How to Make a Construction Cost Estimate in Microsoft Excel
Making a construction cost estimate may be intimidating, primarily when it deals with project budgets and expenditures. The project management cost estimating process should be reliable, accurate, and transparent, according to an article from Chron. Hence, if you are going to make one, you might as well read and follow the guides in creating a competent and organized construction cost estimate. Here's how.
1. Evaluate Construction Project
Before you start crafting your construction cost estimate document, you need to evaluate the project first by asking your clients. To do so, you need to be specific so that you will be able to record accurate data. Ask your clients what they want to do. Or ask about the things or materials they wish to include in the project. List them all down in a blank sheet to have precise detail to review.
2. Categorize Data
Once you already have the needed data that you will use in making your construction cost estimate sheet, the next thing you need to do is to sort out the details and categorize them by descriptions. For example, in the first five rows of your first column, you input the necessary materials for structuring the project, e.g., concrete mix, tie wire, etc. Make sure that your data are well-categorized to maintain the accuracy of your content.
3. Add More Columns and Rows
After you have classified your content into varieties, it is now time to add more columns and rows where you can encode the contents—units, quantity, unit cost, and total price—for example, tie wires, roll, 15 rolls, $10.50 per roll, $157.50 full price. In adding columns and rows, make sure to use a trusted software when it comes to making datasheets. One of those proven and tested applications that you can use for your construction estimate is Microsoft Excel. This easy-to-use application enables you to organize data and do calculations. Excel is one of the software that is compatible with any device, thus making your work more convenient.
4. Include Basic Elements
Another component that should be present in your construction cost estimate sheet is the basic elements about your project—project title, project description, estimated timeline, contract for section, contractor name, and contact details. Doing this is necessary to maintain the professionalism and authenticity of your construction project estimate document. However, ensure that this content should not take up more space of document so that you will have more area for your cost estimate section.
5. Present Construction Cost Estimate
When you have already incorporated all the needed content for your construction cost estimate material, the final thing to do is to produce copies and present it to your client. In providing your prints, keep in mind to make use of excellent printing papers and a good-as-new printing machine to ensure the quality of your construction business estimate document. You may also save your file on your computer drive so that you can update the report anytime.