Project Estimation: Identifying Costs and Tradeoffs

planningA commercial painting project can be a part of a bigger construction deal, where managers provide a precise estimate of its cost and duration. A project estimate is required before the project begins because it serves as reference for labour, materials costs and project duration. A more precise estimate is more likely to lead to a successful project.

Stages

Estimating the cost of a painting project or any construction-related job come in several phases. First, project estimators provide a rough guess for an initial estimate. When details of deliverables come in, the estimator provides a clearer estimate, including the number of people needed to complete the project on time.

This depends on several factors, including materials. For instance, painting experts like Barker-whittle.com.au will give an estimate of commercial painting costs based on the type of paints used.

Priorities, Trade-offs and Risks

Some clients want the project completed faster. Adept project managers don’t resist such requests or argue with clients. Instead, they show eagerness to come up with and discuss possible choices to finish the project earlier. Every choice, however, will have a tradeoff. The following are common examples of tradeoffs:

  • Increasing labour to finish early
  • Increasing budget to finish early
  • Lowering the scope of a project or reducing the functionality to finish early

While trade offs may be allowable, adept estimators never overlook risks. That’s why they never guarantee 100% completion of project within target date and instead provide 60%, 70% or 80% certainty. This is a more realistic projection and project managers explain that it can be improved, but with some changes on certain areas.

Methods of Estimation

Estimating a painting project is not some guessing game with vague project scopes and member assignments. Consistent successful estimates and improved accuracy are a result of recording and archiving previous project estimates, including measurable results for all labours and deliverables.

By investing in organising procedures, contractors develop better estimating methods. An organized process details the estimating technique used in every stage of the project.

In project planning, whether it be a painting project or building construction, it is important to manage time, deliverables and member assignment. Know the factors that affect project cost to understand where you spend your money.

About Jillian Bissonette 162 Articles
Jillian Bissonette finished her degree in a reputable school in Arizona. She has been involved in logistics business for three years