In this group assignment, you and your team will work together to develop a comprehensive project budget using the Work Breakdown Structure (WBS) provided. The WBS outlines the various components and tasks required to complete the project successfully. Your task is to allocate costs to each task, considering the necessary resources, labor, materials, and any other relevant expenses.

Instructions: (NOTE when you make the budget, use only Project Initiation, Requirement Gathering, and Design and Prototyping. I wanted to be conscious of your time availability to work on the group work.) If you have any questions, please ask me. Again, you only need to work on some of the WBS.

Review the Work Breakdown Structure (WBS): Each group member should carefully study the provided WBS, understanding the project's structure and the tasks involved.

Cost Identification:As a team, identify all the cost elements that will be involved in completing each task in the WBS. Consider direct and indirect costs, labor, materials, equipment, and any other relevant expenses.

Cost Estimation:Assign estimated costs to each task based on the information provided in the WBS and additional research if needed. You may use historical data, industry benchmarks, or expert judgment to determine these costs.

Create the Project Budget:Consolidate all the cost estimates to create a comprehensive project budget. The budget should include a breakdown of costs for each task and the overall project cost.

Justification and Assumptions:Provide a brief explanation or justification for the cost estimates made for each task. Additionally, document any assumptions made during the budgeting process.

Presentation: Your summary must identify each member's contribution.

Work Breakdown Structure (WBS):

1. Project Initiation

1.1 Project Planning

2. Requirements Gathering

2.2 Market Research

2.3 Competitor Analysis

3. Design and Prototyping

3.1 Conceptual Design

3.2 Detailed Design

3.3 Prototype Development

Deliverables:

Completed project budget spreadsheet with cost estimates for each task and the overall project.

A brief report explaining the justification for cost estimates and any assumptions made.

Presentation slides for the project budget presentation.

Note: Communication and collaboration are key to successfully completing this assignment. Each team member should contribute their expertise and knowledge to arrive at well-reasoned and accurate cost estimates.

Answer rating: 100% (QA)

Project Budget Task Breakdown 1 Project Initiation Project Planning 2 Requirements Gathering Market Research Competitor Analysis 3 Design and Prototyp... View the full answer