Project budget estimateQuestion Detail:Assume that you have been selected to serve as the project manager for a management consulting project for a client based in the United States. You have developed the WBS and listed the activities for the assignment, which involve large-scale market research in a new market. You are responsible for project costs and are keen on developing realistic cost estimates and project budget. You have estimated the following effort:WBSTasksDurationResource TypeEffort in Days1.1Final proposal and contract documentation4 DaysJunior Consultant4Legal Consultant1Vice President11.2Assignment kickoff workshop2 DaysJunior Consultant2Senior Consultant1Vice President12.1Designing market research5 DaysProduct Expert1Junior Consultant5Senior Consultant22.2Pilot run of market research10 DaysJunior Consultant3Intern10Senior Consultant22.3Final market research design and signoff2 DaysJunior Consultant2Senior Consultant1Vice President12.4Market research 132 DaysJunior Consultant20Senior Consultant22 Interns*282.5Market research 232 DaysJunior Consultant20Senior Consultant22 Interns*282.6Data collation and analysis5 DaysJunior Consultant5Senior Consultant32 Interns*5Vice President0.53.1Final report preparation3 DaysSenior Consultant3Junior Consultant3Vice President0.53.2Presentation to client1 DaySenior Consultant1Junior Consultant1Vice President0.5*Please note the use of 2 resources in this case.The rates per day for the resources are as follows:ResourceRate Per DayJunior Consultant$750Intern$250Legal Consultant$1,500Product Expert$3,500Senior Consultant$1,500Vice President$3,500The tasks above are listed in sequential order.

The exceptions are market research 1 and 2, which can start simultaneously.This assignment has two parts. Complete Part 2 after completing Part 1.Part 1:Develop the budget for this project by allocating cost over actual work time and the calendar time line. Draw a graph for the time line of the project and the money spent on the project. Assume that the payments to all resources are made on a daily basis.Part 2:For the consulting assignment, assume that the total project budget is spent equally on a daily basis and the work done each day contributes equally toward the project completion. You are now at the end of Day 25 of the project, the company has already spent $48,000, and the project has delivered 5% more than planned at the end of Day 25.What is your assessment of the schedule performance index (SPI) and cost performance index (CPI) of the project? What actions or corrective actions would you want to take, keeping in mind the project performance so far?How much more money must be spent to complete the project, and what would be the total cost of the project when it is completed, as per the details given?Assume that you have been selected to serve as the project manager for a management consulting project for a client based in the United States. You have developed the WBS and listed the activities for the assignment, which involve large-scale market research in a new market. You are responsible for project costs and are keen on developing realistic cost estimates and project budget. You have estimated the following effort:WBSTasksDurationResource TypeEffort in Days1.1Final proposal and contract documentation4 DaysJunior Consultant4Legal Consultant1Vice President11.2Assignment kickoff workshop2 DaysJunior Consultant2Senior Consultant1Vice President12.1Designing market research5 DaysProduct Expert1Junior Consultant5Senior Consultant22.2Pilot run of market research10 DaysJunior Consultant3Intern10Senior Consultant22.3Final market research design and signoff2 DaysJunior Consultant2Senior Consultant1Vice President12.4Market research 132 DaysJunior Consultant20Senior Consultant22 Interns*282.5Market research 232 DaysJunior Consultant20Senior Consultant22 Interns*282.6Data collation and analysis5 DaysJunior Consultant5Senior Consultant32 Interns*5Vice President0.53.1Final report preparation3 DaysSenior Consultant3Junior Consultant3Vice President0.53.2Presentation to client1 DaySenior Consultant1Junior Consultant1Vice President0.5*Please note the use of 2 resources in this case.The rates per day for the resources are as follows:ResourceRate Per DayJunior Consultant$750Intern$250Legal Consultant$1,500Product Expert$3,500Senior Consultant$1,500Vice President$3,500The tasks above are listed in sequential order. The exceptions are market research 1 and 2, which can start simultaneously.This assignment has two parts. Complete Part 2 after completing Part 1.Part 1:Develop the budget for this project by allocating cost over actual work time and the calendar time line. Draw a graph for the time line of the project and the money spent on the project. Assume that the payments to all resources are made on a daily basis.Part 2:For the consulting assignment, assume that the total project budget is spent equally on a daily basis and the work done each day contributes equally toward the project completion. You are now at the end of Day 25 of the project, the company has already spent $48,000, and the project has delivered 5% more than planned at the end of Day 25.What is your assessment of the schedule performance index (SPI) and cost performance index (CPI) of the project? What actions or corrective actions would you want to take, keeping in mind the project performance so far?How much more money must be spent to complete the project, and what would be the total cost of the project when it is completed, as per the details given?