Q1. There are several elements which you can take into consideration, while budgeting a project. Explain these elements.Answer: – The budget should reflect the Principal Investigator’s best estimate of the actual cost of conducting the scope of the work outlined in other sections of the proposal.Budgets for federal contracts and grants should be prepared in accordance with guidelines incorporated with Office of Management and Budget Circular A-21 (Cost Principles for Educational Institutions). Other sponsors may have their own specific requirements
Answer: – The budget should reflect the Principal Investigator’s best estimate of the actual cost of conducting the scope of the work outlined in other sections of the proposal.Budgets for federal contracts and grants should be prepared in accordance with guidelines incorporated with Office of Management and Budget Circular A-21 (Cost Principles for Educational Institutions). Other sponsors may have their own specific requirements
ELEMENTS OF A BUDGETING IN PROJECT:
- DIRECT COSTS: Direct costs can be easily identified with a particular project, (e.g., salaries for the faculty and staff who conduct the research or the cost of equipment and supplies used in the research), and must be considered reasonable, allocable and allowable to be incorporated into a proposal budget.
- Salaries and Wages:
- The names of all persons who will work on the project. Where positions are not filled, use “To Be Named” or “TBN.”
- The University payroll title for each academic and staff appointee. For new hires, use the University payroll title and estimate the salary by using the midpoint of the appropriate salary range.
C. Employee Benefits:
- Composite employee benefit rates have been compiled for each category of University employee (e.g., academic, career staff, casual staff, students, etc.). These estimated rates should always be used for new positions and can be used for current employees.
- For current employees, the budget justification should indicate whether the rates are based on published composites or that they reflect historical rates for the individual employees
D. Consultants:
- The names of consultants should be specified along with daily rate of pay and the number of days each consultant will be paid.
- Documentation supporting the reasonableness of the daily pay rate should be provided.
- The costs of travel and per diem, if appropriate, should be specified.
Q2. Explain the different methods/sources to finance a project?
Answer:- There are three methods in Project Financing:
Q3. Describe any 5 considerations that are crucial in the design of the financing plan for a project.
Answer:- The consideration of ethics in research, and in general business for that matter, is of growing importance. It is therefore, critical that you understand the basics of
Q4.Discuss some of the tools and techniques of Cost Management.
Answer Types of Tools and Techniques used in cost management:
– Cost aggregation
cost performance baseline.
Q5. Explain the various key determinants of initial project cost.
Answer:- 3.1 Key determinants of initial Project costs: No two infrastructure projects
Q6. Explain any 5 risks associated with project evaluation.
Answer:- THE 5 risks associated with project evaluation :
1 Risk Identification: A risk is any event that could prevent the project from progressing as planned, or from successful completion. Risks can be identified from a
