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:
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
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.
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.
