How to Assess the Accuracy of Your Cost Forecasts?
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- čas přidán 29. 07. 2024
- How do you evaluate the accuracy of your cost forecasts? Watch this video to learn how you can use the TCPI metric to assess the feasibility of your cost forecasts. Get the full video training, summary, transcript, podcast link, mp3 download, shareable quotes, and other posts related to this episode and topic at www.projectcontrolacademy.com...
If you are interested in comprehensive online training on Earned Value Management, please check projectcontroltraining.com/evm/
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ABOUT THE INSTRUCTOR, SHOHREH GHORBANI
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Shohreh Ghorbani is an internationally recognized program developer and instructor in the field of Project Controls. As the founder and director of Project Control Academy, the leading provider of comprehensive and practical trainings in project controls and earned value management, Shohreh has served thousands of professionals to take their project controls skills to the next level. With her impressive track record in teaching and years of hands-on experience on a broad range of project control technical areas in various industries, clients have acknowledged Shohreh as a subject matter expert and passionate trainer who transfers the knowledge of project controls in a simple and understandable manner. Shohreh is a licensed project management professional (PMP) recognized by Project Management Institute (PMI) and a professional member of American Association of Cost Engineers (AACE). She holds a Master of Science in Industrial Engineering.
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Great information. Opening my mind into big world of controls. I have not done a course on project controls and this really helps me understand the basics! Thank you very much!
Awesome! Glad to hear it was helpful, Kamal.
For the TCPI example the estimate of value of work completed (EV) was given. How would the EV be determined in a real world case? What are the practical steps to determining EV?
We covered this in our free video series on EVM. Please check those out here: projectcontroltraining.com/evmfreetraining/
Thank you Shohreh, very exciting and interesting! I just want more examples on this and I'm eagerly waiting for "how to develop S-Curve for progress and performance evaluation video, thank you once more...
Thank you, Joshua. We will develop more videos as time permits.
The EAC of 2.9million considered by Brian is also unrealistic and going by current CPI rate EAC works out to 4.2 million also needs to be factored before calculating TCPI
Can you provide a source that explains why +/- 0.05 is used to determine the reasonableness of EAC and the other TCPI equations?
In your last video you said ETC= BAC - EV or ETC=BAC - AC, but in this video you have said ETC= EAC - AC. I am now confused??
Alexander, EAC will always be equal to ETC plus AC (EAC= ETC+AC). Depending on the stage of the project, in another video, we recommended different formulas for EAC/ ETC. At the beginning of the project, it is safe to assume that ETC= BAC-AC or ETC=BAC-EV. However, as you progress through the project, you need to consider performance in your ETC calculations. For calculating EAC, once you have ETC, it is a matter of adding Actual Costs (AC) to it. Please check this video for more clarity: www.projectcontrolacademy.com/forecast-the-cost-at-completion/
Thank you for your detailed reply. I appreciate it and all the effort you have put into these videos, they are very informative.
I am excited for when you will release the 'Earned Schedule Indicators & Predictors' video.
Alexander, thanks for following our videos and reminding us of a new video to develop. If you have subscribed to our channel, you will be notified as soon as the new video is released.
@@alexandermacintyre9917 also in a real world as I have always been into these numbers, BAC is your budget approved during the Tender Stage, this is our Baseline Budget. Now during delivery, at the very start you will then give this scope to the Account Manager that will re-evaluate the financials as per current situation/prices then he will come up with the EAC or the updated Estimate at Completion which can be equal to your Budget Baseline but is also common that it will be higher.