How to Create Estimation Tool in Excel (with Easy Steps)

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In our day-to-day life, we have to design several types of estimation lists or tools. Using Microsoft Excel, we can do such work so easily. In this article, we are going to show you the step-by-step procedures to create an estimation tool in Excel. If you are also curious about it, download our practice workbook and follow us.


How to Create Estimation Tool in Excel: with Easy Steps

Here, we will show you the step-by-step procedures to design an event estimation tool in Excel. After completing all the steps, the tool will be like the image shown below:

Overlook of our event estimation in Excel

Note

All the operations of this article are accomplished by using Microsoft Office 365 application.


Step 1: Creating Basic Information Area

In the first step, we are going to add the basic information area of our event estimation tool.

  • First of all, select the range of cells B2:G2.
  • Now, click on the Merge & Center option from the Alignment group in the Home tab.

Merging cells to display title in estimation tool

  • Then, write down a title for our estimation tool sheet. Here, we write down the Event Estimation Tool as our title.

  • After that, merge the range of cells B4:C4 and denote the cell as Event Title.
  • Next, merge the range of cells D4:G4 using the Merge & Center option from the Alignment group, located in the Home tab, for the corresponding data.

Create slot for event title in event estimation tool

  • Similarly, follow the same procedure for the second entity.

Creating Basic Information Area in Event Estimation Tool

Thus, we can say that we have completed the first step to creating an event estimation tool in Excel.

Read More: How to Calculate Residential Construction Cost Estimator in Excel


Step 2: Designing Credit Section

In the second step, we will create the Credit section. In this section, we are going to add the cash incoming sources.

  • At first, add a heading for this section like the previous method and entitle it as Credit.

Renaming second section

  • Now, we will design a data table with four columns and format the table heading according to your desire.

  • After that, write down the money incoming sources one by one like a table.

Enlisting all price incoming source in event estimation tool in Excel

  • Then, select cell G12 and write down the following formula using the SUM function to sum all data.

=SUM(G9:G12)

  • Press Enter.

Using SUM function to get the total

  • Additionally, denote cell F12 as Total.

Designing Credit Section in Event Estimation Tool

  • Our Credit section is ready.

Hence, we can say that we have accomplished the second step to creating an event estimation tool in Excel.

Note

If we have to pay the same amount of money for a single particular, then use a simple formula in the amount section. For example, the Registration Fee for all the participants will be the same. So, you can use a formula in the Amount column as shown below to get the total of this part.

=E9*F9

Read More: How to Make an Effort Estimation Sheet in Excel 


Step 3: Estimating Cost Section

In the final step, we will show all the costs of our event.

  • First, add the title of this section in the range of cells B14:G14.

Set the heading of the Cost section in estimation tool

  • After that, add four heading like the previous table in the range of cells B15:G15.

  • Now, write down all the areas one by one where we have to spend our money.

Listing all items where money will spend

  • At last, select cell G23 and write down the following formula to add all the values using the SUM function.

=SUM(G16:G22)

  • Hence, press Enter.

Calculating total by the SUM function in estimation tool

  • Moreover, denote cell F23 as Total.
  • Our Cost section is ready.

Estimating Cost Section in Estimation Tool in Excel

Finally, we can say that we have finished all the steps to design an event estimation tool in Excel.

Note

In any case, if you have to pay the same amount of money for a single particular, then you can use a simple formula in the amount section. For example, the purchase cost of each Gift will be the same. Thus, you can use a formula in the Amount column as shown below to get the total cost.

=E18*F18

Read More: How to Make Cost Estimation Sheet in Excel


Step 4: Verify with Sample Data

In the following step, we are going to show our template with some sample data. After inputting all the in the corresponding cells, the event estimation tool will be like the image shown below,

Verify the Event Estimation Tool with Sample Data in Excel

So, we can say that we are able to create an event estimation tool in Excel.

Note

Like this event estimation tool, you can also develop other estimation tools for a project, a construction site, repair work, or other purposes. Only the detailed data will and the costs will change here. The major format of each estimation tool will remain the same.

Read More: How to Make House Estimate Format in Excel 


Download Practice Workbook

Download this practice workbook for practice while you are reading this article.


Conclusion

That’s the end of this article. I hope that this article will be helpful for you and you will be able to create an event estimation tool in Excel. Please share any further queries or recommendations with us in the comments section below if you have any further questions or recommendations.

Keep learning new methods and keep growing!


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Soumik Dutta
Soumik Dutta

Soumik Dutta, having earned a BSc in Naval Architecture & Engineering from Bangladesh University of Engineering and Technology, plays a key role as an Excel & VBA Content Developer at ExcelDemy. Driven by a profound passion for research and innovation, he actively immerses himself in Excel. In his role, Soumik not only skillfully addresses complex challenges but also demonstrates enthusiasm and expertise in gracefully navigating tough situations, underscoring his unwavering commitment to consistently deliver exceptional, high-quality content that... Read Full Bio

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