Project Cost Estimator
Build a detailed project budget by adding line items with quantity and unit cost. Apply contingency and tax to get a realistic total estimate.
| Description | Qty | Unit Cost | Line Total |
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Free Project Cost Estimator for Businesses and Freelancers
The SmarterSources Project Cost Estimator helps you build a complete project budget from scratch. Whether you are quoting a client, planning an internal initiative, or comparing vendor proposals, a detailed line-item estimate keeps costs transparent and expectations aligned.
How to Estimate Project Costs
Start by breaking the project into individual deliverables or work packages. For each item, estimate the quantity (hours, units, days) and the cost per unit. Sum the line items to get a subtotal, then add contingency and applicable taxes. The formula is: Grand Total = Subtotal + (Subtotal x Contingency %) + Tax.
Why Contingency Matters
No project goes exactly as planned. Contingency is a budget buffer that accounts for scope changes, unforeseen technical challenges, price fluctuations, and estimation errors. Industry best practice is 10% for well-defined projects with detailed specifications, 15-20% for projects with moderate uncertainty, and 25-50% for early-stage or high-risk estimates.
Tips for Accurate Project Estimates
Use historical data from past projects as a baseline. Get vendor quotes for materials and third-party services. Break large tasks into smaller, easier-to-estimate pieces. Have a second person review your estimate. Revisit and update the estimate as the project scope becomes clearer.
Common Cost Categories to Include
A thorough project estimate should cover labor (internal and external), materials and supplies, software licenses and tools, travel and expenses, subcontractor fees, equipment rentals, and overhead allocation. Missing a category is one of the most common causes of budget overruns.
Frequently Asked Questions
What is a project cost estimate?
A project cost estimate is a detailed breakdown of all expected expenses. It includes line items for labor, materials, software, and other costs, each with a quantity and unit cost. Adding contingency and tax gives you a realistic total budget.
Why should I include contingency in my estimate?
Contingency accounts for unexpected costs, scope changes, and unknowns. Without it, you risk going over budget. Industry standard is 10-20% for well-defined projects and up to 30-50% for early-stage estimates.
How do I estimate project costs accurately?
Break the project into detailed line items, research realistic unit costs, include all categories (labor, materials, software, overhead), and add contingency. Use historical data from past projects when available.
Is my data safe?
Yes. This estimator runs entirely in your browser. No data is sent to any server and nothing is stored. Your project details remain completely private.