For large projects especially, calculating the resources utilized during project execution up to lowest level of work to calculate exact cost and time on a frequent basis is really important and requires a scientific approach. This helps in forecasting the right timeline and budget required on a regular basis and is the key to prevent cost over-run blown out of proportions. Our project, program and portfolio monitoring system, P3® calculates and compares data of hundreds of smaller work pages in the project with their actual baseline and rolls up this data to a control account level for baseline comparison. The cost data is used to forecast the future budgetary requirements on the near future timeline.
Financial forecasting helps in bringing objectivity and precision to the budget, which is essential for allocating the additional funds needed to complete the project.
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