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How can you determine the cost of a commercial design project with multiple stakeholders?

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Commercial design projects can be complex and challenging, especially when they involve multiple stakeholders with different needs, expectations, and budgets. How can you determine the cost of such a project without compromising on quality, creativity, or client satisfaction? In this article, we will share some tips and best practices to help you estimate and manage the cost of a commercial design project with multiple stakeholders.

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Nohrish Devan

Project Manager | Retail Fit-Out | Construction | Property Management | F&B, Fashion, Household, Sports |13+ Years…

1 Define the scope

The first step to determine the cost of a commercial design project is to define the scope clearly and comprehensively. The scope should include the project objectives, deliverables, timeline, and specifications, as well as the roles and responsibilities of each stakeholder. You should also identify any potential risks, assumptions, or dependencies that could affect the cost or the outcome of the project. Having a clear and detailed scope will help you avoid scope creep, which is one of the main causes of budget overruns and delays in commercial design projects.

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Nohrish Devan

Project Manager | Retail Fit-Out | Construction | Property Management | F&B, Fashion, Household, Sports |13+ Years Experience | Master of Project Management | University Malaya
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Determining the cost of a commercial design project with multiple stakeholders requires careful consideration of various factors and collaboration among the stakeholders. Here's a step-by-step approach: 1) Define Project Scope 2) Identify Stakeholders 3) Gather Requirements 4) Estimate Costs 5) Allocate Budget 6) Establish Payment Structure 7) Document Agreements 8) Monitor Costs 9) Manage Changes 10) Evaluate Performance By following these steps and fostering collaboration among stakeholders, you can effectively determine the cost of a commercial design project and ensure its successful execution.

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Keith Wells

Superintendent
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It all starts from the ground up, the type of earth work and how much under ground utility's has to installed, street tie in etc.

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2 Estimate the resources

The next step is to estimate the resources that you will need to complete the project according to the scope. Resources include the time, materials, equipment, and personnel that you will use to produce the design deliverables. You should also factor in any overhead costs, such as rent, utilities, software, or travel expenses. To estimate the resources, you can use various methods, such as historical data, expert opinions, or parametric models. You should also add a contingency buffer to account for any uncertainties or changes that may occur during the project.

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Keith Wells

Superintendent
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in todays world lead time on certain items can delay the job if its a item that is needed to move forward, it can always be the little things that overlooked.

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3 Negotiate the fees

Once you have estimated the resources, you can calculate the fees that you will charge for the project. Fees can be based on different models, such as fixed, hourly, or value-based. Fixed fees are based on a predetermined amount that covers the entire project. Hourly fees are based on the actual time spent on the project. Value-based fees are based on the perceived value or impact of the project for the client. Each model has its pros and cons, and you should choose the one that best suits your project and your client. You should also consider the market rates, your expertise, and your competitive advantage when setting your fees.

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4 Communicate the cost

After you have determined the fees, you should communicate the cost of the project to the client and the other stakeholders. You should prepare a clear and concise proposal that outlines the scope, the resources, the fees, and the payment terms of the project. You should also explain the rationale behind your cost estimation and how it aligns with the project goals and expectations. You should be prepared to answer any questions or concerns that the client or the other stakeholders may have and to negotiate or revise the cost if necessary.

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5 Track and control the cost

The final step is to track and control the cost of the project throughout its execution. You should monitor the actual spending and compare it with the planned budget. You should also measure the performance and quality of the project and assess whether it meets the scope and the deliverables. You should report the cost status and any issues or changes to the client and the other stakeholders regularly and transparently. You should also implement any corrective actions or preventive measures to keep the project on track and within budget.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Keith Wells

Superintendent
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Weather data can be misleading sometimes as rain comes and goes , if your in Ground up it can set you back have a plan to make it up if at possible

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How can you determine the cost of a commercial design project with multiple stakeholders?

1

2

3

4

5

6

1 Define the scope

2 Estimate the resources

3 Negotiate the fees

4 Communicate the cost

5 Track and control the cost

6 Here’s what else to consider

Commercial Design

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How can you determine the cost of a commercial design project with multiple stakeholders?

1

2

3

4

5

6

1 Define the scope

2 Estimate the resources

3 Negotiate the fees

4 Communicate the cost

5 Track and control the cost

6 Here’s what else to consider

Commercial Design

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