Project Estimation Template

"How much is it going to cost us?"

If you’ve ever pitched or managed a project, you’ve likely heard that question, along with others about resources and timelines. If you’re not ready, answering can feel uncertain, especially when you’re just starting to plan.

Project estimation might seem like guesswork, but it doesn’t have to be. Accurate estimates are key to project success and clear expectations, and that’s where a project estimation template helps.

This article explains what project estimation is, the types of estimates you can make, what to include in your template, and how to use it to keep your projects running smoothly.

What is project estimation?

Project estimation is the process of forecasting the time, cost, and resources required to complete a project. It typically occurs during the initial project planning phase and is a key part of any effective resource management strategy.

Accurate project estimates help you and your stakeholders understand what a project requires before you kick it off. They give you confidence that you have everything in place, from the right resources to the correct project budget, and they cut down on miscommunication by setting clear expectations for everyone involved.

Types of project estimates

Not every estimate serves the same purpose. Depending on where you are in the project lifecycle, you'll use different estimation methods and estimate types to forecast your needs.

• Preliminary estimate: A rough, high-level figure created early in the planning process to give stakeholders a ballpark for cost and timeline.

• Detailed estimate: A comprehensive breakdown of every cost, resource, and time requirement, typically created after the project scope is fully defined.

• Quantity estimate: Focused on the materials, labor, and tangible resources needed to complete a project, common in construction and manufacturing.

• Bid estimate: A formal, competitive price projection submitted to a potential client or partner to win work.

Knowing which type of estimate fits your situation helps you pick the right amount of detail for your project estimation template.

What is a project estimation template?

A project estimation template is a reusable tool that helps you predict project needs early in the planning process. Just copy the template, add your project details, and you’ll have a clear estimate to share.

Because you can reuse these templates, they make your estimates consistent across projects. This way, you always work with the same information, no matter the project.

Why should you use a project estimation template?

Projects change and evolve over time, which is why estimating the resources, cost, and time required during the planning stage helps keep your team on track, manage stakeholder expectations, and mitigate risk.

Basic estimation templates in Excel or Google Sheets have limited features. You can add estimated costs and hours, but it’s hard to keep track of changes, and you might accidentally overwrite your work.

To create accurate project estimates, you need a tool that works where you do. By building your template in a digital project management tool, you reduce tool-switching and give your team the project details they need, right where work happens.

Here are some more benefits of using a digital project estimation template:

• See all the resources you'll need to complete a project, including the required team members, a projected cost estimation, and total project scope or hours.

• Collaborate and communicate directly in the tool, tag team members for approval, attach relevant documents, or assign tasks to team members right where estimation takes place.

• Get buy-in from internal and external stakeholders early, and set project expectations so everyone is aligned when you kick off.

• Use the project estimation template as a loose project timeline to determine project duration during the planning phase.

• Easily duplicate the template for similar projects in the future, saving upfront work and creating a standardized process for estimating project resources.

• Outline the resources needed for an internal project or use the template to clarify and break down costs when outsourcing.

• Use the template as a jumping-off point for your project post-mortem, to compare your budget estimate with actual costs and review cost variance.

What to include in a project estimation template

Project estimations aren’t the same for every project, so you’ll need to adjust them as needed. Your basic template is just a starting point, so include information that works for many projects.

At a minimum, your project estimation template should include:

• Information on the necessary project resources, including a detailed description of the resources you need.

• The total cost of resources, accounting for variables like labor cost, hourly rates, and estimated hours.

• The estimated start and end dates associated with each resource, such as the length of deliverable creation.

• The total cost of the project when you account for all expenses.

Integrated features

• Custom fields. Custom fields are the best way to tag, sort, and filter work. Create custom fields for any information you need to track, from priority and status to email addresses and phone numbers. Use custom fields to sort and schedule your to-dos so you know what to work on first.

• List View. List View is a grid-style view that lets you see all your project's information at a glance. Like a to-do list or a spreadsheet, it displays all of your tasks at once so you can see task titles, due dates, and relevant custom fields like Priority or Status.

• Start dates. Sometimes, you don't just need to track when a to-do is due; you also need to know when you should start working on it. Start times and dates give your team members a clear sense of how long each task should take.

• Adding tasks to multiple projects. The work is cross-functional, and teams need to work effectively across departments. Asana makes it easy to track and manage tasks across multiple projects, reducing duplicative work and increasing cross-team visibility.

Recommended apps

• Google Workplace. Attach files directly to tasks in Asana using the Google Workspace file picker, built into the Asana task pane. Easily attach any My Drive file with just a few clicks.

• Zoom. The Zoom + Asana integration makes it easy to prepare for meetings, have actionable conversations, and access information after the call. Team members can quickly create tasks within Zoom so details and action items don't get lost.

• OneDrive. Attach files directly to tasks in Asana using the Microsoft OneDrive file chooser, built into the Asana task pane. Easily attach files from Word, Excel, PowerPoint, and more.

• Slack. Turn ideas, work requests, and action items from Slack into Asana tasks and comments that are trackable. Easily capture work so requests and to-dos don't get lost in Slack.

How to use a project estimation template

Once you've set up your baseline project estimation template, you can easily duplicate it and use it as a starting point for estimating new projects. Here's how:

1. Make a master list of all the costs associated with your project. During the initial project planning phase, meet with your team members and internal and external stakeholders to discuss the resources needed for the project to succeed.

2. Add all required project resources to your project estimation template, separating them by category (e.g., project phase) if appropriate.

3. Fill out the template with additional information for each line item, like the number of hours required, the type of resource, and the total resource cost.

4. Calculate the total cost of the project, as well as the duration of the project and the resources needed, using the above information.

5. Regroup with your team and stakeholders to discuss the project and the cost.

6. Move forward with the project or adjust as needed.

Start managing your projects with confidence

A solid project estimation template takes the guesswork out of planning. When you have a clear picture of the time, cost, and resources your project needs, you can set realistic expectations and move forward knowing your team is prepared.

Use a reusable template to standardize how you estimate projects, and over time, you'll build a more reliable process that helps you deliver on budget and on schedule. Ready to bring your project estimates to life in one place? Get started with Asana and create your first project estimation template today.

Frequently asked questions about project estimation templates