Monitor & Control Project Work - Schedule Forecasts vs Cost Forecasts

Forecasting is an important business tool to anticipate future trends and to undertake relevant preventive or corrective measures to achieve the desired outcomes.

In the PMP syllabus, there are 2 types of forecasting and they are both included in the Input and Output of some processes.

1. Schedule Forecasts - Estimation of conditions and events in the project's future based on known or available information in order to project schedule status. Usually, the Schedule Variance (SV) and Schedule Performance Index (SPI) are used as part of the reporting.

2. Cost Forecasts - Estimation of cost progress with respect to the Cost Baseline and Estimate To Completion (ETC). Usually, Cost Variance (CV) and Cost Performance Index (CPI) are used as part of the reporting. 

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