Construction · Defined
Estimated final cost
A forecast of the total cost when a defined scope is complete, combining cost incurred to date with the estimated remaining cost.
Why it matters
Use a consistent cost basis and avoid counting commitments twice. State whether pending changes, contingency, owner costs, and closeout are included.
In practice
A project example
Actual costs plus the remaining forecast exceed the original budget even though current invoices are within available cash.
General educational guidance from KOW Building Consultants. Examples are illustrative, not project records. The applicable contract, standard, program, and jurisdiction control the requirements for a specific assignment.