A company has provided us with two data points for Project A and Project B in the Excel file. This is the project cost at different stages of completion for Project A and Project B. A company would like us to develop a forecasting equation to predict the cost at 75% and 100% completion for Project A using the following pattern (and compare the forecasted values with the actual ones).
1. Develop the forecasting equation using data for 10%, 25%, 30%, 50% and 65% to forecast the cost at 75% and 100%. Compare your forecasted prediction with the actual cost given at 75% and 100%.
2. Develop the forecasting equation using all available data (10%, 25%, 30%, 50%, 65%, 75%, 80%) to forecast the cost at 100%. Compare your forecasted prediction with the actual cost given at 100%.
Compare and contrast whether the two equations developed above arrive at the same answer for the cost forecast at 100% completion? Interpret and justify your answer.
A company would like you to perform step B of this task for Project B and provide them with recommendations to understand whether they should have a single forecasting equation for all projects or need individual forecasting equations for every project? Please explain the merits, and drawbacks and justify your answer.
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