Costing in Project Management

This document provides information about costing in project management. It covers topics such as project budget, direct costs, indirect costs, materials costs, and overtime costs. The document also explains the different types of costs involved in a project.

Running head: PROJECT MANAGEMENT
Project Management
Name of Student-
Name of University-
Author’s Note-

1PROJECT MANAGEMENT
Costing
The project schedule and project budget are shown in the link below:
Resource
Name
Type
Materia
l Label
Initial
s
Grou
p
Max.
Unit
s
Std.
Rate
Ovt.
Rate
Cost/
Use
Accrue
At
Base
Calenda
r
project
manager
Work p
100
%
$50.00/hr
$55.00/
hr
$0.00
Prorate
d
Standard
Project
planner
Work P
100
%
$30.00/hr
$35.00/
hr
$0.00
Prorate
d
Standard
managers Work m
100
%
$20.00/hr
$25.00/
hr
$0.00
Prorate
d
Standard
volunteers Work v
100
%
$20.00/hr
$25.00/
hr
$0.00
Prorate
d
Standard
researcher
s
Work r
100
%
$15.00/hr
$20.00/
hr
$0.00
Prorate
d
Standard
workers Work w
100
%
$10.00/hr
$15.00/
hr
$0.00
Prorate
d
Standard

2PROJECT MANAGEMENT
Equipmen
t
Materia
l
E
$1,200.0
0
$0.00
Prorate
d
Building
Materials
Materia
l
B
$5,000.0
0
$0.00
Prorate
d
Furniture
Materia
l
F
$2,000.0
0
$0.00
Prorate
d
Kitchen
Equipmen
t
Materia
l
K
$1,500.0
0
$0.00
Prorate
d
Cabling
Materia
l
C $500.00 $0.00
Prorate
d
Overhead
Materia
l
O
$1,000.0
0
$0.00
Prorate
d
Sport
equipment
Work S
100
%
$0.00/hr $0.00/hr $0.00
Prorate
d
Standard
computer
systems
Work c
100
%
$0.00/hr $0.00/hr $0.00
Prorate
d
Standard

3PROJECT MANAGEMENT
The materials cost that are included in the project are shown in the table above. The
project has human resource as manager, project manager, project planner, volunteers, researchers
and workers.
The materials costs that are included in the cost budget are equipment, building materials,
furniture, kitchen equipment, cabling, sport equipment, computer systems, and overhead cost that
are included in the system.
All the human resources of the project has overtime cost shown in the project budget. If
the human resources works overtime, the overtime cost is calculated for the project.
There are direct costs as well as indirect costs that are included in the project. The direct
costs are defined as the costs that are directed related to the project such as the workers,
volunteers, and all other human resources related with the project. The cost of raw materials such
as building cost and equipment rent cost are also considered to be as the direct cost of the
project. All the cost that are shown in the project budget are the direct cost of the project.
The costs that are indirect in the project are the utility cost such as electricity bill, or the
phone bill. The administrative cost of the project is also considered as the indirect cost of the
project.
Monthly Budget
Task Name Summary and
cost of revenue
May June July
Understanding
the requirement
of the project
The total cost
estimated for
this task is
Paid

4PROJECT MANAGEMENT
$800.00.
Doing research The resources
that are included
in the task is
$720.
Paid
Performing
qualitative
research
$280 Paid
Performing
quantitative
research
$520 Partially paid Partially paid
Resource
Planning that
will be required
$1360 Paid
Resource
Findings
$280 Partially paid
Resource
Estimation
$1520 Partially paid
Resource
Searching
$360 Paid
Providing
money for lease
$560 Partially paid
Building of $7480 Paid

5PROJECT MANAGEMENT
rooms
Decorating the
interiors
$5140 Partially paid
Furnishing the
rooms
$5140 Paid
Buying the
sports items
$400 Paid
Buying the
computers
$1120 Paid
Building of
cafeteria
$1980 Paid
Interviewing the
applicants for
interview
$320 Partially paid
Recruiting the
volunteers
$320 Paid
Training the
Volunteers
$640 Paid
Completing the
project
$680 Paid Partially
Making Risk
assessment
$1840 Partially paid
Developing risk $920 Paid

6PROJECT MANAGEMENT
mitigation

7PROJECT MANAGEMENT
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