### Step 1 – Create Basic Outline

This should be divided into two different parts. One is the short information about the project and the other is the cost calculation part.

- In the info area, we included the
,*Project Name*,*Project Number*,*Project Manag**er*,*Client Name*of the Project in the*Start and End Date***B6:J8**range.

- In the cost calculation part, we created a table to contain different cost components and their amount. We’ll calculate these amounts step-by-step in the following part of the article.

### Step 2 – Estimate Phase-wise Total Cost

- Go to cell
**J13**and enter the following formula:

`=(D13*E13)+(F13*G13)+H13+I13`

Here, **D13** and **E13** represent the ** Units** and

**cost of**

*Per Unit***. Also,**

*Material***F13**and

**G13**serve as the

**and**

*Hours***cost of**

*Per Hour***. On the other hand,**

*Labor***H13**and

**I13**substitute the

**and**

*Fixed Cost***.**

*Miscellaneous Cost*- Press
**Enter**.

- Drag the formula down to the other cells in the column.

- Go to cell
**D16**and insert the formula below.

`=SUMPRODUCT(D13:D15,E13:E15)`

Here, we used the **SUMPRODUCT function** to take two arrays (**D13:D15** and **E13:E15**) as arguments, multiply the corresponding values of all the arrays, and then return the sum of the products.

- Press
**Enter**.

- Use the same formula to calculate the
.*Total Labor Cost* - SUM the cells in the columns to the
and the*Total Fixed Cost*of this phase.*Total Miscellaneous Cost* - Select cell
**J16**and write down the formula below.

`=SUM(J13:J15)`

- Press
**Enter**.

- You can calculate them for
and*Phase B*as well.*C*

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

### Step 3 – Calculate Total Estimated Project Cost

- Select cell
**D25**and paste the following formula.

`=SUM(D16,D20,D24)`

- Press
**Enter**.

- Do the same for
,*Labor*and*Fixed,*costs.*Miscellaneous*

- Select cell
**J25**and put down the formula below.

`=J16+J20+J24`

- Hit
**Enter**.

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

### Step 4 – Insert a Chart to Aid in Visualization

- Navigate to the
**Insert**tab. - Click on the
**Insert Pie or Doughnut Chart**drop-down icon. - Select the
**Pie****chart**from the**2-D Pie**section.

- Change the chart title and give a suitable one.

- Right-click anywhere inside the chart area to open the context menu.
- Click on the
**Select Data…**option.

- In the
**Select Data Source**dialog box, tap on the**Edit**button under the**Horizontal (Category) Axis Labels**section.

As axis labels, we want to show the different cost components like material cost, labor cost, etc.

- In the
**Axis Labels**dialog box, select those cells (**D10**,**F10**,**H10**, and**I10**) to get the value in the**Axis label range**box. - Click
**OK**.

- Click
**OK**.

- Bring the
**Select Data Source**box. - We renamed the series as
**Cost**. Select it and click on the**Edit**button.

Instantly, the **Edit Series** box will pop up.

- Give the cell references of the total amount of different cost components. For example,
**D25**has the total material cost, and**F25**has the total labor cost. - Click
**OK**.

- Click on the
**OK**button.

We can see a blank chart like the following.

Similarly, we inserted another **Column Chart** to plot the phase-wise cost of the project.

### Step 5 – Verify with Sample Data

- We inserted sample data in the blank cells and the results are before our eyes.

The charts are in the following states now.

**Read More: **How to Do Interior Estimation in Excel

## Free Template of Project Cost Estimation [Ready to Use]

You can use the template instantly by just downloading the Excel file. Write down your values in the light-blue-colored cells.

**Read More: **How to Make House Estimate Format in Excel

## Things to Remember

**#N/A! error** arises when the formula or a function in the formula fails to find the referenced data.

**#DIV/0! error** happens when a value is divided by zero (0) or the cell reference is blank.

**Download Practice Workbook**

You may download the following Excel workbook for better understanding and practice.

## Related Article

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