Survey of Step 12

Process Tasks

• Update the estimate to reflect changes in technical or program assumptions and keep it current as the program passes through new phases or milestones.

• Replace estimates with EVM, EAC, and independent EACs from the integrated EVM system, if applicable.

• Report progress on meeting cost and schedule estimates.

• Perform a post mortem and document lessons learned for elements whose actual costs or schedules differ from the estimate.

• Document changes to the program and how they affect the cost estimate.

Best Practices

The cost estimate is regularly updated to ensure it reflects program changes and actual costs.

• The estimate is updated to reflect changes in technical or program assumptions, and how these changes affect the cost estimate is documented.

• The cost estimates are replaced with actual costs and the sources of the actual costs are documented.

Variances between planned and actual costs are documented, explained, and reviewed.

• The estimate documents variances and any lessons learned for elements whose actual costs or schedules differ from the estimate.

Likely Effects if Criteria Are Not Fully Met

• If the estimate is not updated, it will be difficult to analyze changes in program costs, and collecting cost and technical data to support future estimates will be hindered.

• Unless properly updated on a regular basis, the cost estimate cannot provide decision-makers with accurate information for assessing alternative decisions.

• Without a documented comparison between the current estimate—updated with actual costs—and the old estimate, the cost estimators cannot determine the level of variance between the two estimates. That is, cost estimators cannot determine how well they are estimating and how the program is changing over time.