project management glossary
estimate of cost
Prediction or forecast of costs that will occur in the future, but are not yet committed; a cost type. Estimates are described or qualified based on the supporting design information available at the time the estimate is prepared. In ascending order of precision and certainty, the following descriptions are used for estimates of the final project cost, the names being a reflection of the stage in which they are prepared:
- Order of Magnitude
- Feasibility
- Capital Appropriation
- Design Review
- Pre-tender
- Post-tender
estimated actual at completion (eac)
An estimate of the cost at completion based on the original planned performance. The EAC is given by the sum of the remaining cost and ACWP.
estimated completion date
The predicted date at which all requirements for a defined task will be completed.
