Project Budget

Project Budget

CMGT/410

17 April 2013

Anthony Velasquez

University of Phoenix

Project Budget

MEMO

DATE: 20130417

SUBJECT: Project Budget

PROJECT FINANCIALS

The green light has been given for the two day training project. This memo will cover all costs associated with the project. This includes labor and material, estimated task durations, and sequencing of tasks.

One of the main cost associated with this project are trainer costs. According to the U.S. Department of Labor, the mean hourly wage for a Training and Development Specialist is $28.64. With their being only one trainer, working five hours a day for two days, the cost for the trainer comes out to an estimated $286.40 ($28.64 x 10). Traveling expenses for the 15 managers who will be in attendance must also be calculated. Seeing as though all the managers (trainees) are within driving distance of the centralized training location, their traveling expense will be calculated with this formula: $0.57 x miles ($0.57 being the reimbursement fee per mile). The average distance from each manager’s residence to the centralized training location is 75 miles. This adds up to roughly $42.75 ($0.57 x 75 miles) for each manager. In total, it comes out to an estimated $641.25 ($42.75 x 15 managers) for manager travelling expenses. Lodging expenses must also be considered for the trainees. Average rate for corporate lodging in the vicinity is $70 a night per room. Since there are 15 trainees who require lodging for two nights, the total cost for lodging comes out to an estimated $2,100.00 ($70 x 2 nights (15)). As far as meals are concerned, reimbursements will be issued with furnished receipts not to exceed $30/day. Total estimated costs for meals come out to $900.00 ($30 x 15 trainees x 2 days). Transportation to and from the hotel to the training location will be provided. This will ensure all trainees are in attendance on time. Taxi transportation for one day comes out to $240.00, for a...