Method for verifying project cost performance

Calculating and forcasting project costs is an important, yet complicated aspect of project control.This paper describes an audit method to aid project managers in monitoring the calculation/forecasting of project costs.The Range Forecasting Method (RFM), when applied from the beginning of a project allows the project manager to track project variables and uncertainties, and more reliably predict variances in budget forecasting by comparing predicted costs with actual costs; allowing for earlier implementation of corrective action.The author describes experience with the RFM Model written for the computer, called CERA RFM.
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