Comprehensive example: Time phased project budget The project manager of DMB project is preparing a project cost estimate. He begins by breaking the project into eight work packages and creating a simple schedule. The three labour grades will be working on the project. For each work package he estimates the needed number of labour hours per week for each grade: For each work package, he also estimates the cost of material, equipment, supplies, subcontracting, freight charges, travel and other non-labour cost. The hourly rates for labour grades 1,2 and 3 are R20, R25 and R35. Material EquipmentSubcontractsOther A 500 B 1 000 C 500 500 D 500 E 4 500 F 1 000 8 000 5 000 500 G 500 1 500 H 1 500 1 000 Work Packag Non-labour direct cost 6 2019 PPM Extract of class examples and questions Total overheads for the project amounts to R10 000 and it is the companys policy to allocate overheads based on total direct cost. The company allocates general and administrative cost to projects based on a rate of 7% of direct labour cost. For indirect cost (project overheads and general and administrative cost), please use appropriate allocation rates and allocate cost to each of the weeks in the time phased project budget. You are required to prepare a time phased budget for this project.