Project Estimating Example
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The document provides a template for project estimating, detailing various tasks, their frequencies, and the estimated hours associated with each task for project management, product development, manufacturing, and administrative functions. It highlights the importance of breaking down estimates into detailed tasks to ensure accurate cost and effort projections. Additionally, it includes a breakdown of total labor costs based on average rates for different roles within a project team.
Project Estimating Example
- 1. www.managersresourcehandbook.com P a g e | 1 Rev. 1 Helping Managers and Businesses Succeed Through Real Experience Sample Template for Project Estimating This template is intended to provide an example breakdown of hours and effort associated with a given project. The comments listed in the boxes to the right highlight the various benefits associated with this particular template. The more detail you put into the estimate, the better your estimate will be. Line Task Description Frequency Hours Iterations Total Comment 1 Build Project Schedule One Time 12 1 12 2 Update Project Schedule Monthly 4 11 44 3 Manage Project Financials Biweekly 4 26 104 4 Produce Project Reports Monthly 4 12 48 5 Customer Status Meeting Weekly 1.5 52 78 6 Executive Presentations Quarterly 2 4 8 Preparation and Presentation Project Management Total 294 Line Task Description Frequency Hours Iterations Total Comment 7 Conceptual Designs One Time 60 2 120 8 Development Design One Time 250 1 250 9 Design Review Preparation Quarterly 20 4 80 10 Design Reviews Quarterly 25 4 100 11 Schematic Development One Time 3 40 120 Assume 40 schematics 12 Prototype Development One Time 80 1 80 13 Test Planning One Time 40 1 40 14 Prototype Testing Monthly 2 12 24 15 Test Report One Time 6 1 6 16 Final Design and Closeout One Time 75 1 75 Product Development Total 820 Line Task Description Frequency Hours Iterations Total Comment 17 Order Raw Materials One Time 4 1 4 18 Update Manufacturing Plan Monthly 2 12 24 19 Build Prototype One Time 24 1 24 20 Build Test Rig One Time 12 1 12 Manufacturing Total 64 Line Task Description Frequency Hours Iterations Total Comment 21 Team Meetings (1 Hour) Weekly 5 50 250 Assume 5 member team 22 Update Project Team Template Weekly 1 50 50 23 Customer Visit Monthly 8 12 96 Administrative Total 396 Line Function Hours Rate Total Comment 24 Project Management 294 50 € 14,700 25 Product Development 820 47 € 38,540 26 Manufacturing 64 45 € 2,880 27 Administrative 396 48 € 19,008 Averaged Team Rate Total Labor Cost € 75,128 Assumptions 28 29 30 Assumes customer does not change initial requirements Total Labor Costs Product Development Manufacturing Administrative Project Management Project assumed to be 1 year long (52 weeks) Assume a 5 member project team, including project manager Break the Estimated Effort Into Subgroups to Help Apply the Correct Costs Values. It Also Helps Outline How Much Effort Is Required From Each Department State the Assumptions You Made In Establishing The Estimate. Should Anything Change That Affects Assumptions, You Will Know How To Update the Estimate. They Also Help You Refesh Your Memory Many Months Later! Include A Task Description and the Frequency at Which the Task Will be Performed. This Helps Capture Hours Associated with Multiple Iterations Define Each Task to be Performed. This Helps Establish a Bottoms-Up Estimate Of What is Required Include Comments as Appropriate to Add Any Detail Necessary to Explain the Numbers Include a Cost Roll Up Based on the Labor Rate Of Each Department. Outline the Number of Hours You Anticipate Each Task Will Take.