Final answer:
The forecasted amount of project spending for the remaining work is the Estimate to Complete (ETC). It predicts future costs and doesn't include incurred costs, unlike the Estimate at Completion (EAC) which considers both.
Step-by-step explanation:
The forecasted amount of project spending for the remainder of the project is referred to as the Estimate to Complete (ETC). The ETC is a prediction of the costs necessary to finish all the remaining work for a project. It does not include the costs that have already been incurred; rather, it offers an estimation of what additional costs are expected to be necessary to complete the project activities. This is different from the Estimate at Completion (EAC), which is the forecasted total cost of the project at the end of the project, taking into account both incurred and future expenses.
The Cost Variance (CV) represents the difference between the budgeted cost of work performed and the actual cost of the work completed to date, whereas the Variance at Completion (VAC) is the difference between the budget at completion and the estimate at completion, indicating whether the project will be over or under budget at the end.