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Estimate to Complete (ETC) per Project

Estimate to Complete (ETC) per Project
   
Home  » Products  » VIP Task Manager Pro  » Tutorials  » Customization Guide  » Estimate to Complete (ETC) per Project

Estimate to Complete (ETC) per Project

    Estimate to Complete (ETC) is a project management key performance indicator that shows the planned cost (in dollars) to complete the remaining work allocated to a project. There are different formulas to calculate ETC. One of them is as follows:

    Estimate to Complete (ETC) = Estimate at Completion (EAC) – Actual Cost of Work Performed (ACWP).

    Estimate at Completion (EAC) is the forecasted cost of your project when it is complete.

    Actual Cost of Work Performed (ACWP) is the cost that has been actually spent on the project so far.

    The formula above is based on the approach which implies that the rest of the project will be completed at the similar performance as it was planned before. There are also other formulas to define ETC:

    ETC = Total Budgeted Cost – Budgeted Cost of Work Performed (BCWP)

    ETC = (Total Budgeted Cost Budgeted Cost of Work Performed (BCWP) / CPI = Total Budgeted Cost – Earned Value (EV) / CPI

    If the rest of the project is likely to cost the amount close to originally planned budget (Total Budgeted Cost) you can use one of three formulas above.

    Along with Estimate at Completion (EAC) Estimate to Complete (ETC) are used to forecast the future cost and performance of the project analyzing planned and actual performance and remaining work on a project.

    To calculate Estimate to Complete (ETC) per Project please follow the steps below:

  • Add custom field “EAC” (Estimate at Completion) with code  “cf_eac”
  • Add the custom field “ACWP” (Actual Cost of Work Performed) with code “cf_acwp”
  • Add the custom field “ETC” (Estimate to Complete) with code “cf_etc” and the formula:
  • $cf_eac - $cf_acwp

    On Task Tree select the task group for which you need to display Estimate to Complete (ETC) per Project and select “Custom fields options”

  • Set the following custom fields settings for the custom fields: “EAC”, “ACWP”, and “ETC”
    • In “Settings for” select “This task group”
    • select “Enable”
    • select “Calculated by custom field formula (for task group)”
  • Estimate to Complete (ETC) per Project on Task Tree


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