Step $1$: Your first step is to create the structure of your budget. Please use the provided Microsoft Excel and your Gantt chart. Step $2$: Your second step is to estimate the labour and non$-$labour costs. Estimating labour costs requires you to estimate how long the work will take $($durations$)$ and how much you will pay the people performing the work. Use the duration estimates provided in your Gantt chart. As a group, determine the hourly rates for the human resources required. With respect to the non$-$ labour costs of this project, consider the equipment and materials or rental space required to complete the project. Ensure you document your assumptions clearly. This includes a description of what the cost represents and how you determine the dollar amounts. Step $3$: Your third step is to create the total budget This requires you to sum up the costs of each major deliverable. Create subtotals at the major deliverable level. Create subtotals for the labour and non$-$labour costs as well. Use formulas whenever possible so you fully harness the power of Microsoft Excel. Establish a reasonable contingency for this project. You are free to make any assumptions you like; simply ensure they are well documented. Step $4$: Include your budgeting assumptions Step $5$: Your final step is to create the time$-$phased budget. Page $1$ of $3$ Budgeting Group Assignment Seneca POLYTECHNIC School of Human Resources and Global Business MAN$400,$ Fall $2024,$ Professor: Ehsan Shafia As discussed in class, the objective of the time$-$phased budget is to determine the cash flow needs of the project. In order to create a time$-$phased budget, you need to consider when the work will be done. Refer to your Gantt chart and activities duration for guidance. With respect to contingencies, it is acceptable to include them at the beginning of the project, end of the project or spread them out over the project$$s duration. As a team, decide which approach you feel is most appropriate. Lastly, ensure your time$-$phased budget has the same total cost as your aggregate budget