A project is a collaborative enterprise that is carefully planned to achieve a particular aim. Download Construction Cost Estimate Template in Excel Format. In this case, the aim is to complete a civil construction from foundation to painting without any fail. However, to start a project, finding the budget is the foremost concern. Project Cost Estimation involves a lot of uncertainty.
The factors causing the uncertainty of the project cost are – lack of experience with similar projects, the duration of the project and the people working on it. Estimation is important because it enables you to weigh anticipated benefits against anticipated costs to see whether the project makes sense. It also helps to see whether the necessary funds are available to support the project. The estimation moves towards precision in stages, from an initial rough estimate to a detailed estimate to a completed, approved project budget.
The project cost estimation includes both direct and indirect costs. Direct costs are prices that can be completely attributed to the aim of the project, like salaries of team members, materials supplies and equipment for the project, etc. The indirect costs are costs that are not directly accountable to a cost object; they may be either fixed or variable and include overhead costs.These costs need to be considered equally important for estimating the total project cost.
A template mentioning all the costs that may become a part of the project can reduce the unnecessary workload to quite an extent. The only task left to do is to enter the rates of the attributes you feel will be required for your project, and once you are done with entering, the automated functions of the excel sheet will do the calculations for you. The total project cost estimation value will be with you.
Download the free excel template for Project Cost Estimate and have an edge over your competitors!