Answered step by step
Verified Expert Solution
Question
1 Approved Answer
reply toThe most accurate statement from the options provided is: Estimate at completion and estimate to complete are the same thing. This statement aligns with
reply toThe most accurate statement from the options provided is: "Estimate at completion and estimate to complete are the same thing." This statement aligns with standard project management terminology. The Estimate at Completion represents the expected total cost of completing a project, incorporating both actual costs incurred to date and an estimate for remaining work. Similarly, the Estimate to Complete refers to the projected cost to complete the remaining work in a project. According to the Project Management Institute (PMI), the EAC is calculated by adding the actual costs incurred to date to the Estimate to Complete (ETC), which is the remaining budget needed to complete the project. Therefore, the EAC includes both the costs incurred and the estimated costs to finish the project. This aligns with the notion that EAC and ETC are indeed synonymous in project management terminology
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started