project management glossary

estimate conversion

 The reassembly of the components of an estimate into a fiscal or project budget, typically for approval and control purposes.

estimate to complete (etc)

 The value expressed in either dollars or hours developed to represent the cost of the work required to complete a task. The ETC is calculated as BAC -BCWP.

 The expected additional cost of an activity, a group of activities, or of the project when the defined scope of work is completed. Most techniques for forecasting ETC include some adjustment of the original cost estimate based on project performance to date.

 A cost type. An estimate of the value that remains to be committed within a cost class as of a specified date. The Estimate to Complete, when added to the commitment to date yields the estimated cost at completion of the scope of work in the class. This information should be updated monthly. A rigorous review of the Estimate to Complete for each cost class should be implemented by the project manager at regular specified intervals.

 An Estimate of the time and/or effort required to complete the activity.

 See also Earned Value and Estimate at Completion.