Mod $2$ In Class Assignment: Calculate Labor

Calculate the direct cost of labor for a project team member using the following data:

Hourly rate: $$\frac{50}{h}r$

Hours needed: $120$

Overhead rate: $40\%$

$2.$ The Munsters have been saving money in order to buy a house. They figure that given current interest rates they could afford a $$400,000$ home. Before looking at houses on the market they decide to explore the possibility of building a new home. The Munsters figure they could buy a suitable lot for $$70,000-$$$75,000.$ At a minimum they want to build a $2,300$ square$-$foot house. The cost for a house of the quality they desire is $$160$ per square foot. Given this information should the Munsters pursue the option of building a new house?

$3.$ Below is a project WBS with cost apportioned by percent. If the total project cost is estimated to be $$800,000,$ what are the estimated costs for the following deliverables? A: Design, B: Programming, C: In House Testing

What weaknesses are inherent in this estimating approach?