2019.

Read more and express your professional take.

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SCHEDULE QUANTITATIVE RISK ANALYSIS (TRADITIONAL METHOD)

SCHEDULE QUANTITATIVE RISK ANALYSIS (TRADITIONAL METHOD) ISBN: 978-0-9947608-3-8 (Canada) by RUFRAN C. FRAGO, P. ENG., PMP, CCP, PMI-RMP The book “Schedule…

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PM Solution Pro “ZERO P6 Course” is doing great!

ZERO P6 is a five-hour training course on planning, scheduling, and schedule management using Oracle Primavera P6 Professional Version 18 intended to create & develop student’s skills from scratch. This elementary course leads to the next course BASIC P6.

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New book : “Schedule Quantitative Risk Analysis (Traditional Method)”

The kindle and paperback edition of the book “Schedule Quantitative Risk Analysis (Traditional Method)” was officially approved and published. It…

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