A schedule forecasts template provides a structured format for documenting updated estimates or predictions of project completion conditions based on work performance information gathered during project execution. According to the Project Management Institute (PMI), schedule forecasts are a key output of the Monitor and Control Schedule process in the Schedule Performance Domain of PMBOK 8. Unlike the schedule baseline, which represents the approved plan, schedule forecasts represent the project team's current best estimate of when remaining work will be completed given actual performance to date and anticipated future conditions.

What are Schedule Forecasts?

In PMBOK 8, schedule forecasts are estimates or predictions of conditions and events in the project's future based on information and knowledge available at the time of the forecast. Schedule forecasts are updated and reissued based on work performance information provided as the project is executed. The information used in forecasting is based on the project's past performance and its expected future performance based on corrective or preventive actions. This information may include earned value (EV) performance indicators such as the Schedule Performance Index (SPI) and Schedule Variance (SV), as well as schedule reserve information that could impact the project in the future.

What's Included in This Schedule Forecasts Template?

• Forecast Date and Data Cut-Off - The date the forecast was prepared and the status date (data cut-off) through which actual performance data was collected, ensuring forecasts are not based on stale data.
• Schedule Performance Metrics - Earned value schedule performance indicators including Schedule Variance (SV = EV − PV) and Schedule Performance Index (SPI = EV/PV) that quantify schedule efficiency relative to the baseline plan.
• Estimated Completion Date - The project team's current best estimate of when the project or phase will complete, expressed as a single point estimate or as a range with associated confidence level.
• Variance from Baseline - The difference between the forecasted completion date and the schedule baseline completion date, with an explanation of the key drivers of the variance.
• Critical Path Status - Current status of the activities on the critical path, identifying which critical activities are ahead of or behind schedule and the float consumption on near-critical paths.
• Remaining Work Assessment - An evaluation of the work remaining in the project, including any scope changes, new activities, or re-sequencing that affects the forecast.
• Corrective Actions - Schedule compression techniques, resource additions, scope reductions, or other corrective actions planned to recover schedule slippage and their estimated impact on the completion date.

How to Use This Schedule Forecasts Template (PMBOK 8)

1. Update forecasts at every monitoring cycle - In PMBOK 8, schedule forecasts are produced as an output of Monitor and Control Schedule, which is performed throughout the project. The update frequency should match the reporting cycle defined in the schedule management plan.
2. Base forecasts on actual performance data, not hope - Forecasts derived from the current SPI or critical path analysis are more reliable than optimistic assumptions that remaining work will go better than work performed to date.
3. Distinguish the forecast from the baseline - The schedule baseline is the approved plan against which performance is measured. The forecast is the current prediction. Both must be maintained separately and variance explained clearly.
4. Use EVM indicators to anchor the forecast - When earned value data is available, the SPI provides a performance-based foundation for the forecast. An SPI below 1.0 means more time is being consumed than planned per unit of work accomplished.
5. Link corrective actions to the forecast - Every corrective action (fast-tracking, crashing, scope reduction) should be reflected in the forecast with a quantified estimate of its impact on the projected completion date.
6. Distribute forecasts as part of work performance reports - Schedule forecasts feed into work performance reports and status reports that are distributed to stakeholders through the communications processes.

When to Create This Document (PMBOK 8)

Schedule forecasts are first produced during the Monitoring and Controlling Focus Area once sufficient actual performance data exists to make a meaningful prediction. In PMBOK 8, schedule forecasts are an output of Monitor and Control Schedule and are updated at every monitoring and controlling cycle throughout the project life cycle. The first forecast is typically issued after the first full reporting period following schedule baseline approval, and the document is then revised and reissued at each subsequent monitoring cycle until the project or phase is closed.

Related Templates

• Project Schedule Template
• Schedule Baseline Template
• Schedule Data Template
• Work Performance Information Template
• Risk Register Template

Complete Guide & Filled-In Example

Get the most out of this template with the two companion resources below:

• Schedule Forecasts in PMBOK 8 - Complete Guide - Understand the purpose, key elements, and best practices before filling in the template.
• Download the Filled-In Example - Project Phoenix - See exactly how this document was completed for a real $72K website launch project.