a. Using the schedule developed during Chapter 5 (see attached), estimate the cost for each activity.
If using Microsoft Project, enter the rates of the work and material resources on the Resource Sheet. Assign the cost resource amount on the Task Information window for the task where the resource is assigned. Any resources that are not assigned to work the duration of a work package should have a percent of effort assigned, or the task should be changed to a fixed duration and the amount of work changed.
b. Determine the TBC for the project using the top-down or the bottom-up approach
If using Microsoft Project and assigning the costs to the work packages, the approach is bottom-up.
·a) top-down = allocates a portion of the total project cost to each work package.
·b) bottom-up = sums the costs of all the activities that make up that work package.