{ "media_type": "text", "post_content": "What are your tips, tricks or best practices for creating project estimates? We’re often asked to provide costs when we know very little, so how do you estimate?", "post_id": "61031af0337059001cbc3372", "reply_count": 3, "vote_count": 2, "bowl_id": "5aa418c1a4ea3400181a96ee", "bowl_name": "Project Management" }

What are your tips, tricks or best practices for creating project estimates? We’re often asked to provide costs when we know very little, so how do you estimate?

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Depending on how little you know and how detailed they’re asking for, I either provide a range (when they want a “ballpark”) or a more tidied up one with a LOT of documented assumptions (for when they’re asking for a firmer number). Either way it’s CYA and wait for the questions to roll in. 🙃

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Read about relative estimation. If you have historical hours for vaious deliberables you should have some good points of reference. Think about the drivers of effort - especially softer aspects, not only production value - quality of brief, quality of brand guidelines, rounds of review (internal and external), image research & licensing costs. As an aside - ever spend more time (which = $) searching for royalty free art than it would have cost to just pay a license fee?

All of these, and make sure to communicate all the assumptions you are making to get to the number/range you are providing, so that when the project plan inevitably changes, it's not a surprise to anyone that the cost also changes.

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