Forecast the finish
See this course’s project requirements
A reconciled project cost sheet showing baseline, incurred costs, open commitments, forecast to finish, and a supported change recommendation.
Keep your working files in your own notebook or software. Save a private description, checklist, and work link in My Proof.
What to include
- An approved-scope baseline with checked quantities and costs.
- A cost register with three non-overlapping categories.
- A price-variance note with invoice and full-project effects.
- A forecast-to-finish sheet and two-cause variance explanation.
- A scope-change request separating incremental work and existing variance.
- A final reconciled cost-control packet with versions, causes and next decision.
Review and revise
Use these criteria to check your work and choose what to improve.
- Every required section is present and traceable to the supplied case facts.
- Decisions separate known facts, assumptions, and unresolved questions.
- Records, calculations, and instructions agree with each other and the stated rules.
- The final revision addresses a changed case and explains what someone should do next.
Want more background?
The idea in everyday life
Baseline B1 $800. Updated incurred costs: materials $198 and assembly $160 = $358. Open commitments: remaining materials $132 and delivery $100 = $232. New evidence says uncommitted assembly remaining will cost $300, replacing the earlier $240 estimate. Scope remains 100 kits.
A low current total does not prove that unfinished work is affordable.
Forecast the finish — guided practice
Explain why low spending to date can hide an overrun.
Use a text editor, a free document editor, or paper. Start from the following fictional records; they reset this lesson even if your earlier answer differed. Baseline B1 $800. Updated incurred costs: materials $198 and assembly $160 = $358. Open commitments: remaining materials $132 and delivery $100 = $232. New evidence says uncommitted assembly remaining will cost $300, replacing the earlier $240 estimate. Scope remains 100 kits.
1. Keep actuals fixed
Record the $358 generated to date.
You should see: $358 incurred.
Changing a forecast should not rewrite historical facts.
2. Update remaining estimate
Replace $240 with $300, without adding both.
You should see: $300 future uncommitted assembly.
An updated estimate replaces its previous version.
3. Calculate final forecast
Add incurred, open commitments and other remaining.
You should see: 358 + 232 + 300 = $890.
The final estimate includes unfinished obligations.
4. Explain the variance
Compare $890 with $800 and identify causes.
You should see: $90 over baseline: $30 materials price + $60 assembly estimate.
A causal bridge makes the total useful for decisions.
What to finish
A forecast-to-finish sheet and two-cause variance explanation.
Watch for this
Reporting “under budget” from spending to date while ignoring unfinished work.
How can I tell I understand it?
Check your result against the worked example, then explain the changed case without using an unstated assumption.
Quick knowledge check
Answer all 3 questions. Get at least 2 right and the lesson completes automatically.
You’ll get an explanation for each answer. Signed in? Your results save to your account.
Pass the check. We’ll save the progress.
Answer all 3 questions above and get at least 2 right. You can review the explanations and try again.
Go to the knowledge checkOptional course overview video · same video as Lesson 1
Standard Costs and Variance Analysis
From Edspira. Watch here or open it on YouTube .
Optional course overview. Follow the written steps below at your own pace.Tools, templates, and lesson sources
Tools and templates
Tools open in a new tab so you can keep your place here.
Sources and further reading
Explore the references behind this lesson.
Source & access notes · checked 2026-09-12
Inspected March 2020 guide overview: scope, assumptions, documentation and updating estimates with actual costs. Public federal guidance; original small-project case is not an agency procedure.
Access: Public page inspected without an account.
Reuse: Reference link only. Course prose and practice data are original; no third-party text, figures, or templates are reproduced.
Source & access notes · checked 2026-09-12
Inspected February 2015 Appendix H, especially basis of estimate, input assumptions, traceability and presentation of cost drivers.
Access: Public six-page agency PDF; no account.
Reuse: Reference link only. No text, charts, templates or third-party material reproduced.
Source & access notes · checked 2026-09-12
Inspected February 2015 Appendix I on using performance information to update estimates.
Access: Public agency PDF; no account.
Reuse: Reference link only. Course records and arithmetic are independently authored.
Report a problem with this lesson
Tell us what went wrong. Please leave out personal information and private project contents.