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United States Environmental Protection Agency Region 5 77 West Jackson Boulevard Chicago, Illinois EPA 905-B-00-002 June 2000 IDEA Cost Estimating Model User s Guide Cost Estimating Model Version

How to fill out idea cost estimating model

How to Fill Out Idea Cost Estimating Model:

1. Start by gathering all necessary information regarding the idea you want to estimate the cost for. This includes details such as the project scope, objectives, deliverables, and any assumptions or constraints.
2. Break down the project into smaller tasks or work packages. This will help you identify the specific elements that need to be estimated for each task. Consider factors like labor, materials, equipment, and any other resources required.
3. Assign a cost estimate for each work package. This can be done through research, historical data, expert judgment, or by using specific estimation techniques like analogy or parametric estimating.
4. Consider the potential risks associated with each work package and factor in any contingency costs. These are additional funds set aside to cover unforeseen events or expenses that may arise during the project.
5. Sum up the individual estimates to calculate the total estimated cost for the entire project. It's essential to be thorough and accurate in this step to ensure an accurate overall cost estimation.
6. Review and validate your cost estimates with relevant stakeholders and subject matter experts. Get their input and ensure that all aspects of the project have been considered. This step will help refine your estimates and improve their reliability.
7. Document your cost estimate in the idea cost estimating model. This can be in the form of a spreadsheet or any other tool that allows you to organize and present the information clearly.

Who Needs Idea Cost Estimating Model:

1. Project Managers: Project managers utilize idea cost estimating models to accurately forecast and allocate resources, make informed budget decisions, and ensure the financial feasibility of the project.
2. Stakeholders: Stakeholders including executives, investors, and clients often require a reliable cost estimation to assess the viability and return on investment of the proposed idea. The idea cost estimating model helps provide them with the necessary information.
3. Business Owners: Business owners and entrepreneurs can benefit from an idea cost estimating model to evaluate the financial implications of potential projects or ventures. It aids in decision-making and allows for effective resource allocation.

In summary, filling out an idea cost estimating model involves gathering information, breaking down the project, assigning estimates, considering risks, and calculating the overall cost. This model is useful for project managers, stakeholders, and business owners alike to make informed decisions and assess the financial viability of ideas.

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