Before starting any project, every manager wants to forecast regarding its cost performance data. So these terms use in a comprehensive way. It’s a part of trend analysis and usually uses for forecasting sub-parts of any project.
In a nutshell, current progress on every project, we can predict its future strategy and can change risk, scope and other factor regarding it.
Different type of definition applies to different project or nature of a project. For example, (Englert and Associates, Project Management, Operative field ETC.)
Project Manager What to DO?
This value determines project manager about current goal vs time-span of any project.
- Will either project be completed in given time?
- Are any other changes required in fixed module?
- And Create report according to given result relates to the particular project.
Another call it budgeted or cost measurement.