If you are actively budgeting a project you’ll know that it’s important to compare current estimates to previous ones. This exercise will help you to understand where cost increases occur than you can analyze them further. A cost estimate comparison is a common activity in the construction estimating process. But what is a cost estimate comparison and how should you preform it?
A cost estimate comparison is a document which compares two or more estimates against one another. The document allows you to understand where increases and decreases have occurred. It also allows you to explain those increases or decreases.
To be able to fully analyze and understand the difference between two estimates a spreadsheet is the weapon of choice. This construction estimate comparison template provides you with the following fields:
- Line item
- Original Estimate
- New Estimate
- Percent change
- Reason for change
By providing a reason for change it will allow you to explain to the parties reviewing your comparison why an increase or a decrease has occurred. This allows you to control the narrative.
Download this spreadsheet cost estimate comparison template today to begin explaining the differences between your budgets in construction.