What is estimate to completion in SAP SRD-PRO-PMN - PRO-Project Management?

SAP Term: estimate to completion

• Component: SRD-PRO-PMN

• Component Name: PRO-Project Management

• Description: The expected extra cost of finishing a task.

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• Key Concepts: 
  Estimate to Completion (ETC) is a term used in SAP SRD-PRO-PMN PRO-Project Management to refer to the estimated cost of completing a project. It is calculated by taking the total budget for the project and subtracting the amount already spent. This figure is then used to determine the remaining budget needed to complete the project. 
  
  How to use it: 
  In order to calculate the ETC, you must first determine the total budget for the project. This can be done by adding up all of the costs associated with the project, such as labor, materials, and overhead. Once you have this figure, subtract the amount already spent on the project from it. The resulting figure is your ETC. 
  
  Tips & Tricks: 
  It is important to keep track of all expenses associated with a project in order to accurately calculate the ETC. Additionally, it is important to regularly update your ETC as new expenses are incurred or existing expenses are changed. This will ensure that you always have an accurate estimate of how much money is needed to complete the project. 
  
  Related Information: 
  The ETC can be used in conjunction with other metrics such as Earned Value Management (EVM) and Cost Performance Index (CPI) to gain a better understanding of a project’s progress and budget. Additionally, it can be used to help make decisions about how best to allocate resources in order to complete a project on time and within budget.