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 2 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.

WBS for Renovation Project Milestone Task Mode WB WBS Task Name Duration Start Finish Predecessor 5 No Auto Scheduled 1 Project Phases 247 Mon 23-07-03 Mon 24-06-03 days No Auto Scheduled 1.1 Project Initiation 39 days Mon 23-07- 03 Thu 23-08-24 No Auto Schedule 1.1.1 Project 25 days Mon 23-07- 03 Fri 23-08-04 Charter No Auto Schedule 1.1.2 Stakeholder 2 days Fri 23-08-04 Tue 23-08- 08 3 Identification and Analysis No Auto Schedule 1.1.3 Project Kickoff 6 days Tue 23-08-08 Wed 23-08-16 Meeting No Auto Scheduled 1.2 Design 6 days Wed 23-08-16 Thu 23-08-24 5 Development No Auto Schedule 1.2.1 Initial Design 0 days Thu 23-08-24 Thu 23-08-24 3,4,5,6 Creation No Auto Scheduled 1.2.2 Design Review 3 days Thu 23-08-24 Mon 23-08- 28 and Approval No Auto Schedule 1.2.3 Final Design 1 day Thu 23-08-24 Fri 23-08-25 Development No Auto Schedule 1.2.4 Design 1 day Fri 23-08-25 Fri 23-08-25 9 Presentation to Clients No Auto Schedule 1.3 Construction 1 day Mon 23-08- 28 Mon 23-08- 10 Execution 28 No Auto Schedule 1.3.1 Procurement of 0 days Mon 23-08- 28 Mon 23-08- 28 9,10,11 Construction Materials No Auto Scheduled 1.3.2 Site Preparation 72 days Tue 23-08- 29 Tue 23-12- 05 12No Auto Schedule 1.3.3 Foundation and 7 days Tue 23-08- 29 Wed 23-09-06 12 Structural Work No Auto Schedule 1.3.4 Plumbing and 15 days Wed 23-09-06 Wed 23-09-27 14 Electrical Installation No Auto Schedule 1.3.5 Carpentry and 20 days Wed 23-09-27 Tue 23-10-24 15 Finishing Work No Auto Schedule 1.3.6 |Interior Design and 12 days Wed 23-10-25 Tue 23-11-07 16 Decoration No Auto Schedule 1.3.7 Quality 10 days Tue 23-11- 07 Tue 23-11- 21 17 Assurance and Inspection No Auto Schedule 1.3.8 Client 10 days Tue 23-11- 21 Tue 23-12- 05 18 Acceptance and handover Yes Auto Schedule 1.4 Project 0 days Tue 23-12-05 Tue 23-12-05 19 ClosureProject Phases Project Initiation Design Development Construction Execution Project Closure Project Charter Initial Design Creation Procurement of Construction Materials Project Documentation and Archiving Stakeholder Identification and Analysis Gather Client Requirements Source and Procure Construction Materials Project Documentation Compilation Identify and Analyze Key Stakeholders Create Initial Design Mock-ups Manage Material Inventory Archiving Project Documents Assess Stakeholder Influence and Interest Design Review and Approval Coordinate Delivery of Materials Lessons Learned Documentation Develop Stakeholder Engagement Plan Review and Approve Initial Design Site Preparation Capture Lessons Learned Project Kickoff Meeting Conduct Final Design Development excavation and Site Preparation Document Best Practices Prepare Design Presentation Foundation and Structural Work Project Closure Report Final Design Development Foundation Construction Prepare Project Closure Report Design Presentation to Clients Structural Framework Assembly obtain Client Sign-off Plumbing and Electrical Installation Plumbing Installation Electrical Wiring and Fixtures Installation Carpentry and Finishing Work Carpentry Work Flooring and Tiling Installation Painting and Finishing Work Interior Design and Decoration Interior Design Proposal Furniture and Equipment Selection Material Sourcing and Procurement for Interior Design Staging and Final Touches Quality Assurance and Inspection Quality Assurance Inspections Client Walkthrough and Acceptance