d document. The excel budget should be easy to understand and formatted nicely, calculations of cost should be able to be adjusted for changes in work duration estimates. The narrative should cover at least your top 5 cost items and the five items you created in module two. The narrative explains in word form what the spreadsheet shows you numerically. Additionally logic/assumptions you applied in the estimating process should also be communicated in the narrative. Don't forget to carry the cost of material and etc from the original magic memo. Use an indirect cost percentage of 15% and 10% contingency