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Estimate Class C - to - Event Oriented Schedule

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Definition     Editor's Choice
Estimate Class C
An estimate based on completion of all work necessary to undertake preliminary design. This estimate must be based on knowledge of site conditions adequate to enable the identification of site related risks and the development of corresponding contingency costs that are sufficient for making correct investment decisions. [D02792]

Ballpark estimate used only in preliminary discussion of feasibility having a precision variance of 50% or more; not to be used for making commitments. Also called a Sizing Estimate. [D02238]

Estimate Class D
An "Order of Magnitude" estimate only. In all cases, where alternative solutions are considered, this estimate should be provided for each solution to assist cost comparison. [D02793]

An estimate based on a comprehensive statement of requirements in mission terms and an outline solution. Such an estimate is strictly an indication of the final cost and completion date. [D02794]

Estimate Conversion
The reassembly of the components of an estimate into a fiscal or project budget, typically for approval and control purposes. [D02717]

Estimate to Complete ("ETC")
The expected additional cost of an activity, a group of activities, or of the project when the defined scope of work is completed. Most techniques for forecasting ETC include some adjustment of the original cost estimate based on project performance to date. See also earned value and estimate at completion. [D00617]

The value expressed in either dollars or hours developed to represent the cost of the work required to complete a task. The ETC is calculated as BAC - BCWP. [D00618]

A cost type. An estimate of the value that remains to be committed within a cost class as of a specified date. The Estimate to Complete, when added to the commitment to date yields the estimated cost at completion of the scope of work in the class. This information should be updated monthly. A rigorous review of the Estimate to Complete for each cost class should be implemented by the project manager at regular specified intervals. [D00619]

An Estimate of the time and/or effort required to complete the activity. [D03841]

Estimate, of cost
Prediction or forecast of costs that will occur in the future, but are not yet committed; a cost type. Estimates are described or qualified based on the supporting design information available at the time the estimate is prepared. In ascending order of precision and certainty, the following descriptions are used for estimates of the final project cost, the names being a reflection of the stage in which they are prepared:
  1. Order of Magnitude
  2. Feasibility
  3. Capital Appropriation
  4. Design Review
  5. Pre-tender
  6. Post-tender

Estimated Actual at Completion ("EAC")
An estimate of the cost at completion based on the original planned performance. The EAC is given by the sum of the remaining cost and ACWP.
Editor's Note: A problem with the Earned Value approach to estimating the final cost is that it does not take account of the falling away of productivity as the work comes to an end and any "undiscovered rework" that may emerge. [D02252]

Estimated Completion Date
The predicted date at which all requirements for a defined task will be completed. [D00620]

 VPM p291-4
Estimated Cost at Completion
Actual Direct Costs, plus all related indirect costs, plus the estimate of costs, both direct and indirect for all the work remaining. See also Forecast Final Cost. [D00621]

Estimated Cost to Complete ("ECC")
The remaining costs to be incurred to satisfy the complete scope of a project at a specific data date. The difference between the cost to date and the forecast final cost. [D00622]

Estimated Final Cost ("EFC")
See Forecast Final Cost. [D00623]

Estimated Market Penetration
See Market Share.
Editor's Note: Moral values vary considerably between different cultures. Moral values are not necessarily supported by the law of the land. [D02719]

The process of arriving at an approximate value, size or cost of an item. The veracity of the result depends on the reliability and relevance of the supporting information on which the estimate is based. [D06326]

Calculating approximately the probable cost or value. [D00624]

The act of combining the results of post project reviews, metrics, consultation and informed assessment to arrive at time and resource requirements for an activity. [D00625]

An assessment of the anticipated cost of implementing all or part of a project. [D03842]

Estimating Costs
The process of forecasting a future result in terms of cost, based upon information available at the time. [D03498]

Estimating Factor
A multiple used to estimate cost or price based on a linear relationship with a product characteristic or an element of cost. [D03499]

Estimator's Allowance
An allowance included in a concept estimate because the estimator cannot predict the method the Consultant will use to satisfy the scope requirements for the project. [D00626]

See Estimate to Complete

Behavior consistent with established ethics or moral values. [D02720]

Conforming to a standard of what is right or good. [D05336]

A set of moral principles or values: the principal of conduct governing an individual or group. [D00627]

See Expected Utility Value

See Expected Value

See Earned Value

To appraise or determine the value of information, resources, or options.
Editor's Note: An evaluation or appraisal is usually distinguished by the thoroughness involved. [D00628]

 OTOB p271-4
The act of appraising or valuing the nature, character, quality, status or worth of something. [D05337]

In project portfolio management, the process of scoring specific potential components for further decision making using key indicators and their related weighted criteria for comparison purposes. [D05985]

A thorough appraisal or determination of the value of information, resources, or options. [D02721]

The process of determining satisfaction of requirements. Evaluations may include methods such as analyses, inspections, reviews, and tests. For acquisition, evaluations are conducted throughout the contract period of performance. [D05179]

Evaluation Criteria
Specific standards against which an analyst can judge results. [D06417]

Evaluation Factors
Those elements (technical, cost, management, etc.) the buyer considers most important and is the basis for proposal evaluation. [D04088]

Evaluation of Progress
A careful assessment of the work completed to date as compared to the baseline plan. [D02722]

A point in time when certain conditions have been fulfilled, such as the start or completion of one or more activities. [D00634]

A happening or occurrence, outcome of an activity or decision point between activities. [D00629]

A point that is the beginning or end of an activity and identified by the I-node or J-node respectively. [D00630]

An identifiable single point in time on a project. [D00631]

In CPM and PERT networks, the end state for one or more activities that occurs at a specific point in time. [D00632]

 OTOB p271-4
The completion or beginning of an activity. [D00633]

 CPMUSC p176-8
Something that happens at a point or moment in time. A significant event is often called a "milestone." [D04634]

A postulated outcome, or condition as in a schedule. A milestone. [D05338]

In Risk Management, what might actually happen that results in a consequence. [D05986]

Event Chart
See Milestone Chart. [D05987]

Event Oriented
A planning approach focusing on events rather than activities. [D00635]

Event Oriented Schedule
Systems which present information in terms of events (i.e. points in time). See Arrow Diagramming. [D00636]

Definitions for page E04: 50

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