Q1, Q2, Q3 - 450 words total Q1. Provide a Reflection on the Chapter 10:Budgeting Projects. Identify what you thought was the most important concept(s), method(s), term(s), and/or any other thing that

TYPES OF COSTS EXERCISE

Instructions: This exercise will provide you the opportunity to provide an analysis of types of costs within the Week 2 Business Case project you selected. Again, copy and paste your Business Case below.

Next, you will fill in each of the sections in the table below. For each cell provide a 1) brief definition of the type of cost, 2) identify a specific resource cost within your project that fits this type of cost and then 3) explain why this cost fits the definition.

Business Case: In 2018, Ford Motor Company initiated a renovation project at Michigan Central Train Station, which was established in 1914. The company will expand the station from its original space of 500,000 square-foot it into a 1.2 million-square-foot innovation hub at an estimated cost of $740 million by 2023. The project involves building new walls, replacing electrical lines, installing new water pipes, painting, replacing the roof, establishing a fourth building. The project will attract investments from other motor companies, hotels, and restaurants, as well as retail shops thus influencing an economic recovery that has been anticipated since Detroit declared bankruptcy in 2013.