Estimated budget cost formula for project
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Accurately estimating project costs is crucial to staying within budget. Get your estimate wrong and you could end up in the red or even unable to complete the project.
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1. List all the steps involved in bringing your project to fruition.
2. Estimate how much time each step will take.
3. Compute your internal labor costs.
4. Figure your external labor costs.
5.Research the materials you’ll need to complete the project.
6. Tally the cost for all these materials.
7.. Add an additional percentage to allow for cost overruns.
8.Establish a procedure to track project costs throughout the duration of the project.
2. Estimate how much time each step will take.
3. Compute your internal labor costs.
4. Figure your external labor costs.
5.Research the materials you’ll need to complete the project.
6. Tally the cost for all these materials.
7.. Add an additional percentage to allow for cost overruns.
8.Establish a procedure to track project costs throughout the duration of the project.
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