Reference no: EM132867365

1. Your objective is to create a budget for one member of your group's Diploma Program at Seneca using the WBS Packages Method.

2. Develop your WBS for the program chosen.

3. Use the WBS to come up with your Budget Categories. You can modify the Excel workbook provided or create your own. Either is acceptable.

4. Include expenses that you are accountable for paying. This includes fees, living expenses, transportation costs etc. Do not include any of the expenses paid by the College - Professor's salaries, heat, hydro etc. of the facilities. If you don't pay it, don't include it.

5. The labour costs of the Program is the opportunity cost of everyone in your group. Your time is an opportunity cost because you could be working on a full-time basis and generating an income. The income you would have generated represents the cost of your time - the labor costs of this Program. For purposes of this Assignment, IGNORE the labor costs. We'll prepare a budget using "out of pocket" expense only.

6. Your total budget is the aggregate of all your WBS categories.

7. Ensure you document the assumptions you are making. When we get off track with our budget, it's often because our assumptions were incorrect. As we monitor our progress and analyze the budget variances that occur, revisiting our assumptions is key.

8. Create your time-phased budget on a monthly, quarterly basis or semester basis. This helps you determine your cash flow needs. Weekly detail is not required.