How to Create Estimation Tool in Excel (with Easy Steps)

In our day-to-day life, we have to design several types of estimation lists or tools. Using Microsoft Excel, we can do such work so easily. In this article, we are going to show you the step-by-step procedures to create an estimation tool in Excel. If you are also curious about it, download our practice workbook and follow us.

How to Create Estimation Tool in Excel: with Easy Steps

Here, we will show you the step-by-step procedures to design an event estimation tool in Excel. After completing all the steps, the tool will be like the image shown below:

Note

All the operations of this article are accomplished by using Microsoft Office 365 application.

Step 1: Creating Basic Information Area

In the first step, we are going to add the basic information area of our event estimation tool.

First of all, select the range of cells B2:G2.
Now, click on the Merge & Center option from the Alignment group in the Home tab.

Then, write down a title for our estimation tool sheet. Here, we write down the Event Estimation Tool as our title.

After that, merge the range of cells B4:C4 and denote the cell as Event Title.
Next, merge the range of cells D4:G4 using the Merge & Center option from the Alignment group, located in the Home tab, for the corresponding data.

Similarly, follow the same procedure for the second entity.

Thus, we can say that we have completed the first step to creating an event estimation tool in Excel.

Step 2: Designing Credit Section

In the second step, we will create the Credit section. In this section, we are going to add the cash incoming sources.

At first, add a heading for this section like the previous method and entitle it as Credit.

Now, we will design a data table with four columns and format the table heading according to your desire.

After that, write down the money incoming sources one by one like a table.

Then, select cell G12 and write down the following formula using the SUM function to sum all data.

=SUM(G9:G12)

Press Enter.

Additionally, denote cell F12 as Total.

Our Credit section is ready.

Hence, we can say that we have accomplished the second step to creating an event estimation tool in Excel.

Note

If we have to pay the same amount of money for a single particular, then use a simple formula in the amount section. For example, the Registration Fee for all the participants will be the same. So, you can use a formula in the Amount column as shown below to get the total of this part.

=E9*F9

Step 3: Estimating Cost Section

In the final step, we will show all the costs of our event.

First, add the title of this section in the range of cells B14:G14.

After that, add four heading like the previous table in the range of cells B15:G15.

Now, write down all the areas one by one where we have to spend our money.

At last, select cell G23 and write down the following formula to add all the values using the SUM function.

=SUM(G16:G22)

Hence, press Enter.

Moreover, denote cell F23 as Total.
Our Cost section is ready.

Finally, we can say that we have finished all the steps to design an event estimation tool in Excel.

Note

In any case, if you have to pay the same amount of money for a single particular, then you can use a simple formula in the amount section. For example, the purchase cost of each Gift will be the same. Thus, you can use a formula in the Amount column as shown below to get the total cost.

=E18*F18

Step 4: Verify with Sample Data

In the following step, we are going to show our template with some sample data. After inputting all the in the corresponding cells, the event estimation tool will be like the image shown below,

So, we can say that we are able to create an event estimation tool in Excel.

Note

Like this event estimation tool, you can also develop other estimation tools for a project, a construction site, repair work, or other purposes. Only the detailed data will and the costs will change here. The major format of each estimation tool will remain the same.

Download Practice Workbook

Download this practice workbook for practice while you are reading this article.

Create Estimation Tool.xlsx

Conclusion

That’s the end of this article. I hope that this article will be helpful for you and you will be able to create an event estimation tool in Excel. Please share any further queries or recommendations with us in the comments section below if you have any further questions or recommendations.

Keep learning new methods and keep growing!

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