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.

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Explore Estimating with EcoSys

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:

 
Improve Accuracy

Eliminate manual data entry and standardize processes to drive consistency

 
Assess Risks

Effectively plan contingency for confidence in the face of uncertainty

 
Complete Estimates

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.

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Resolve Common Project Estimating Mistakes

Managing all project estimates in a single place increases efficiency and resolves many common estimating mistakes:

Missed Costs

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.

EcoSys for Project Estimating

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.

EcoSys Enterprise Project Performance software integrates estimating with the following portfolio management and project controls & project management processes:

  • Ideation and Pipeline Management
  • Project Planning
  • Capital Budgeting and Planning
  • Resource Planning and Management
  • Budgeting and Forecasting
  • Risk, Issue and Change Management

Other Highlights of Project Estimating & Benchmarking with EcoSys

EcoSys’ out-of-the box capability supports estimating within the same solution used to manage project cost, changes and performance:

  • Create resource driven estimates using labor, material and equipment.
  • Create detailed unit rate based estimates.
  • Leverage workflow enabled review and approval processes.
  • Analyze and benchmark using standard estimate attributes, categories and cost classifications.
  • Map Work Breakdown Structures (WBS) to Cost Breakdown Structures (CBS).
  • Integrated multi-currency capability with foreign exchange rate tables.
  • Create and manage enterprise and project rate libraries.
  • Leverage industry pricing data.
  • Perform real-time version comparisons and variance analysis.
  • Analyze what-if scenarios.
  • Intuitively drill down from summary views to detailed estimate line items.
  • Flexible coding structures are independent of project structures.
  • Leverage built-in or customer formulas and adjustments.
  • Use standard cost classifications.
  • Create budgets from estimate details.

Connect Key Process Areas for Unique Solutions

Estimating & Benchmarking is just one of the essential processes in EcoSys that serve as building blocks for exceptional project portfolio management and project controls & project management solutions.

Portfolio Planning & Control
Resource Planning & Management
Fund Management
Capital Budgeting & Planning
Project & Contract Planning
Estimating & Benchmarking
Cost Control
Progress & Performance Management
Risk Issue & Change Management
Budgeting & Forecasting
Project & Contract Administration
Document Management

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