Question: What does a project cost sheet for an interior design project look like when including contingencies? If it helps, below is the project cost element
What does a project cost sheet for an interior design project look like when including contingencies?
If it helps, below is the project cost element tables including the associated 3-point estimates, mean, and variances.
| Cost element | Optimistic Cost | Most likely Cost | Pessimistic Cost | Mean | Standard Deviation | Variance |
| Material Cost | 60 | 80 | 100 | =(60+80+100)/3=80 | =square root of (((60-80)^2)+((80-80)^2)+((100-80)^2))/2 =20 | =20^2=400 |
| Overhead Cost | 50 | 60 | 94 | =(50+60+94)/3=68 | = square root of (((50-68)^2)+((60-68)^2)+((94-68)^2))/2 =23.065 | =23.065^2=531.994 |
| Labor Cost | 80 | 120 | 140 | =(80+120+140)/3=113.33 | =square root of (((80-113.33)^2)+((120-113.33)^2)+((140-113.33)^2))/2 =30.55 | =30.55^2=933.3025 |
| Rental Cost | 70 | 110 | 130 | =(70+110+130)/3=103.33 | =square root of (((70-103.33)^2)+((110-103.33)^2)+((130-103.33)^2))/2 =30.55 | =30.55^2=933.3025 |
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