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| Name | EAC: What is Estimate at Completion? |
| Video Uploader | Video From Online PM Courses - Mike Clayton |
| Upload Date | This Video Uploaded At 15-12-2022 05:15:00 |
| Video Discription | I have already done a video answering the question ‘What is Earned Value Management (EVM)?’ And often, the most important measure in EVM is the Estimate at Completion (EAC). So, in this video, I want to answer the question, what is the Estimate at Completion? What is Earned Value Management - EVM? https://youtu.be/sAZZ5av9kk0 The Estimate at Completion is the expected total cost of your project, when all work is completed. So, if everything is running to budget and to schedule, your EAC is equal to your original Budget at Completion (BAC). However, if your costs have drifted from plan, you can calculate your EAC from your Actual Cost of Work Performed (AC or ACWP) by adding to it your Estimate to Complete (ETC). EAC = AC + ETC So, how can you calculate your ETC? The equations I discuss in the video are: ETC = BAC - EV ETC = (BAC - EV)/CPI ETC = (BAC - EV)/(CPI x SPI) ETC = ETC* Recommended Videos Carefully curated video recommendations for you: 🎬 What is Earned Value Management - EVM? https://youtu.be/sAZZ5av9kk0 🎬 How to Estimate Project Costs: A Method for Cost Estimation https://youtu.be/YQ2Wi3Jh3X0 🎬 What is a Discounted Cash Flow - DCF? https://youtu.be/Pr_2fYwldmw 🎬 What to do When you get Pressure to Reduce Your Project Budget https://youtu.be/tqy4i2dKx3Q 🎬 How to Anticipate Future Budget Challenges to Your Project https://youtu.be/yaKS5AJKhWc A while back, I asked Project Managers in a couple of forums what material things you need to have, to do your job as a Project Manager. They responded magnificently. I compiled their answers into a Kit list. https://kit.co/MikeClayton/what-a-project-manager-needs Note that the links are affiliated. For more great Project Management videos, please subscribe to this channel: https://www.youtube.com/channel/UCMZfp1_wquyegVY9SoER0Nw?sub_confirmation=1 For all our great Project Management articles and resources, please check out the OnlinePMCourses website: https://onlinepmcourses.com/ For basic Management Courses - free training hosted on YouTube, with 2 new management lessons a week, check out our sister channel, Management Courses: http://youtube.com/c/managementcourses For more of our Project Management videos in themed collections, join our Free Academy of Project Management: https://onlinepmcourses.com/free-academy-of-project-management/ Chapter Markers... 00:00 - Estimate at Completion (EAC) is an important measure in Earned Value Management (EVM) 00:26 - Defining Estimate at Completion 01:05 - Your costs drift… You need an Estimate to Complete (ETC) 01:54 - The simplest way to calculate ETC 02:47 - Using CPI to calculate ETC 05:01 - A pessimistic approach to calculating ETC 05:58 - Precision versus Accuracy 06:22 - Calculate ETC with fresh assumptions 06:54 - Why do we have all these ways to calculate the EAC? #EAC #ProjectManagement #EstimateAtCompletion |
| Category | Education |
| Tags | estimate at completion | eac | estimate to complete | etc | earned value management | earned value analysis project management | earned value analysis | project management | project management tutorial | project management tools | estimate to completion | acwp | actual cost of work performed | budget at completion | cost performance index | earned value | mike clayton project management | mike clayton | online pm courses mike clayton | onlinepmcourses |
