Questions
1. Develop a project budget to add an addition to an existing home. The addition will be above the existing home and will be approximately 350 square feet of new living space which will consist of two bedrooms and a bathroom.
The project duration is 4 months. The project budget must list the project costs by month.
The project budget should include labor costs for different skilled labor, material costs for different categories of material, and contingency cost for risk.
You must have a minimum of 15 cost items and a maximum of 30 cost items. Examples of cost items may include: People (Architect), Material (Wood), or Equipment (Crane). Total your costs by month and by cost item. Complete the assignment using Microsoft Excel.
2. Define ‘Top-Down Budgeting' and ‘Bottom-Up Budgeting'. When would you use each and why?