Tag Archives: Project Cost

How do we differentiate between estimate, forecast, and actual?

As we continue working on the development of the Uruk Platform, many questions come up. Some of these questions are about terminology and using terms out of context. For example, when you hear the term ‘project cost,’ estimated cost, budget, approved plan, forecast, or actual? The same thing for the project duration or the completion date. How to ensure a properly working software, without ambiguity? How to ensure consistency of terms for the various project management metrics and dashboards? Further, in a software solution, we have to be careful and consistent. Consequently, we need a glossary of terms, which is what we are, including in the Uruk Development Guidelines. Further, this post covers one of those areas of potential confusion.

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