6. Using the supplied Midterm Case Study Project, develop a: Detailed Budget using the format and approach described in the course textbook. Ensure that all costs are included and all sections are clear and complete. (5 marks) MGMT2060 Business Case After a long winter Mike was eager to enjoy the summer with his fellow MGMT2060 student friends. One day after class, his professor, Prof Nikita approached him and asked him if he was willing to organize a trip for the MGMT2060 class. Mike accepted happily, he thought of renting a boat and organizing a boat trip. He talked to his professor and Professor Nikita liked the idea very much. Nikita agreed to a budget of $600 for the whole day trip and the date was set, Aug 8th, 2020. Mike thought of the different options to make this trip a reality. He can rent a Glastron 259GS boat which is a speed boat so lots of fun, it has a capacity of 5 people, but you can't fish using this boat, it costs $200/day. There is also the Wellcraft 202 boat which has capacity of 7 people, but it does not have a lot of speed, you also cannot fish using this boat, it costs $420/day but it is a very luxurious boat. The last option is renting a Pontoon. It has a capacity of 10 people, lots of space and the cost is $400 per day. It doesn't have a lot of speed and it is the safest boat as it is very stable. The professor wanted to have the maximum number of people on this trip. Mike also believes that "More people will create more fun he says. After discussing with the professor, Nikita decided to go with the Pontoon Option. Mike has a lot of friends that he wanted to invite, he also wanted some help from his fellow students because there is so much to do. Mike asked Nancy to call Jake, the Marina owner, and book the Pontoon. Jake is straight communicator; he does not like to talk a lot on the phone as he is very busy. He likes the communication to be short and very clear. Peter took the task of buying the food and drinks, his job is making sure that the participants will not go hungry in this 8-hour trip. Peter is an easy-going person and for him food is one of the most important elements of any trip. Nancy on the other hand is very outgoing person and she loves music and singing, Mike knew that the Marine Police patrols the lake in the summer and sometimes they inspect the boats for safety, they also check if the there are enough personal floating devices on the boat for everyone. They also can ticket people if they drink and drive a boat. Professor Nikita likes to have everything planned for properly and she likes to know how the planning for this trip is progressing, she also asked to know if there are any planning issues and how the issues are being handled. Safety is very important for Prof Nikita. 7 other students wanted to go on this trip, they want to have fun and enjoy the day There are few more things that need to happen like researching the safety regulations, choosing who will drive the boat, renting the life jackets (personal floating 2/2 devices), getting a speaker and a player to put some nice music on this trip. Annie volunteered to be the safety officer for the trip to make sure that the trip is safe and that they have everything that ensures a safe trip. Annie is very vocal and she didn't really want the Pontoon option so she is resistive to the whole boat trip idea. She really wanted the trip to go and visit the Zoo. Mike reminded Annie that as part of the safety actions, she must buy them a fishing license, this task should not take more than 2 days. Researching the safety regulations should take a day while creating a list of all the things that needs to be observed to ensure a safe trip will take 4 days. Booking the boat should take 1 day. Buying the food will take 2 days and buying the drinks should take 4 days. Renting the life jackets should take 3 days. Before renting the life jackets, some calls should happen to find a good place to rent them from that should take 2 days. Researching the music should take 5 days. Finding good speakers to bring to the trip should take 4 days. Buying the food and drinks should not happen before the life jackets have been rented. Work needs to start 4 weeks before the trip date. The first task to be completed in the first week should be booking the boat, this should take 5 days because Jake is a pretty hard guy to get a hold of. Renting the life jackets should happen in Wk 3 and it should cost $5 per life jacket for the day. This will glve ample time for researching all safety aspects which should happen in Wk 2. Buying the fishing license will cost $40. The cost of food and drinks will be around $100. Buying the food and drinks as well as all the music work will be done in Wk 4. Half the Boat rental fee should be paid at the booking time and half on the day of the trip. Mike knows there is a lot of planning work that needs to be done effectively to ensure a safe and successful trip. He quickly start working on the panning documents