Backing into Hours Needed based on Total Cost of Project

[rmrossetti]

Hello!

Is there way to calculate the hours needed at two separate rates that add up to the total cost of a project? For instance, the estimate is 40,000, and the hourly rates are 120/hr for one position and 150/hr for another position. How many hours of each rate would I need to get to 40,000 using only increments of .25?

 

[jmacleary]

Hi there.

Assuming you want the same number of hours for each of the 2 rates, this formula will give you the number of hours needed: =CEILING(estimate/(rate1+rate2),0.25) - replace the bits in red. If you want different hours for each rate, then there are an infinite number of solutions, from all at rate1 to all at rate2 and every value in between.