In this assignment, you will be creating a detailed budget for your project that is in a suitable format to be presented to third parties, including your project sponsor or executives.

In this assignment, you will be creating a detailed budget for your project that is in a suitable format to be presented to third parties, including your project sponsor or executives.

Prepare the detailed budget in MS Word document or Excel.

Reinforce Your Learning 2. List the elements that can be included in the estimated costs for an activity. Figure 7.1 shows the estimated costs for each activity in the consumer market study project. The labor costs in the example are based on the estimated work days discussed in the section on resource requirements plan in Chapter 6. Several additional assumptions need to be mentioned: Activity 3, "Pilot-Test Questionnaire," requires some travel to conduct focus groups to obtain feedback and comments about the draft questionnaire, and therefore the estimated costs for travel are included. Activity 6, Print Questionnaire," will be subcontracted to a vendor, so an estimated cost for the vendor is included. Activity 9, "Mail Questionnaire & Get Responses," includes an estimated cost for postage. The sponsor has approved a budget of $40,000 for the project. in estimating the costs of similar items for future projects. FIGURE 7.1 Estimated Activity Costs for Consumer Market Study Project WORK DAYS MATERALS COSTS TRAVEL COSTS Susan Susan Susan Susan LABU RATE 5260 260 260 260 LABO COSTS 5780 2.600 5.200 1.300 TOTAL COSTS $780 2.600 8.200 1.300 10 20 5 53,000 $1.700 ACTIVITY 1. Identify Target Consumers 2. Develop Draft Questionnaire 3. Pilot Test Questionnaire 4. Review Comments & Finale Questionnaire 5. Prepare Mailing Labels 6. Print Questionnaire 7. Develop Data Analysis Software # Develop Software Test Data 9. Mail Questionnaire & Get Responses 10. Test Software 11. Input Response Data 12. Analyse Results 13. Prepare Report Steve Steve Andy Susan Steve 2 1 12 2 5 200 200 100 200 200 400 200 3.600 520 1.000 400 1.900 3.600 520 8.NO 7.800 5 300 400 Andy Tim Tim Tim 1.500 2.800 3200 4.000 1.500 2.800 3.200 8 10 200 400 90 527,100 $9,500 $1,000