QUESTION 1Calculate the direct cost of labor for the project team using the following data. What are the costs for the individual project team members? What is the overall direct cost of labor?Your re

QUESTION 1

Calculate the direct cost of labor for the project team using the following data. What are the costs for the individual project team members? What is the overall direct cost of labor?

Your response should be at least 75 words in length.

   Name   Hours Needed   Overhead Charge   Personal Time Rate  Hourly Rate   Total Direct Labor Cost

Johnathan           40             1.25              1.12       15/hr 

Susan          100             1.75              1.12       21/hr 

Debra           80             1.35                0       11/hr 

Bobby           55             1.8              1.13       44/hr 

QUESTION 2

What is the difference between direct and indirect costs? What is the difference between fixed and variable costs? Define, compare, and contrast each within the context of a project.

Your response should be at least 75 words in length.

QUESTION 3

Bottom-up project budgets are said to provide more detail and, as a result, be more accurate; therefore, why are top-down budgets used in projects? When, if at all, would you recommend using such an approach?

Your response should be at least 75 words in length.

QUESTION 4

Calculate the direct cost of labor for the project team using the following data. What are the costs for the individual project team members? What is the overall direct cost of labor?

Your response should be at least 75 words in length.

   Name   Hours Needed    Overhead Charge    Personal Time Rate   Hourly Rate     Total Direct Labor Cost

Jonathan           60              1.35               1.12        17/hr 

Susan          120              1.8               1.12        31/hr 

Debra           40              1.35                 0         9/hr 

Bobby           65              1.8               1.13        34/hr 

QUESTION 5

Assume that overhead is charged on a flat rate basis. Each member of the project is assigned an overhead charge of $300/week. What would be the direct cost of labor for an employee, given that he or she is assigned to the project for 120 hours at $10.50?

Your response should be at least 75 words in length.

DQ Question

How has the global economy affected the importance of cost estimation and cost control for many project organizations? Please be specific, and offer examples. Feel free to use your own organization if possible.