Forecasts

Forecasts

Estimates or predictions of conditions and events in the project’s future based on information and knowledge available at the time of the forecast. Forecasts are updated and reissued based on work performance information provided as the project is executed. The information is based on the project’s past performance and expected future performance, and includes information that could impact the project in the future, such as estimate at completion and estimate to complete.

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Part of Speech: noun
Synonym(s):
Blossary:
Industry/Domain: Business services
Category: Project management
Company: WSDOT
Product:
Acronym-Abbreviation:

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Related terms

forecast

Retail; Supermarkets

A projection of sales volume.

forecasts

Business services; Project management

Estimates or predictions of conditions and events in the project’s future based on information and knowledge available at the time of the forecast. Forecasts are updated and ...

forecast

Professional careers; Sales

A predicted amount of revenue generation for a particular time period and/ or area of geography and/ or industry, can also be used to describe a sales target (in revenue and/or ...

forecasting

Professional careers; Sales

Predicting future variables, such as the level of sales in a given period, the environmental factors that will influence the firm's performance, etc.

forecast

Education; SAT vocabulary

To predict.

forecasting

Economy; Economics

Best guesses about the future. Despite complex economic theories and cutting-edge econometrics, the forecasts economists make are often badly wrong. Indeed, following economic ...

simulation

Business services; Project management

A simulation uses a project model that translates the uncertainties specified at a detailed level into their potential impact on objectives that are expressed at the level of the ...

project life cycle

Business services; Project management

A collection of generally sequential project phases whose names and numbers are determined by the control needs of the organization or organizations involved in the project. A ...

direct costs

Business services; Project management

The costs directly attributed to a work-scope, such as labor, material, equipment, and subcontracts, but not the cost of operations overhead and the labor, material, equipment, ...

skill

Business services; Project management

Ability to use knowledge, a developed aptitude, and/or a capability to effectively and readily execute or perform an activity.

project management (PM)

Business services; Project management

The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

direct labor costs

Business services; Project management

Costs accruing from expended labor excluding the bonus portion of overtime, insurances, and payroll taxes.

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