project management glossary

estimated cost at completion

 Actual Direct Costs, plus all related indirect costs, plus the estimate of costs, both direct and indirect for all the work remaining.

 See also Forecast Final Cost.

estimated cost to complete (ecc)

 The remaining costs to be incurred to satisfy the complete scope of a project at a specific data date. The difference between the cost to date and the forecast final cost.

estimated final cost (efc)

 See Forecast Final Cost.

estimated market penetration

 See Market Share.

estimating

 Calculating approximately the probable cost or value.

 The act of combining the results of post project reviews, metrics, consultation and informed assessment to arrive at time and resource requirements for an activity.

 An assessment of the anticipated cost of implementing all or part of a project.