Failing to produce accurate estimates is one of the main reasons projects fail. Cost overruns, delays, resource shortages and funding issues are just a few of the consequences of inadequate project estimates. Developing successful project plans, identifying potential risks and optimizing resources is only possible if estimates are reliable and precise.
EcoSys connects estimating across the project lifecycle from initial estimates for ideas and opportunities through to detailed estimates for budget authorization. This improves accuracy and increases your ability to deliver successful projects.
Key Benefits of Project Estimating & Benchmarking with EcoSys
By connecting estimating to opportunity management, project stage gates, budgeting, change management, closeout and benchmarking, EcoSys delivers:
Eliminate manual data entry and standardize processes to drive consistency
Effectively plan contingency for confidence in the face of uncertainty
Standard and repeatable templates ensure costs are not missed
A Single Solution for All Project Estimates
EcoSys allows you to manage all project estimates in the same solution as other key portfolio management, project controls and project management processes. Use EcoSys to create estimates for the majority of projects that are straightforward and standard. Import estimates for more complex projects created in other commercial estimating software. Then, project teams can leverage all estimating data within an integrated environment to better manage project performance while capturing data to reinforce and improving the accuracy of future estimates.
Resolve Common Project Estimating Mistakes
Managing all project estimates in a single place increases efficiency and resolves many common estimating mistakes:
Adopt standard and repeatable processes to drive consistency. Utilize templates and norms to provide a solid estimate basis.
Formula and Calculation Errors
Eliminate errors associated with using spreadsheets to develop estimates. Use built-in formulas, automatic calculations and adjustments.
Insufficient Auditing and Reviews
Optimize the review and approval process with automated workflows. Implement requirements checks and validations to ensure quality.
Limited Value Engineering
Compare estimates against alternates and benchmarks to identify potential cost savings.
Connecting Estimating & Benchmarking Across Roles, Deliverables, and Processes
Project estimating spans the entire project lifecycle and affects many different roles and processes. Accurate estimates are important for the justification of new business opportunities and for benchmarking. Integrated estimating capability provides immediate visibility for project stakeholders to manage the performance of projects and portfolios.
- Ideation and Pipeline Management
- Project Planning
- Capital Budgeting and Planning
- Resource Planning and Management
- Budgeting and Forecasting
- Risk, Issue and Change Management