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Estimate at Completion (EAC) per Project

Estimate at Completion (EAC) per Project
   
Home  » Products  » VIP Task Manager Pro  » Tutorials  » Customization Guide  » Estimate at Completion (EAC) per Project

Estimate At Completion (EAC) per Project

    Estimate at Completion (EAC) is a project management key performance indicator that shows the total cost of a project when it is complete. Estimate at Completion can be found by the formula:

    Estimate at Completion (EAC) = Total Budgeted Cost / Cost Performance Index (CPI)

    Total Budgeted Cost is planned cost of the project (see “Actual Cost of Projects”).

    Cost Performance Index (CPI) is the rate of actual cost to work done so far.

    If CPI is less than 1, EAC will be greater than planned total cost of a project. In this case you should be over the budget when the project is complete.

    If CPI is greater than 1, EAC will be less than planned total cost of a project. It means you should be under the budget when your project is complete.

    For example, if your planned project cost or Total Budgeted Cost is $30 000 USD and CPI is 0.8181818, EAC is calculated as follows:

    EAC = Total Budgeted Cost / Cost Performance Index = $30 000 USD / 0.8181818 = $36, 666.67 USD

    So your project cost should be $36, 666.67 USD when it is complete and not $30 000 USD as it was planned when the project started.

    This value of EAC indicates that your project should cost $6, 666.67 USD more than it was originally planned.

    Estimate at Completion (EAC) lets you forecast whether your project will be under or over the budget in the end of project lifecycle comparing with planned project cost.

    To calculate Estimate at Completion (EAC) per Project please follow the steps below:

  • Add custom field “Total Budgeted Cost” with code  “cf_total_budgeted_cost”
  • For material-based projects you need to create additional custom field, for example, “Material Cost” with Code “cf_material_cost”

  • Add the custom field CPI  (Cost Performance Index) with code “cf_cpi”
  • Add the custom field “EAC” (Estimate at Completion) with code “cf_eac” and the formula:
  • $cf_total_budgeted_cost / $cf_cpi

  • On Task Tree select the task group for which you need to display Estimate at Completion (EAC) per Project  and select “Custom fields options”
  • Set the following custom fields settings for the custom fields: “Total Budgeted Cost”, “CPI” and “EAC”
    • In “Settings for” select “This task group”
    • select “Enable”
    • select “Calculated by custom field formula (for task group)”
  • Estimate at Completion (EAC) per Project on Task Tree


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