Estimating Cost at Completion

Bill Carmody explains the concept of Estimating Cost at Completion (EAC), a method used to predict the total cost of a project once completed. EAC is calculated by summing the current investment and the cost needed to finish the work. It helps project managers reassess costs when unforeseen events occur, ensuring better resource management and preventing negative impacts on project value. Regular EAC checks can identify overspending and aid in resource allocation. Adaptive EAC models provide insights for future planning and real-time decision-making, helping stakeholders make informed business decisions.

How can estimating cost of completion prevent major surprises in project management?

Why is it important to make changes in real time during a project?