Using the cost data below for a project the budget by month. Provide a total cost by category (labor, material, third party, travel, reserves), total cost for each month, and a total cost for the entire project. Create an Excel spreadsheet, use formulas, and insert it in the word document in way that the results are visible and the grader can click on image, open Excel and inspect the formulas if necessary.

Project duration is 9 months.

Software licensing for a total cost of $80,000 is required during month 3.

System hardware installed on site is estimated to cost the firm $240,000 including shipment to the firms location. The hardware must be unpacked, inspected, tested, and repacked at the firms location and then shipped to the customer site at a cost of $6,000.

On site hardware installation and testing will be subcontracted at a cost of $20,000. Installation should be done no earlier than month 6, require two weeks, and paid to the third party the month after it is completed.

PM staff labor cost is $8,000 per month for the duration of the project.

Refinement and confirmation of system requirements (stretched evenly over months 1 and 2) will require 160 hours at the rate of $110/hour, plus two customer site visits at a cost of $2000 per trip.

Software development is expected to begin in month 2, span 5 months and require 3,000 hours of effort. The labor rate for the software developers is $130/hour.

Software testing will be conducted by a third party in month 7 (some overlap with development is expected), takes 5 weeks and will be paid when completed. Cost charged by the third party is $40,000.

On site software installation and system testing (month 8) is expected to take three FTEs two full weeks each (5 workdays per week) including travel time. Labor rate for on-site installers/testers is $80/hour and travel costs for the team is $6,000.

Training preparation (month 7) will require 100 hours at the rate of $100/hour.

On-site training delivery (month 9) takes 40 hours at $100/hour. Travel costs will not exceed $2,000.

Total project overhead, not including the PM staff labor cost, is an average of $10,000 per month.

$20,000 has been set aside each of the last 3 months as a reserve. Include this figure in your budget.

Hourly labor rates are fully burdened.

Markup material costs and third-party fees by 20% in the cost baseline.