Project cost estimating: Three things you need to know

project cost estimating

Staying under budget: This is usually one of the main goals for any project, but project cost estimating can also be one of the most frustrating aspects.

The fact is, it can sometimes be more art than science, but that doesn’t mean there aren’t things you can do to keep your estimate and your reality in check.

Having an accurate estimation method can be key to a successful project.

Here’s what you need to know about project cost estimating. Read on:

What is it?

First of all, lets define what project cost estimating is. In a nutshell, it’s a process that determines how much things (materials and labor, basically) will cost to finish the project. So, one of the first things you can do when you start a project is to MAKE a plan.

Your plan

This is where a top team comes in. When you are making a project cost estimating plan, you’ll need people on your team that understand how to define the scope of the project, how much time and labor it’ll take. Putting the work in upfront to get an accurate estimate can save you time, money and headaches down the road.

While there can be unexpected issues and delays, having a good estimate can give you the best predictor of the project’s entire cost.

Types of project cost estimating

Like most things, there are different types  and it’s a good idea to find the one that seems like it’s the best fit for your organization – and project.

Factor estimating, parametric estimating and detail estimating are just a few of the methodologies that are generally used. Sometimes you can use one or even multiple methods – depending on the scope and phase of your project.

This is where expert guidance can be a real lifesaver!

AccuNet Inc.

At AccuNet, we can help answer your questions about and help you choose the best method that suits your needs. Contact us today.

 

 

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