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Cost Estimation and Budgeting

James B. Christa

Columbia Southern University

Cost Estimation and Budgeting

5. Project Budget

5.1 Project Resources

In this project, resources are categorized as follows

i. Human resources: These are the members of the project team

ii. Financial resources: This is the money needed to facilitate the project activities

iii. Material resources: This refers to the machines, software, and other equipment and tools needed to make the project successful

iv. Time resources: This is the time needed to undertake the project

Resource

Description

Cost

Human Resources

They will be paid salaries and allowances for the duration of the project

$ 800,000

Financial Resources

This is the total cost of the project

$ 10,000,000

Material resources

This is the cost of buying all equipment, devices, machines, and tools needed in the project

$ 9,200,000

Time Resources

This is the time that will be invested into ensuring the project is delivered

N/A

5.2 Other Costs

Items

Cost

Equipment

Full set computer systems (system units and monitors)

$ 5,000,000

Networking devices and cables

$ 1,000,000

Software

$ 50,000

Overhead Costs

$ 30,000

Expediting Expenses

$ 20,000

5.3 Cost Estimates

Estimates

Amount

Ballpark estimate

$ 10,000,000

Comparative estimates

$ 6,000,000

Feasibility estimate

$ 9,000,000

The comparative estimate was based on the current system that should be upgraded. The estimate is lower than what the current project will cost because it is based on past data. The ballpark estimate is based on the idea that current equipment is more expensive. The project will cost more than the current system. The feasibility estimate was reached after the actual budget was developed. It is a more realistic estimate.

5.4 Time-Phased Budget

Month

Activity

May

June

July

August

September

October

Total by activity

Survey

$10,000

$10,000

Design

$10,000

$5,000

$15,000

Purchases

$8,000,000

$1,200,000

$9,200,000

Installation

$10,000

$5,000

$10,000

$25,000

Testing

$5,000

$5,000

$10,000

Monthly Budget

$20,000

$5,000

$8,010,000

$1,205,000

$15,000

$5,000

Cumulative

$20,000

$25,000

$,8,035,000

$9,060,000

$9,075,000

$9,260,000

$9,260,000

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