scope:

This Guidance Note provides guidance on key activities to be undertaken so that the estimated final cost (EFC) values associated with each project is updated during the period update cycle.

It can be applied to any capital project undertaken within Investment Projects or Asset Management (Renewals) whose schedules are managed within the Primavera IMS database.

Purpose

This Guidance Note forms part of the suite of documents comprising the Planning and Programme Controls standard.

The purpose of estimated final cost (EFC) is to aid in providing and promoting a "no surprises" culture enabling more transparent and early reporting of threats to authority, by providing an unconstrained mechanism for the Project Manager to reflect the potential final costs of their project as part of the period review and update cycle.

The application of this "early warning" will help to generate focus on potential threats to authority and thereby reduce the numbers of F4 reds and ambers.

A secondary but nonetheless beneficial application of EFC is to provide an early indication of potential or likely reductions in outturn.