{"id":54947,"date":"2021-01-08T11:41:31","date_gmt":"2021-01-08T17:41:31","guid":{"rendered":"https:\/\/www.projectmanager.com\/?p=54947"},"modified":"2026-01-30T14:09:53","modified_gmt":"2026-01-30T20:09:53","slug":"project-estimate-template","status":"publish","type":"templates","link":"https:\/\/www.projectmanager.com\/templates\/project-estimate-template","title":{"rendered":"Estimate Template"},"content":{"rendered":"

The more accurate your estimates, the more likely you\u2019ll keep to your budget and deliver a project on time.<\/span> Having a tool to identify and collect costs for your labor, materials and more is the first step to running a successful project. Using a project estimate template for Excel is the perfect way to get your project planning on the right track.<\/p>\n

But, if you open ProjectManager’s free project estimate template instead, you’ll be able to make your estimates even more detailed and comprehensive. Use a dynamic Gantt chart to build your estimate with timelines, planned start dates, planned resource costs, planned effort, milestones and more.<\/p>\n

The best part? Once the project kicks off you can turn that estimate into a project schedule, and execute your work in five different views: Gantt, spreadsheet, kanban, task list and calendar. Plus, you can track progress along the way with dashboards and instant status reports so you meet your project estimate. Get started with ProjectManager for free today and make a better estimate.<\/a><\/p>\n

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ProjectManager’s estimate template is free to use and more powerful than Excel. Try it now.<\/a><\/strong><\/figcaption><\/figure>\n

Why You Need an Estimate Template<\/h2>\n

Estimating might not be an exact science, but it is one of the most important aspects of planning for a project.<\/a> It\u2019s how you build a budget by figuring out as best as possible what your project costs will be, including resources and how long you\u2019ll need them.<\/p>\n

Managing a project means estimating time and costs, but it also involves bringing vendors and contractors into the mix. Putting out the call to contractors for bids needs organization to allow the project manager to look over all the different bids and choose the right one for the project.<\/p>\n

If you don\u2019t go through the stages of estimating your project cost<\/a> you go over budget and cost your stakeholders<\/a> more money or threaten to have the project fail, which loses all the investment. Making estimates is the foundation of your project cost management.<\/p>\n

This means you need to break your project into phases, figure out all the tasks in those phases, what the duration will be and the resources needed to execute them. You\u2019ll also want to know the sequence of these activities. A work breakdown structure<\/a> can help, as can a Gantt chart with a timeline<\/a> to show you the whole project in one place.<\/p>\n

Of course, an estimate is not foolproof. It can be wrong, so why waste your time taking the effort to do something that is ballpark at best? Because it\u2019s better to be in the ballpark than it is to be lost out in the parking lot. Not to mention, you can\u2019t play the game if you don\u2019t have the equipment, which costs money. You have to have an estimate for executing your tasks to get funding to start the project.<\/p>\n

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ProjectManager’s free project estimate template for Excel.<\/figcaption><\/figure>\n

When to Use an Estimate Template<\/h2>\n

There are typically five phases in project management: initiation, planning, execution, monitoring and controlling and finally project closure. The estimating of costs and time or getting estimates from vendors and contractors occurs during the planning phase.<\/p>\n

It\u2019s while planning that the project manager and team will start organizing the tasks that will lead to the project\u2019s final deliverable. This involves employing one or several cost estimation techniques and approaches that will allow the project manager to figure out how much it\u2019ll cost to complete the project, which is detailed in the budget.<\/p>\n

There are many factors at play in making such estimations, of course. It\u2019s not merely the cost of labor and materials, though that is a big part of any estimate. There are external forces that can impact your projects, such as market conditions, exchange rates, weather and much more. These risks all need to be factored into your project plan as part of a risk management plan.<\/a><\/p>\n

Using a project estimate template is not meant as a magic bullet to pierce all your estimating needs, but it stands as the first defense against overspending when you execute your project. Here you can collect those costs and the time associated with executing your tasks which are somewhat under your control. Labor and material costs are mostly fixed, though there are always unexpected absences to think about as well as fluctuating prices.<\/p>\n

These fluctuating costs, along with unexpected absences, will impact labor and materials costs, leaving managers looking for a solution. Project management software helps by tracking all these costs. ProjectManager has Gantt charts and dashboards to help you manage planned costs and track actual costs, and it has resource management tools that keep your workforce from exceeding your estimates. Use our tool to deliver your project on time and within budget. Try it for yourself with a free 30-day trial.<\/a><\/p>\n

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Track actual costs vs. planned costs with ProjectManager’s real-time dashboard Try it free<\/a><\/strong><\/figcaption><\/figure>\n

Who Should Use the Project Estimate Template?<\/h2>\n

As mentioned above, the estimate template in Excel is used by the project manager. That is, the project manager is tasked with leading the charge to estimate all costs and time related to managing the project. But this does not work they do it in a vacuum.<\/p>\n

One of the ways that projects are estimated is through historic data, which means looking back at similar projects and seeing how much money and time was needed to complete them, adjusting for inflation. This research will send project managers to their mentors or other project managers. These interviews can provide invaluable lessons and direction.<\/p>\n

Another resource is the team. <\/a>They are literally on the front lines of the project and we\u2019re hired because of their experience and skillset. Therefore, a project manager needs to bring them into the process in order to get a fuller picture of the cost and time needed to do the work they\u2019re going to be tasked to do.<\/p>\n

While there are many techniques and people to consult about estimating, including stakeholders who will have certain expectations of cost and time that must be taken into consideration, the buck stops with the project manager. They are in charge of making the final determination on estimates.<\/p>\n

How to Use ProjectManager\u2019s Project Estimate Template<\/h2>\n

The free project estimate template in Excel from ProjectManager is an essential tool as you go about estimating your project\u2019s cost and time. It can be used by contractors you\u2019ll hire for the project as they submit bills for the work done. Everything is included to help you estimate the cost and length of the project and who to work with in order to get it done right.<\/p>\n

Company & Customer<\/h3>\n

To begin, get the specifics. There\u2019s a place to place the name and contact information for the person submitting the estimated bid, including who prepared it. Then, underneath that, is space for the customer. This is the organization that is managing the project. The name and contact info follow.<\/p>\n

To the side of this is administrative data, such as the date the estimate is submitted, a space to add a quote number and customer ID, as well as a place for you to write how long the estimation bid is valid. All this is for internal use to help you keep track of the various estimates that come in.<\/p>\n

Job Description<\/h3>\n

Here is space to talk about the project or the specific part of the project that you\u2019re getting the estimate for. This places the estimate in context, which is important as you work it into the full estimate of the project.<\/p>\n

Estimate Details<\/h3>\n

Here we come to the meat of the meal, where the project is broken down into project phases and under that a list of individual tasks. Across from each task is the name of the vendor and\/or contractor who is making the bid followed by the cost of labor and materials. These line items are automatically added together and placed in a total column.<\/p>\n

You can create as many of the project phases as you need to correspond to the estimates you\u2019re collecting. Under each is a subtotal of all the tasks in that section. At the very bottom of the template is a cell that automatically adds all the subtotals together for a grand total. For any additional information you want to gather, each line item has a space in which you can add notes.<\/p>\n

How to Import Your Project Estimate Template in ProjectManager<\/h2>\n

To get more out of your free estimate template, import it into ProjectManager. It\u2019s easy to do and gives you more control over planning, monitoring and tracking your costs and time. To start, sign up for a free 30-day trial.<\/p>\n

Import your Project Estimate Template<\/h3>\n

Once you\u2019ve subscribed to the software or signed up for a free 30-day trial, you\u2019ll see an import icon on the upper left-hand side of your screen. Click this and a window will pop up asking you to select the file you want to import. You can import any CSV file.<\/p>\n\"starting<\/a>\n

Set Start and End Dates<\/h3>\n

Once your estimated template is in our tool, you can use it as a stepping stone to your project plan. All the tasks will show up on the Gantt chart,<\/a> with the resource planned costs. Add the duration for each task and you\u2019ll see the tasks chronologically populate a timeline where you can see the entire project in one place.<\/p>\n\"ProjectManager's\n

Customize Your Gantt<\/h3>\n

From here you can begin to control the project, for example, linking tasks that are dependent on one another to start or stop. By identifying these dependent tasks you\u2019ll be able to avoid bottlenecks later on in the project. You can also color code the Gantt and set milestones, breaking the larger project into more manageable parts.<\/p>\n\"ProjectManager's\n

From the Gantt you can describe and tag the tasks, even attach relevant files. Then assign them to your team. Tasks can be commented on to help your team collaborate and work better together. As they update their progress it\u2019s shown on the status bar that connects the start and end dates of the task on the Gantt.<\/p>\n

Work in Multiple Project Views<\/h3>\n

The tool has multiple project views. While managers might prefer the Gantt, teams can choose between a task list,<\/a> calendar view and kanban board.<\/a> The latter visualize workflow and allows teams to manage their backlog and plan for sprints. Managers get visibility into the work and can reallocate resources as needed to match their team\u2019s capacity.<\/p>\n\"ProjectManager's\n

Track Progress on Dashboards<\/h3>\n

To better hit your estimates use our real-time dashboard,<\/a> which captures project data and automatically calculates and displays it in graphs and charts for an instant status report. Catch anomalies and address them before they take you off track. One-click reports will provide even more details and can be shared with stakeholders to keep them updated.<\/p>\n\"ProjectManager\u2019s\n

What Other Templates Can Help with Estimates?<\/h2>\n

The estimate template is only one of the dozens of project management templates<\/a> you can download free on our site. When you\u2019re estimating you\u2019re dealing with breaking down tasks and determining how much time and money they\u2019ll take to complete. These two templates can help.<\/p>\n

Project Budget Template for Excel<\/a><\/h3>\n

The amount of money you\u2019ll need to pay for all the resources that will make your project a success is outlined in the budget. The free project budget template captures those financial details, including estimating the funds required for labor and materials.<\/p>\n

Work Breakdown Structure (WBS) Template<\/a><\/h3>\n

Before you can make an accurate estimate you have to know all the tasks in your project. That\u2019s where the free WBS template comes in. It is a tree diagram that allows you to identify every activity and deliverable working backwards from your final deliverable.<\/p>\n

Related Estimate Content<\/h2>\n

There are dozens of free project management templates on the site, but there is also a section devoted to hundreds of articles on every aspect of project management. Using our tool and taking advantage of these educational resources will prepare you to tackle any project. Here are some recent posts on the topic of project estimates.<\/p>\n