Adding Estimates to a Brief

TABLE OF CONTENTS

• Video Example
• Why Estimates?
• Steps to Add Estimates to a Project Brief (Per Row)
• Third-Party Costs
• Adjusting Estimates
• Overview
• Asset Creation
• Third-Party Costs
• Actions
• Adjustment Features

Video Example

Why Estimates?

The core functionality of resource estimates centers around providing users with accurate projections for the time and resources required to complete projects and tasks. This feature allows project managers to input estimated hours and resources based on specific requirements, enabling a clear understanding of the workload and necessary personnel for successful project execution.

Key Functionalities 

• Time Estimation: Users can input estimated dates and costs for each task or project phase, facilitating effective planning and scheduling.
• Resource Allocation: Resource estimates help identify the appropriate personnel needed for tasks, ensuring teams are optimally staffed based on the workload.
• Budgeting: By providing visibility into projected resource costs, organizations can better manage budgets and financial planning, aligning expenses with anticipated project outcomes.
• Scenario Planning: Users can create estimates for projected scenarios, allowing for flexibility in planning and adaptability to changing project conditions.
• Tracking and Reporting: Resource estimates can be compared against actual logged hours, providing insights into project performance, efficiency, and potential areas for improvement.

Steps to Add Estimates to a Project Brief (Per Row)

Resource estimates project visibility, efficiency, and strategic decision-making, enabling organizations to plan resources and manage tasks effectively.

1. After creating a project brief, locate and click on the Estimate tab within the project/brief management interface.
   
   
2. In the Title column, enter a descriptive name for the task. This title should reflect the nature of the work to be performed.
   
   
3. In the Role column, select an appropriate role from the dropdown list to assign to the task. This role will indicate who is responsible for completing the task.

   
   

   
   

4. In the Hours column, enter the estimated hours to complete the task. This figure should represent the total time expected to fulfill the task requirements.
   
   
5. Enter a Start Date and End Date for the task.
   
   
6. The Rate field is dynamic, continuing to forecast costs based on the information entered in the previous fields. Ensure the Rate reflects the selected role and hours allotted for the task.
   
   
7. The Total column is also dynamic and automatically updates to reflect changes made to the Hours, Rate, Start Date, or End Date fields. This provides real-time visibility into the task's estimated cost. 
   
   
8. To duplicate a task, click the copy icon next to the Total. This feature allows for efficient replication of similar tasks without re-entering information.
   
   
9. If a row is no longer needed, click the trash icon to delete it. 

Third-Party Costs

The Third-Party Costs feature enables users to incorporate any projected expenses associated with third-party services into their project budgeting. By effectively utilizing the Third-Party Costs field, users can ensure comprehensive cost management and enhance the accuracy of project financials.

1. Title: In the Title column, enter a descriptive name for the third-party task. This should identify the nature of the service or expense.
   
   
2. Costs: In the Costs column, input the total projected amount for the third-party task. Ensure that this figure accurately reflects anticipated expenditures.
   
   
3. Margin %: In the Margin % column, specify the percentage of margin you wish to apply to the task. This assists in calculating the overall profitability of the service.
   
   
4. Description: Provide additional details about the third-party task in the Description field. This may include context, scope of work, or relevant notes to clarify the nature of the expense.
   
   
5. Total: The Total column is dynamic and will automatically update to reflect any changes to the roles, rates, and dates associated with the third-party task. This ensures real-time visibility into total costs as adjustments are made.
   
   
6. Task Duplication: To duplicate a task, click the copy icon next to the respective third-party asset row. This feature allows for efficient replication of similar functions without re-entering information.
   
   
7. Deleting Tasks: If a third-party asset row is no longer needed, click the trash icon to delete it. This action helps maintain an organized and accurate record of projected costs.

Adjusting Estimates

Occasionally, it may be necessary to adjust costs, particularly when external factors impact your budget. To modify the estimated expenses, utilize the Adjustment field within the Estimates section.

Adjustments can be made by altering the cost or percentage fields, allowing for precise financial management and alignment with projected budgetary constraints.

Next: Resource Estimate Settings