project management glossary

forecast remaining work

 Estimation of the work still to be done to complete a project or activity as of the given cutoff date.

forecast report

 A regular report to senior personnel, sponsors and/or stakeholders summarizing the anticipated position of a project in terms of final completion date, cost, scope changes, risks and issues outstanding, etc.

forecast to completion (ftc)

 Forecast To Completion is the cost to completion based upon the actual performance to date and assumes that the rate of expenditure continues as at present i.e. FTC = ACWP x 100 / % complete

forecasting

 The collection of the latest available information on time, costs, productivity (etc.) to date, as a basis for estimating final outcomes.

 Estimating in advance, trending.

 The work performed to estimate and predict future conditions and events. Forecasting is an activity of the management function of planning. Forecasting is often confused with budgeting, which is a definitive allocation of resources rather than a prediction or estimate.