Download project cost management template in excel for estimation and forecasting. During project-phases, you require where your project stand in terms of budgeting. Project cost estimation by functional point analysis. Project costing isn’t an easy task to handle, when multiple projects are in streamline. So if you have tools/template, so it’s easy to handle all in a single row.
- Project costing at completion stage
- Actual VS Budgeted Costing Planning
- Useful Charts and diagram, easy to allocate costing and tracking in each department
- Download Template in XLS format
- Just like home mortgage calculator, many template/tool helps you to identify project costing
- Track expenses
- Plan for contingencies
- Multiple projects tracking in a single platform
A project cost estimation template is a tool used in project management to estimate and plan the financial resources required for a specific project. It provides a structured format to identify and estimate the various costs associated with the project, including labor, materials, equipment, and other expenses.
The template typically consists of different sections and categories where project managers can input relevant information and estimates.
In any change of ongoing project, process improvement plan template will help. For more information about project cost estimation template, you can contact us.
What is Project Project Cost Estimation Template?
Project costing or cost estimation is basically total cost expense on the completion of the project. Professional estimators are used in the cost estimation but there are still chances of minor variation in the actual cost.
The cost estimation process is done in the pre planning phases of the project and can be altered as the project progresses and get better vision.
Construction Costing Estimator
The accuracy of cost estimation is directly related to the clarity of the scope of the project to the estimators and the on-ground team. There are a number of different activities happening simultaneously which can be put together and the total of them can be used for the estimation purpose.
Key Feature Project Cost Estimation Template
Few major ones are labor, travel, equipment or raw material cost, training costs, supplies and miscellaneous. It is good to define a proper budget for each and then monitor their expenses.
Different project cost estimating techniques are used widely few are mentioned below;
- Analogous estimating: In this technique advice from the experts is taken along with the cost analysis of the past similar project done. To get a margin for expense add or subtract 10 or 20 percent from the total estimated cost
- Parametric estimating: Estimate is done mainly from the previous records of the actual project
- Bottom-up estimating: This is the most achievable cost estimating technique as it is done after the scope is defined. After the clear scope, work breakdown is done and cost estimation is carried out according to the work breakdown
So, it is better to have work breakdown structure for the cost estimation. The budget is allocate according to the expected expense require to finish a task. Task owners are define in the work breakdown hence it is easier to manage the budget and there are lesser chances of deviation for the estimate cost. However, variance can be calculate by comparing actual and estimate cost.
Key Element of Costing Template
Project costing is the overall expense on the project. There are ways to categorize the cost expense of the project but the simplest one is division into direct and indirect cost.
Direct Cost: It is basically the main expense with all the invoices and is already present on the estimation list. Mostly the listed expenses are;
- Labor cost– The workforce expense for the achievement of the project objectives.
- Materials/ Resources– The cost investment in the raw materials require for the final product/ outcome.
- Equipment cost– In large scale projects, technical or mechanical help is require for that some equipment is require to keep the project running smoothly.
- Transport expense– Always keep a separate budget for the travelling during a project.
- Software– At times you need to buy some software for project management or even to attain project goals.
Related Article: Project Issue Tracking
By utilizing a project cost estimation template, project managers can systematically assess and estimate the overall budget required for the project. This helps in making informed decisions, allocating resources effectively, and ensuring that the project remains within budget constraints.
Indirect Cost: The expenses which can’t be further categorize in the above mention list is term as indirect cost. Some indirect expenses are quality control cost, security and utilities. These expenses do not fall in any of the categories so separate cost estimation is done to keep up with the budget. There are always chances of variation but that can easily be calculated with the comparison of actual and estimated cost.
Example of Project Cost Estimation:
Project cost estimation can apply multiple projects both small and large scale. But cost estimation is a great tool in the project management of the construction project which is explain further.
Construction Cost Estimation:
There are a number of expense components in construction projects and to keep them aligned is a tough task. So, it is better to line up your expenses and categorize them before the start. Capital cost or expenses are land acquisition, architectural planning, engineering, construction cost, taxes, insurance and office dues.
We have premium cost estimation template for construction purpose only.
This template of costing estimation consist of three main sheet, in first sheet you collect information regarding how to use that template? In 2nd sheet of construction estimation template you can manage material and labor list management. In 3rd sheet of excel according to project list cost of items and calculate TOTAL PROJECT. In final sheet of 4th you can generate report of project.
Costing Database (1st Sheet)
First of all, you can see some button in upper side of template;
- ADD Material
- Add Labour
Below you can see two separate section first section name “List of Material” and 2nd List of Labour.
ADD Material: As click on “Add Material” pop-up appear in your screen in which you can insert some values like;
- Material Name
- Material Rate
- Material Category
- Per Unit Rate
- LBR Rate
After click “OK” you can see your data in “List of Material” Section.
ADD Labour: As click on “ADD LABOUR” another pop-up appear and you insert values accordingly.
- LBR Name
- LBR Cost
- LBR Category
Mention rate in per unit (HR, DAY, OTHER) and after insert values click to “OK”. You can see your values in “LIST OF LBR” section.
Project Cost Summary Sheet (2nd Sheet)
In addition, in project costing summary sheet you can insert total costing data. In header insert some values about project. In upper right side you can see two values (Markup of LBR + Markup on Material). Leave this, if no markup is on LBR and Material.
- Project Name:
- Client Name:
In stage name 1, you can calculate TOTAL COST (Material Cost + LBR COST). Material Markup Cost (Material SUB TOTAL, LBR Markup Cost (Total SUB TOTAL)
Total with Markups?
In Final “Project Total” add overall material total, LBR Total and others expenses. Below in this sheet you can view some graphically summary of project costing data into two separate section.
In final Sheet (PROJECT SUB NAME)
You can see project sub category data like Earth Work or Finishing Work. Click on “Add New Stage” insert another stage data in it. Project sub category informational add manually in header section. Edit Sheet name easily.
Related Template: Construction Cost Estimation Template
Project Cost Breakdown Template Excel
And another set of expenses that goes along with the life-cycle of the project are pays of the operating staff, labor expense, material cost, utilities and transportation. Total of all of these expenses concludes the total cost spent on a construction project.
Related Template: Cost BreakDown Template
There is always a room for variation so always keep the estimated budget high. By adopting this way you’ll end up smoothly achieving your targets.
This is premium Project Cost Estimation Template, purchase for use.
Q: Is this template include all Activity Cost Estimates Template?
A: Yes, you can schedule your activity (BONUS TEMPLATE) and estimate costing of your activity through this template.