Submitted by: Submitted by chegittens
Views: 103
Words: 486
Pages: 2
Category: Business and Industry
Date Submitted: 09/07/2014 07:19 PM
Keller Graduate School of Management
PROJ 586: Project Management Systems
Professor : Ezam Muhammad
August 4, 2013
Course Project:
Project Budget
Team C
What is the total budget for this project?
The total budget set for Empire Island Convention Center is $300,000
Variable Costs are at the following
Utilities:
Electrical $3,500 -$6,000
Gas $4,500 - $7,200
Labor:
Hourly Workers (Wages) $10,000 – 15,000
Commissions:
Sales Department $2,000 - $10,000
Materials:
Brochures $450 - $600
Delivery Costs $1,500 - 2,800
Food Services $25,000 - $50,000
Miscellaneous materials:
Building Materials (Raw) $30,000 - $100,000
Fixed Costs set at the following:
Advertisement $1,600
Phone bill $5,400
Salaries ( Executive and Non-Executive) $60,000
Insurance $7,800
Accounting Services (external) $3,500
Property taxes $5,650
Does this budget make sense?
Empire Island Convention Center budget is determined by work performed. Our services are based on a case-by-case basis. Each criterion is set by the customer’s specifications. Our performance is done by work resources and often requires material resources that are allocated against each project. Our costs calculated three ways. The first is the cost of a work resource based on the amount of time that the resource spends working on each client. Rate based materials costs are resources such as convention materials or supplies (which are assigned standard rates)
Fixed costs are the total cost that represents the price for doing specific tasks (conventions) regardless of the number of resources assigned, the number of hours worked or the amount of materials used.
Per use Costs (Variable Costs) are the single amounts that it costs each time we use specific resources.
What can be done to lower the budget and reduce the project’s duration?
There are many things that we, Empire Island Convention Center, can do to lower costs to help bring the bar of the budget...