Project forecasts are predictions or estimates made in a project environment to predict or estimate future developments, outcomes, or events in a project. These forecasts are usually based on existing information, historical data, experience, and expert opinion and are used to support project management and decision-making throughout the project lifecycle.
Project forecasts can be prepared at various stages of a project to assess project success, identify and manage risks, plan resources efficiently, and monitor budgets. Typical elements that can be included in project forecasts include:
Project forecasts are an important part of project management because they help minimize uncertainty, manage risk, and ensure that the project is completed according to objectives and requirements. These forecasts are reviewed and updated regularly throughout the project to ensure that the project remains on track and adjustments can be made as conditions change.