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#ProjectCostEstimation
Getting a client or a project is a difficult task. Cost estimation of the project is more difficult than that. Newbies who have started freelancing or given an agency with a few developers are more likely to run into this problem. So let's understand easily how to do cost estimation of a new project.
First try to understand the project requirement very well. Then break down the project, see how many modules there are in this project. Now break the modules, remove the task, subtask.
Now calculate how much time you may need to implement the tasks. Implement here means not just development. You have to include planning, research, design, development, testing. It's tough to say perfectly how long it might take. But you can figure out a standard time based on experience.
It doesn't matter how many people will work on this project. You calculate the time assuming that only one person will do the work. And count the times as hours. You can calculate the hours for each task, and if you want to do it based on the module, you can also do it. It totally depends on your experience. As you know it will take 8 hours to build your authentication module. It will take 12 hours to make the order module. You can also calculate like this.
Once each module, each feature, and each task is timed, simply add them all up. Assume you will need 400 hours in total. This is your calculated time. With this you will take 15-20% extra time. This is the buffer time. Not everything always goes according to plan. Time can also be wasted in many unplanned ways. So it is important to keep buffer time. Many have buffer time of 50% or more.
I assume you will need 500 hours to complete the entire project with buffer time. This 500 hours is called man-hour. If you work with one person it will take 500 hours or 62.5 days (assuming 8 hours per day), if two people work on the project it will take 31.25 days and if 3 people work it will take 20.8 days.
Now determine how many dollars or cents you will charge per hour of work. It depends on your experience and client. You can charge as little as $1 an hour or as much as $100. I assume you or your agency charges $15 per hour. Then the estimate for this project would be 500 hours X 15 dollars = 7500 dollars.
This is your calculated estimate. You can also negotiate with the client after this if you want. You can offer 10-15%. Can lower your hourly rate. But never look at the project without breaking it down and give a rough estimate. If not, you will see 5 months of work for a project of 50 thousand rupees. Still the client is not happy. And if the client changes the requirement then you will also adjust your estimation. Clear to him that you will have to work so many extra hours and bill so much money to change the requirement.
This is the easiest way to make a transparent and logical estimation. If you have estimated the cost in any other way then you can mention it in the comment box. And if you like the article, you can share it with your friends. You can also post from your profile if you want. And if you know about any other such thing, you can give me suggestions.
Thank you โค๏ธ
#ProjectCostEstimation
Getting a client or a project is a difficult task. Cost estimation of the project is more difficult than that. Newbies who have started freelancing or given an agency with a few developers are more likely to run into this problem. So let's understand easily how to do cost estimation of a new project.
First try to understand the project requirement very well. Then break down the project, see how many modules there are in this project. Now break the modules, remove the task, subtask.
Now calculate how much time you may need to implement the tasks. Implement here means not just development. You have to include planning, research, design, development, testing. It's tough to say perfectly how long it might take. But you can figure out a standard time based on experience.
It doesn't matter how many people will work on this project. You calculate the time assuming that only one person will do the work. And count the times as hours. You can calculate the hours for each task, and if you want to do it based on the module, you can also do it. It totally depends on your experience. As you know it will take 8 hours to build your authentication module. It will take 12 hours to make the order module. You can also calculate like this.
Once each module, each feature, and each task is timed, simply add them all up. Assume you will need 400 hours in total. This is your calculated time. With this you will take 15-20% extra time. This is the buffer time. Not everything always goes according to plan. Time can also be wasted in many unplanned ways. So it is important to keep buffer time. Many have buffer time of 50% or more.
I assume you will need 500 hours to complete the entire project with buffer time. This 500 hours is called man-hour. If you work with one person it will take 500 hours or 62.5 days (assuming 8 hours per day), if two people work on the project it will take 31.25 days and if 3 people work it will take 20.8 days.
Now determine how many dollars or cents you will charge per hour of work. It depends on your experience and client. You can charge as little as $1 an hour or as much as $100. I assume you or your agency charges $15 per hour. Then the estimate for this project would be 500 hours X 15 dollars = 7500 dollars.
This is your calculated estimate. You can also negotiate with the client after this if you want. You can offer 10-15%. Can lower your hourly rate. But never look at the project without breaking it down and give a rough estimate. If not, you will see 5 months of work for a project of 50 thousand rupees. Still the client is not happy. And if the client changes the requirement then you will also adjust your estimation. Clear to him that you will have to work so many extra hours and bill so much money to change the requirement.
This is the easiest way to make a transparent and logical estimation. If you have estimated the cost in any other way then you can mention it in the comment box. And if you like the article, you can share it with your friends. You can also post from your profile if you want. And if you know about any other such thing, you can give me suggestions.
Thank you โค๏ธ
Common cost estimating mistakes can spell trouble. Find what are the common mistakes and learn how to avoid them and stay on budget.
Discover more at: https://t.co/4Y6D20f84h
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Successful project cost estimation requires a keen understanding of various factors. Learn how to navigate these factors and make better budget predictions.
Find in detail at: https://t.co/LOAmBSSyT1
#projectcost #projectcostestimation #project #projectcosting
Dive into the art of project cost estimation, Discover the key techniques for estimating project costs to avoid overruns and stay on budget.
Explore all techniques at: https://t.co/xOsM2moRH5
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