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To estimate the cost of a business or project, it is important to understand what you will be using your money for. This includes your company’s management and investor expectations. Also, you will need to consider what other factors such as time and effort will need to go into completing the project.
Some of these considerations include:
- What will be the timeline for completion?
- What is your budget for the project?
- What is your estimation based on?
We all know that estimates are just estimates. They usually run into hundreds or thousands of dollars, but if you follow these three important questions when estimating your project, you can be more accurate and on point with your budget.
What are the three most important factors in determining costs?
- Time-factors: how long will it take to complete the project?
- Quality-factors: what is the quality of work expected?
- Scope-factors: what is this project’s scope?
Almost every business has to calculate cost estimates before they start an activity or project. If you are a construction company, for instance, you might want to analyze the cost of making the concrete for your building before deciding on the final price.
The first and most important factor to consider is the time and effort involved in both calculations and completion of the project. The second factor is the complexity of the process, which can be broken down into two components: technical complexity and non-technical complexity.
Technical complexity refers to the number of steps that must be taken to complete a given task or process. This usually includes how much materials are required, the time involved in each step, labor hours required for completion of the task, etc. Non-technical complexity refers to factors outside of how much material is needed, time involved in each phase of the project, etc.
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