article thumbnail

Resource Forecasting Guide for Project Managers

Rebel’s Guide to PM

Suppose a project manager has an upcoming project for website development and design. The project has a defined timeline of six months, and the resources involved are developers, testers, UI/UX designers, analysts, etc. The first step is to clearly define the project requirements.

article thumbnail

Agency capacity planning: 11 steps to better margins

Resource Guru

When resources are allocated optimally, projects can progress smoothly, reducing delays and rework. Improved profitability Efficient capacity planning can improve profitability by reducing resource waste and cost overruns. Plus, it’ll help you better estimate project costs and allocate resources effectively to maximize margins.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Bottom-Up Estimating: A Comprehensive Guide

Teamweek

Let’s say you’re a project manager who needs to estimate the time and cost needed for a web development project. Finally, add up all your estimates and develop an overall duration and cost estimate for your project. Bottom-up estimating means breaking down a project into smaller work packages.

article thumbnail

Flat Rate vs. Hourly: A Guide For Agencies

Teamweek

For example, a web development agency charges $8000 for a website. This is typically done based on calculating how long it will take to complete the project in hours and then multiplying that by your hourly rate. Project Cost Estimating: How to Nail Your Estimates How To Track Billable Hours & Increase Profits by 20%.

article thumbnail

Time and Materials Contracts: The Definitive Guide [w/ Template]

Teamweek

This number is then multiplied by the agreed-upon hourly rate, and the resulting total is added to the cost of materials. To get a clearer picture of how T&M pricing works, here’s a quick example: A client hires a web development agency to help create a new website. and add that to your cost estimate.

article thumbnail

The Ultimate Guide To Project Management For Marketing & Ad Agencies

Teamweek

How is project management for marketing agencies different? Project management is the process of organizing and leading a team to achieve objectives within set constraints like budget, time, and scope. . Projects begin by defining the scope and end when clients get the deliverables. No seriously.

article thumbnail

What is a Statement of Work? A Guide for Project Managers

Teamweek

Example: The goal of this project is to build an e-commerce website for Grisport Walking boots so they they can sell their products online. We aim to accomplish this with our website development team by October 2023. Need help on estimate project costs? SOW template 3. Check out the blog below.