What is a periodic forecast?

A periodic forecast serves as a regularly updated projection of future performance, providing essential insights into the anticipated trajectory of a project over time. This type of forecast is essential in project management as it allows for ongoing adjustments and corrective actions based on the latest data, trends, and performance metrics. By continuously revisiting and updating the forecasts, project managers can account for changes in scope, resources, timelines, and potential risks, ensuring that stakeholders remain informed and aligned with the project objectives.

In contrast, a one-time estimate of project cost (the first option) does not offer the ongoing review and adjustment that characterizes a periodic forecast. An analysis conducted after project completion (the third option) reflects on past performance rather than projecting future outcomes, which is a core component of what a periodic forecast entails. Lastly, a method for reporting project risks (the fourth option) focuses on identifying and managing uncertainties rather than projecting overall project performance into the future.

The emphasis of a periodic forecast on regular updates distinguishes it as a vital tool for maintaining strategic oversight in project management.