I have to do a quote, or at least provide a "not more than" amount for a new application. I started reading this Software development effort estimation - Wikipedia, the free encyclopedia
and now my instinct is to take my first estimate and multiply by 4.
So, a couple of questions.
What percentage of the total cost should the quote take? That is, if the job total is around 500 hours, how many hours should be/are likely to be spent creating a quote.
What do you think the ratio of original estimate to actual completed cost is? Or. another way, what percentage of jobs come in at 80, 90, 100, 110, 120, 200 percent of the quote.
Most of the time I work by the hour, and I don't generally create new applications.