HOW TO SELECT CONSULTANTS: COST ESTIMATION AND BUDGET

HOW TO SELECT CONSULTANTS: COST ESTIMATION AND BUDGET

Title: Cost Estimation & Budget – The Foundation of Smart Procurement | Procurement Doodles – Sri Lanka Procurement Guide

Description:

Welcome back to PROCUREMENT DOODLES – where Sri Lanka’s procurement guidelines come to life, one doodle at a time.

Before you can select a consultant, you need to answer one critical question: How much should it cost?

In this video, we break down Cost Estimation and Budget – the absolute foundation of any smart procurement.

🎯 What you’ll learn:

Why does a detailed Terms of Reference (TOR) lead to accurate cost estimates

The two main categories of every cost estimate: Remuneration + Other Expenses

What goes into remuneration (basic salary, social charges, overhead, profit)

What counts as other expenses (travel, office rent, surveys, printing, taxes, contingencies)

How to split costs into foreign and local currency when international consultants are involved

Why contingencies (10–15%) matter for unforeseen work and inflation

How your approved budget determines which selection method and committee has authority

📚 References:

Guidelines for Selection and Employment of Consultants (August 2007) – Chapter 3.4

Consulting Services Manual (November 2007) – Sections 3.4, 3.5

National Procurement Commission, Sri Lanka

⏱ Timestamps:
0:00 – Intro: Why cost estimation matters
0:25 – TOR and cost estimate: the interactive process
0:45 – Two main categories: Remuneration vs Other Expenses
1:05 – Remuneration breakdown: salary, social charges, overhead, profit
1:20 – Other expenses checklist (travel, rent, surveys, printing, taxes, etc.)
1:35 – Contingencies: 10–15% for unforeseen work and inflation
1:50 – Foreign vs local currency split for international consultants
2:05 – From approved estimate to official budget → method + authority
3:00 – Conclusion & next topic preview

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💬 Comment below: What’s the biggest challenge you face when preparing cost estimates?
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#ProcurementDoodles #SriLankaProcurement #CostEstimation #Budget #TOR #Remuneration #OtherExpenses #Contingencies #ForeignCurrency #LocalCurrency #NPC #PublicProcurement #SmartProcurement

Видео HOW TO SELECT CONSULTANTS: COST ESTIMATION AND BUDGET канала PROCUREMENT DOODLES