Estimating the Budget for a New Project

Applies to

10,000ft

This Help Article Appears in the Following Learning Tracks

Estimation is typically based on experience or a set of quick calculations.

If at all possible, keep estimates and subsequent proposals high level, rather than calculating every minor expense upfront.

The project below shows one designer and one developer for two months, at $150/h, totaling $96,000 in billable labor.

High level planning project budget estimate

 

In 10,000ft, you can create a new project then assign people (or Placeholders for roles and disciplines) for the amount of time you estimate the project will take. The resulting Future Scheduled amount is the estimate for this project.

When the project becomes a reality, this estimate becomes the budget. When future assignments are made to the project, the resulting future scheduled amount should be up to the budget.

When you schedule too many people or too much time to a project, it will be immediately apparent that this project will go over budget.

Over budget

 

If you don’t schedule enough people to a project, you may not have the right resources available when you need them.

Under budget