Before starting the cost management process, you must prepare for it. So, in that case, we are advising you to download this cost estimate checklist template. Through these guidelines, you are able to complete the life-cycle of cost management for any project. Project Evaluation and review technique will help you to create this template custom.
The format of the template is based on Microsoft Excel, so you must download it before the file upload.
- For all type of business (Construction, IT, HR)
- Microsoft Excel template (Tool)
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For this purpose, the project cost management technique is used by the project managers. In which, all the costs of the project are estimated, delegated and controlled.
Therefore, project managers use project cost estimate checklist for effective cost management.
There always been a certain level of uncertainty in the actual cost of the project due to the variation in project scope until completion. To cope with this issue, the project cost estimation checklist involves a margin nominated as an inflation allowance or estimation error allowance.
Key Features of Project Cost Estimate Checklist:
There are different reasons for the estimation of project costs before starting proper work on any project. Such as decision making for investment, for comparison of alternatives, for budgeting of the project, and for project cost management purpose.
- The importance of making a project cost estimate checklist can be understood by having a deep look into the benefits of cost estimation.
- Although, cost estimation not only provides the input for the decision making to invest in the project.
- Also, it gives more in-depth details about the size of investment required along with ROI, risk profit and payback period analysis.
- Can implement a change management policy for costing project
Although, the decision-making process between the alternative project is dependent on the ballpark estimate of the project. However, later a complete comprehensive budget plan is determined that provides a baseline for the cost control of the project over the project lifecycle.
As a result, it is important to ensure that every aspect of the project has been covered in the project cost estimation and management process. Therefore, the checklist is considered a must-have tool by professionals of project management.
How to Create a Project Cost Estimate Checklist?
There are many types of project cost estimate checklists available in the market to use for different natures of the project. Here, we will provide guidelines to make a basic project cost estimate checklist. That can be later used for any project with little modification according to the nature of the project.
These checklists must include the summary section of the project containing the project name, project manager name, project start date and total cost estimate of the project.
Sample of Costing Checklist
Next, a table is constructed to enlist the description and cost estimate of all the possible resources required as per the scope of a project such as given below but not limited to;
- Project Management Cost (Mostly taken as %age of the total)
- Labor Cost Estimate for all activities of the project.
- Material Cost Estimate
- Supplies Estimate
- Travel Costs
- Fees for the consultancy and other professional services.
- Miscellaneous Costs (Shipping, freights, Bank Charges, Taxes, copying, courier, etc.)
- Cost of holding a contingency plan
- Inflation and estimation error allowances
- Requirement management planning
Example of Project Cost Estimation Template
Different types of businesses can use this type of business, especially construction businesses need this type of template daily.
Construction Cost Estimation Excel
Daily to weekly basis, this type of business needs most of this template. Without a checklist of project costing you cannot sure about daily to monthly project costing and scheduling. A variety of template has been introduced in this scenario.
- For both residential and commercial construction projects
- The printable sheet can generate
- All in one cost estimation software (Available)
Staff Schedule Cost ESTIMATION
In rotating staff planning, cost estimation or calculation must essential. Without it, you can’t estimate an accurate income statement and balance sheet.
In conclusion, the project cost estimate checklist is important to ensure and authenticate the validity of the cost estimation process of the project. By using a checklist, errors in the process of estimation get minimized and the validity of the project improves.