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| Project Cost Estimating Template in Excel |
Project Cost Estimating Template in Excel Free Download
Cost estimation in project management is the process of forecasting the cost and other resources needed to complete a project within a defined scope. Cost estimation accounts for each element required for the project and calculates a total amount that determines a project's budget.
Instructions For Completing This Document
Complete the Project Name, NC, Project Manager Name, and Project Start Date. Define a standard unit of measure for all estimates (hours, days, dollars, etc)
For each estimate complete the following:
- Estimator Name: This column should be populated with the name of the individual providing the estimate
- Description of Activity Being Estimated: This column should be populated with a description of the schedule activity being estimated
- Estimate Date: This column should be populated with the date that the estimate was performed.
- Best Case Estimate: This column should be populated with an estimate that is based on the best-case scenario for work completion
- Most Likely Estimate: This column should be populated with an estimate that, given the resources available to do the work, is the most realistically expected
- Worst Case Estimate: This column should be populated with an estimate that is based on the worst-case scenario for work completion
- Weighted Average Estimate: This column is automatically calculated using a mathematical formula to determine a weighted average of the three types of estimates and uses the formula (Estimate=[Optimistic+[4*Most Likely]+Pessimistic]/6) to calculate that weighted average estimate.
Instructions For Filtering Data in Project Cost Estimating Template for Any Column:
- Highlight the header of the cell you wish to filter data on.
- From the file menu click "Date" -> "Filter" ->"Auto Filter".
- Then select your filter criteria from the drop down menu that appears on your header cell.
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