MAN400 - Introduction to Project Management Group Assignment #2 - Project Budget

Your team received client approval to renovate the home. The client approved the proposed scope (this is depicted in the WBS). Now it's time to determine how much it will cost to deliver this project's scope through the project budget. Tip: Remember to consider all the requirements and assumption in the original case.

1. Your first step is to create the structure of your budget. Please use Microsoft Excel and the WBS provided.

2. Your second step is to estimate the labor and non-labor costs.

Estimating labor costs requires you to estimate how long the work will take (durations) and how much you will pay the people performing the work. You need to itemize the duration of your WBS activities along with the labor costs in a separate tab in Microsoft Excel. As a group, determine the duration of project activities hourly rates for the human resources required.

With respect to the non-labor costs of this project, consider construction material and other fees associated with the build (permits). Itemize your material assumptions in a separate tab in Microsoft Excel. This is not meant to be an exhaustive list. The objective is to simply help you brainstorm the typical non-labor costs associated with a project of this kind.

3. Your third step is to create the total budget

This requires you to sum up the costs of each major deliverable. Createee subtotals at the major deliverable level. Create subtotals for the labor and non-labor costs as well. Use formulas whenever possible so you fully

harness the power of Microsoft Excel. Establish a reasonable contingency for this project. You are free to make any assumptions you like; simply ensure they are well documented.

4. Your final step is to create the time-phased budget.

As discussed in class, the objective of the time-phased budget is to determine the cash flow needs of theproject. To create a time-phased budget, you need to consider when the work will be done.

With respect to contingencies, it is acceptable to include them at the beginning of the project, end of the project or spread them out over the project's duration. As a team, decide which approach you feel is most appropriate. Lastly, ensure your time-phased budget has the same total cost as your aggregate budget.

MAN400 - Introduction to Project Management Group Assignment #2 - Project Budget Your team received client approval to renovate the home. The client approved the proposed scope (this is depicted in the WBS). Now it's time to determine how much it will cost to deliver this project's scope through the project budget. Tip: Remember to consider all the requirements and assumption in the original case. 1. Your first step is to create the structure of your budget. Please use Microsoft Excel and the WBS provided. 2. Your second step is to estimate the labor and non-labor costs. Estimating labor costs requires you to estimate how long the work will take (durations) and how much you will pay the people performing the work. You need to itemize the duration of your WBS activities along with the labor costs in a separate tab in Microsoft Excel. As a group, determine the duration of project activities hourly rates for the human resources required. With respect to the non-labor costs of this project, consider construction material and other fees associated with the build (permits). Itemize your material assumptions in a separate tab in Microsoft Excel. This is not meant to be an exhaustive list. The objective is to simply help you brainstorm the typical non-labor costs associated with a project of this kind. 3. Your third step is to create the total budget This requires you to sum up the costs of each major deliverable. Create subtotals at the major deliverable level. Create subtotals for the labor and non-labor costs as well. Use formulas whenever possible so you fully SHRGB Exam Cover Sheet Page 1 of 3 Version A harness the power of Microsoft Excel. Establish a reasonable contingency for this project. You are free to make any assumptions you like; simply ensure they are well documented. 4. Your final step is to create the time-phased budget. As discussed in class, the objective of the time-phased budget is to determine the cash flow needs of the project. To create a time-phased budget, you need to consider when the work will be done. With respect to contingencies, it is acceptable to include them at the beginning of the project, end of the project or spread them out over the project's duration. As a team, decide which approach you feel is most appropriate. Lastly, ensure your time-phased budget has the same total cost as your aggregate budget. Please submit/upload your Microsoft Excel file (not a PDF version)