Question

List the required tasks as a step-by-step process for creating a fee sheet

Answer 1

1. Step 1- Understanding the project scope- It is important to first review and understand the project scope of the client before writing a project fee sheet/estimate. This includes details such as job specifics, breakdown of costs, services provided, expected completion date required, cost of the resources, etc.    

2. Step 2- Estimation of timelines- It is important to estimate the timelines before creating the fee sheet. It can be done by providing a rough estimation of the completion date and charge based on the completion date.

3. Step 3- Include sub-contractors- In case of big projects, it is required to include the sub-contractor’s fee in the estimation. Not only for big projects, in case you are working alone and the client has requested to finish the project earlier, is it important to have sub-contractor to deliver the projects on-time.

4. Step 4- Estimation of material costs- Research, negotiations, required amount, material cost, etc should also be estimated in the cost sheet.

5. Step 5- Review for completeness- It is important that the fee sheet is reviewed and checked for completeness. This helps to avoid missing out any potential costs that would be incurred.

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