Noticeably lower from one initiating phase to planning phase

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Reference no: EM131707437

If the estimates for both cost and schedule were noticeably lower from one initiating phase to the planning phase, I would deduce the analogous method for estimating was employed and the scope estimated did not encompass the full project. This process uses projects similar in duration, budget, weight, and complexity etc., as the basis for extrapolation. Additionally, the expected schedule duration of the previous, similar, project is used as a basis. Because of the initial use of a less accurate method, I suggest another estimate be performed, preferably through a parametric method. This will provide a better, more accurate estimate for both cost and schedule using the parameters of the current project along with past data. Within my current position we have a cost metric called Estimate at Complete (EAC). The EAC allows those in management to provide a forecasted actual cost and time duration for their SOW based on the information they know today. The different between their initial costs and their EAC is their Variance at Complete (VAC). Monthly updates are done on our EACs to provide project leadership with insight into the expected project VAC at the end of the program. This real time estimating provides insight to areas where costs and schedule mitigation will be needed in order to drive towards as little VAC as possible.

Reference no: EM131707437

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