Projected Hours is calculated by taking the average hours worked per day during the month (Total Hours / Total Days Passed in Month) and multiplying the result by the total days in the month. For example, if it is April 25 and the Timekeeper has worked 110.5 hours, the Projected Hours at the End of the Period would be 132.6.
110.5 / 25 = 4.42
4.42 * 30 = 132.6
Depending on the number of days in the month and whether you track time in tenths or hundredths, there may be some rounding involved.