The Basics Of Forecasting For Project Management
Project management is a process that involves several component aspects such as initiation, planning, executing, controlling, and closing. Since projects are usually temporary rather than ongoing, with definitive start and end dates to construct a time frame during which project objectives are meant to be achieved, forecasting is an extremely important element of the initiation stages of project management. During the initiation and planning stages, project managers will often complete "Forecasting" exercises to determine the project's scope, possible constraints, and potential risks. All of these factors require a project manager to be as accurate as possible when making his or her predictions about any aspect of a given project's life cycle.