Seneca POLYTECHNIC Budgeting
School of Human Resources and Global Business
MAN400, Fall 2024, Professor: Ehsan Shafia Group Assignment
Group Assignment 2 – Project Budget (20% of your grade)
Your team put together the Gantt Chart for Water Refill Station project and the Business Sponsor
approved. This signals the approval of your project’s scope. Now it’s time to determine how much it
will cost to deliver this project’s scope. In other words, we’re building the project’s budget.
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.
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Seneca POLYTECHNIC Budgeting
School of Human Resources and Global Business
MAN400, Fall 2024, Professor: Ehsan Shafia Group Assignment
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.
Additional Assignment Notes:
1. Please submit your Microsoft Excel file (not a PDF version) as I will be reviewing the
calculations made.
2. Submission: One member of your team will submit your completed assignment in the
“Assignments”>” Group Assignment 2 – Project Budget” folder.
3. Due Date: This assignment and Confidential Peer Evaluations are due on November 24, 2024,
by 11:59 pm
4. Missed or late assignments: Late submission or completion of any assessments will be subject
to a penalty grade deduction of 10% per day, for maximum 3 days and in the beginning of 4th
day mark zero will be assigned.
5. It is out of 18 marks (20% of your grade). The following rubric will be used:
Grading Rubric:
Total mark out of 18:
Criterion Levels Achieved
TOTAL
Grading 1-3 0 points 1 point 2 points 3 points
1. Structural WBS structure Budget is not Budget is Budget is
consistency was not used. consistent somewhat completely 3
with the consistent with consistent
with Work
structure the structure with the
Breakdown provided. provided. structure
Structure provided.
(WBS)
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Seneca POLYTECHNIC Budgeting
School of Human Resources and Global Business
MAN400, Fall 2024, Professor: Ehsan Shafia Group Assignment
2. Labour and None of the A few of the Some of the All the labour
non-labour work was labour costs labour costs were costs were
estimated. were estimated. Some estimated. All 3
costs were
estimated. of the non-labour the non-
provided. None of the costs were labour costs
non-labour estimated. were
costs were estimated.
estimated.
3. Aggregate Aggregate Aggregate Aggregate budget Aggregate
budget budget wasn’t budget provided and budget
created. provided but some deliverables provided and 3
completed
most have subtotals. all
deliverables Contingencies deliverables
do not have were included. have totals.
subtotals. Contingencies
Contingencies were
were not included.
included.
4. Time-phased Time-phased Time-phased Time-phased Time-phased
budget budget wasn’t budget budget provided budget was
created. provided but with a few provided, no
completed
there are sequencing sequencing 3
many errors. The time- errors made,
sequencing phased budget and it has the
errors. The has the same same total as
time-phased total as the the aggregate
budget does aggregate budget. budget.
not have the
same total as
the aggregate
budget.
5. Assumptions No Few Some Most/all
are well assumptions assumptions assumptions assumptions 3
provided. provided provided provided
documented
6. Accuracy of Significant Many Some All
calculations mathematical mathematical mathematical calculations
mistakes mistakes were mistakes were are correct. 3
made (4+) made. (3) made. (1 -2)
By submitting this assignment, we affirm that we have not given or received any unauthorized help
and that all work submitted is our own. We have abided by Seneca’s Academic Integrity Policy, and
we understand that any violation of academic integrity will be subject to the penalties outlined in the
policy.
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Seneca POLYTECHNIC Budgeting
School of Human Resources and Global Business
MAN400, Fall 2024, Professor: Ehsan Shafia Group Assignment
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