Project Cost Estimator - Excel Template - Free Download (2022)

  • Project Cost Estimator - Excel Template - Free Download (1)

Project Cost Estimator Free Excel Template to download will help you to estimate the Project Cost or Project Budget to communicate with your client.This is another important template in Project Management Template and some times it referred as budget, cost effort estimation or cost analysis excel template. Project Cost Estimator will help you and your client to understand team efforts.And project cost for client to deliver and manage the project. Here is the sample Project Cost Estimate excel template prepared using Excel 2013. However, this example Project Cost Estimator template will work on Excel 2003,2007,2010 and 2013.

This is a sample screen-shot of Project Cost Estimator Excel Template. You can download Project Project Cost Estimate Microsoft Excel Template at end of this topic.

Why do we use Project Cost Estimator Excel Template for Project Management

As explained above, it is a common task in project development life cycle (SDLC). We generally prepare the project cost estimator and after the project imitation for requirement gathering.
It is important to both the development team and client to estimate the effort and cost to mange the project based on the budget. This will help to understand the different phases of project development and how much is costing the each phase. The initial project plan will discuss about project responsibility and time line to deliver the each module of the project. But the cost estimator will explain how much time we spend in each phase and how much it costs to the client.

How to Create Excel Project Cost Estimator Template for Project Management

Developing a Project Cost Estimator is easy in Excel. First you have to divide your project into different phase and write the estimated time taken to complete and charge for each phase. This will be dine by Project Lad or manager. Then we can discuss your estimations wit your team. If your team is okay with the estimates, close and sign of the estimations and share with your team and client.

As shown in the sample template, Each project can be decided into different phases based on application development and Analysis. You can create fields to fill the estimated hours, developer required, analyst required and their cost. You can also create fields to enter the other costs and remarks. At end of the template you can give the overall cost to the project and number of FTe required to complete the project.

If you are managing an IT project, you my not need the Analysts estimation. You can divide your project into following phases. You can include Project requirement gathering, Development, Testing and Managing as your main phases. You can give the detailed tasks as sub-phase under each phase of the project development. And you can give your estimates based on the time you will spend and cost of your developer.

Here are the few steps you can follow to create project estimator excel template:

  • Divide your project into different main phases. For examples: Project Design, Project Development, Project Testing, Project Documentation and Project Management/ Maintenance
  • Divide all main phases into sub phases
  • Estimate the time to complete each sub phase
  • Estimate number of associates (developers, analysts, testers,etc…) required to complete each phase
  • Estimate if any other cost includes in project development (it includes: material, software, training,etc…) or project management
  • Now create the template using the above information
  • Finally sum up all sub tasks into main tasks
  • At end you can provide the overall estimates of the Hours, FTE and Project Cost

Now your project template will look good with the above mentioned details. You can use our Excel Project Estimator Template as a base template and change the required fields which you wants to add additionally or delete if not required.

Download Free Project Estimator Excel Template – in Microsoft Excel Format

Please download and feel free to use for your project management.

Info: Project Cost Estimation Template helps you to plan a project budget estimates. You can change the default data and formula to meet your needs.
Usage: We generally prepare Project estimates after understanding the requirements/ initial meetings of a particular project. It helps Customers/ Stakeholders to understand the project cost to get the outputs. This will also act as reference document for the development team while sending the final Invoice.

Project Budget and Cost Estimation Templates

How to use Free Project Estimator Excel Template

Follow the following steps to use our project plan template developed using excel.

  • Download the Excel Project Estimator Template
  • Open and clear the existing estimates
  • Add or delete addition rows and fields
  • Enter the main phases and sub phases
  • Enter estimates for each phase

We are proving free Microsoft office templates and creating best excel templates for free. You can use our cost estimate templates while working on your projects for managing your projects.
I am preparing all project management excel templates or excel macro templates using Microsoft Excel for Windows. These Excel project management templates should work on all the versions of the Microsoft Excel.

Please note, .xlt and .xltx, .xltm are template file formats and the templates which we are preparing are saving in .xls format to help our readers. You can save Excel templates in Excel 2003 Template format (.xls or .xlt). Or you can save the templates in Excel 2007, Excel 2010 or Excel 2013 (.xlsx or .xltx, .xltm or .xlsm)
All excel spreadsheet templates which we are developing are mostly macro free. However, when we want to provide more interactive features, we are using macros or VBA (Visual Basic Applications for Office) for developing excel macro templates.

Most of these excel spreadsheet templates are free and printable spreadsheets templates. And all these Microsoft office templates are developed using Excel 2013 available online to test the templates.

Hope our cost estimator and this topic helps you to understand and create Project Estimator Templates using Excel and VBA. We are trying our best to help you in your project management tasks by creating templates.

(Video) How To Create A Project Costing Application with Budget vs. Actual Costs In Excel [Free Download]

Feel free to download or free Project Estimation Template and other Excel Templates available in our blog. Please share your valuable feedback and thoughts with us about our Templates and other stuff in our blog and Forums.

Other templates available to download in this blog, please search for templates in out search available at top right corner. You can read the other stuff and tutorials which are related to Excel users and Analysts. We have provide number of topic to explain Excel, VBA, SQL, SAS and Other BI Tool. Please follow our blog and subscribe to our newsletter to get the weekly updates on our new posts, templates and free tools.

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(Video) Project Cost Tracking Template in Excel

By PNRaoLast Updated: July 23, 2022Categories: Excel Templates

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7 Comments

  1. Shahid MirzaApril 1, 2014 at 4:03 PMLog in to Reply

    Dear PNRAO, it’s very helpful, can you please let me know what is “Req.” before avg. cost?

  2. PNRaoApril 2, 2014 at 10:40 AMLog in to Reply

  3. gersonMay 8, 2014 at 1:56 PMLog in to Reply

    hello,

    may i have the password to unprotect the project plan template

    Thank you

    (Video) How To Create A Complete Construction Estimator In Excel [+ FREE DOWNLOAD]
  4. JohanJuly 22, 2015 at 12:35 PMLog in to Reply

    Can one unprotect the worksheet to customise for own purposes?

  5. PNRaoJuly 23, 2015 at 1:36 PMLog in to Reply

    Hi Johan,

    We are launching brand new templates, you can easily customize the tools as per your requirements. We are working our best to launch on 1st Aug 2015.

    Thanks-PNRao!

  6. ZeeFebruary 23, 2016 at 1:24 PMLog in to Reply

    What is total deliverable mean?

  7. PNRaoFebruary 25, 2016 at 10:21 PMLog in to Reply

    It is Total Number of the deliverable (outputs which we provide to the customer) which we generally agree with the client (it is also a good idea to mention the list of outputs bu inserting a comment).

    Thanks-PNRao

    (Video) How To Prepare Construction Cost Estimation Format In Excel For Projects

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FAQs

What are the 3 main methods of cost estimating? ›

Methods of Cost Estimation in Projects. 1) Expert Judgement Method. 2) Analogous Estimating Method. 3) Parametric Estimating Method.

Does Excel have a project plan template? ›

From the Home tab, click Create and choose Browse All Solutions. Type “Project with Gantt Timeline” in the Search box or select Projects from the category list. Click on the Project with Gantt Timeline tile, then click the blue Use button. Name your template, choose where to save it, and click the Ok button.

What is a cost estimate sheet? ›

Share. A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The sheet which express that is called cost estimating sheet. The cost estimate has a single total value and may have identifiable component values.

Does Excel have a budget template? ›

Creating a budgeting plan for your household can feel overwhelming and hard, but Excel can help you get organized and on track with a variety of free and premium budgeting templates.

What is the formula to calculate cost? ›

The formula to calculate total cost is the following: TC (total cost) = TFC (total fixed cost) + TVC (total variable cost).

What tools do estimators use? ›

Estimation Tools and Techniques
  • Expert Judgment.
  • Alternatives analysis.
  • Bottom-Up Estimating.
  • Published Estimating Data.
  • Project Management Software.
4 Feb 2021

What are the four common cost estimating methods? ›

The four major analytical methods or cost estimation techniques used to develop cost estimates for acquisition programs are Analogy, Parametric (Statistical), Engineering (Bottoms Up), and Actual Costs.

Which is the most accurate cost estimation method? ›

An analytic estimate (also called bottom-up estimating) is one of the most accurate cost estimation techniques—but it can also be time-intensive. Bottom-up estimating breaks the project down into smaller parts and then creates cost estimates for those variables.

Which type of project cost estimate is most accurate? ›

There are two main types of project cost estimates.
  • Rough order of magnitude: has lower accuracy and a broader range of possible outcomes. ...
  • Definitive estimates: are more accurate because they are more grounded in known data.
10 May 2022

What is total project cost? ›

Consists of all costs specific to a project incurred prior to the start-up of facility operation. All research and development, operating, plant, and capital equipment costs specifically associated with a project.

Is Excel a good project management tool? ›

Excel can create a visual timeline chart and help you map out a project schedule and project phases. Specifically, you can create a Gantt chart, which is a popular tool for project management because it maps out tasks based on how long they'll take, when they start, and when they finish.

How do I create a project management tracker in Excel? ›

Learn step-by-step

Log into Microsoft Excel Online and open a blank spreadsheet. Share a document in Microsoft Excel and organize the sections of the tracker. Use project management skills to develop a project tracking spreadsheet. Add static content and drop-down menus to the project tracker.

Is Gantt chart available in Excel? ›

Click Insert > Insert Bar Chart > Stacked Bar chart. Next, we'll format the stacked bar chart to appear like a Gantt chart.

How do you prepare a cost sheet? ›

Cost Sheet Format
  1. Total cost and cost per unit for a product.
  2. The various elements of cost such as prime cost, factory cost, production cost, cost of goods sold, total cost, etc.
  3. Percentage of every expenditure to the total cost.
  4. Compare the cost of any two periods and ascertain the inefficiencies if any.

What is a Level 5 cost estimate? ›

Class 5 estimates are prepared for any number of strategic business planning purposes, such as but not limited to market studies, assessment of initial viability, evaluation of alternate schemes, project screening, project location studies, evaluation of resource needs and budgeting, long- range capital planning, etc.

Does Google docs have an estimate template? ›

Google Sheets Contractor Estimate Template

It is a compact estimate template that fits perfectly to fill all your business needs. Its advanced features help you create and issue accurate estimate in seconds.

How do I make a simple expense spreadsheet? ›

In short, the steps to create an expense sheet are:
  1. Choose a template or expense-tracking software.
  2. Edit the columns and categories (such as rent or mileage) as needed.
  3. Add itemized expenses with costs.
  4. Add up the total.
  5. Attach or save your corresponding receipts.
  6. Print or email the report.

How do I create a budget dashboard in Excel? ›

Build Your Own Personal Budget Dashboard - YouTube

How do I create a cost save sheet in Excel? ›

Cost Reduction
  1. List your purchases in the spreadsheet. ...
  2. List the original purchase price in the column next to each item.
  3. List the new purchase price for each item in the next open column.
  4. Type headings above each column. ...
  5. Place your cursor in the next available column and click on it to select it.

How do I keep track of projects in Excel? ›

1. Timeline. Excel can create a visual timeline chart and help you map out a project schedule and project phases. Specifically, you can create a Gantt chart, which is a popular tool for project management because it maps out tasks based on how long they'll take, when they start, and when they finish.

How do you make a cost sheet? ›

Method of Preparation of Cost Sheet:

Step I = Prime Cost = Direct Material + Direct Labour + Direct Expenses. ADVERTISEMENTS: Step II = Works Cost = Prime Cost + Factory/Indirect Expenses. Step III = Cost of Production = Works Cost + Office and Administration Expenses.

How do you calculate project cost savings? ›

To calculate actual soft savings compare the touch time of the old process versus the new process and multiply the time savings by the cost per hour to do the work. In this example the touch time was reduced 10 hours, which equates to a savings of $250 / cycle (10 hrs saved / cycle X $25 / hr = $250).

What is VBA in Excel? ›

VBA stands for Visual Basic Analysis. Excel VBA is Microsoft's programming language for Office applications such as MS-Excel, MS-Word, and MS-Access. Macros are what most people who write VBA code use.

How do I keep track of daily expenses in Excel? ›

Implementation Steps
  1. Fig 1 – Expense Tracker Columns. Now, we will turn these columns into tables with all alternating rows. ...
  2. Fig 2 – Format as Table. ...
  3. Fig 3 – Table Headers Checkbox. ...
  4. Fig 4 – Expense Table. ...
  5. Fig 5 – Date Column. ...
  6. Fig 6 – Date Formatting Option. ...
  7. Fig 7 – Date Format Cells. ...
  8. Fig 8 – Auto Month filled according to Date.
10 Mar 2022

Does Excel have a project management tool? ›

Microsoft Excel is often used as a simple project management tool by project managers working on small- or mid-sized projects to help visualize, plan, and monitor progress.

How do I use Excel like a project? ›

How to use Excel for project management
  1. Managing project timelines. ...
  2. Monitoring task progress. ...
  3. Planning and tracking resource usage. ...
  4. Overseeing project hours. ...
  5. Storing and tracking budget information. ...
  6. Generating project reports. ...
  7. Tracking critical paths and task priorities. ...
  8. Observing and identifying project milestones.
8 Oct 2021

What are the 4 types of costing? ›

Costs are broadly classified into four types: fixed cost, variable cost, direct cost, and indirect cost.

What is the formula of work cost? ›

Using the formula Total job cost = Direct materials + direct labor + applied overhead, Jared adds $400 + $660 + $366.74 to arrive at a total job cost of $1,426.74. This is the amount that Marissa pays Jared for her dining room table.

What are the types of cost sheet? ›

Cost Sheet
  • Definition: A cost sheet is a statement which represents the various costs incurred at different stages of business operations, in a tabular format. ...
  • Indirect Material.
  • Indirect Labour.
  • Indirect Expenses.
  • Historical Cost Sheet.
  • Estimated Cost Sheet.
22 Jun 2019

What is the difference between actual cost and projected cost? ›

Projected costs are estimated costs based on the previous period's sales and expenses. While actual costs are the actual amounts spent during the period. At the end of that period, companies will compare the actual vs the projected costs and see if they overspent.

What is the best chart to show budget vs actual? ›

Budgets Vs Actuals using line type charts

If the budget Vs actual chart needs to include a time element, in order to see the trend, then line charts are a good choice.

How do you show planned vs actual in Excel? ›

Step 1: Select the information, go to insert, then chart, and then select clustered column chart. Following chart will appear showing target and actual values separately. Step 2: You can also change the color of your bars by your choice. Now right-click target bar and select Change Series Chart Type.

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