Individual Project Budget Memo

Individual Project Budget Memo

Tiearia Fariss

CMGT/410

Professor Seth Chaikin

March 1, 2015

Project Budget Memorandum

To: Whom it may concern

From: Tiearia Fariss

Date: March 2, 2015

Objective:

This memorandum is to explain the expenses involved in the training for the innovative compliance system.  At the end of this memo there will be an attachment that will show the WBS and the task sequences along with the budget and cost reports for the training.  Throughout this memo there will be an explanation for the suggested budget that will include the wages, materials needed for training, the travel expenses and the cost of training material.  

Human Resource Expense:

Global Enterprises will utilize the internal resources readily available during the training process. This being said there are some resources that cannot be accessed internally therefore Global Enterprises will have to outsource to achieve these resources.  The resources that will be implied consist of one resource from the project management team, there will be two resources for the training team, the human resource department will supply two resources, and the IT department will supply two specialists.  The resources that will be outsourced will be made up of a printing company that will supply three individuals, and a travel agency resource that will supply two travel agents.  After review of the human resource expenses the total budget needed for this resource to be complete before the start of the project training is a total of $9,500.

Materials Needed Resource Cost:

In this category of the budget this is where all the supplies for the training is figured within.  Some material resources that will be needed are the training paperwork such as pamphlets and books, note taking supplies, and lastly the registering supplies.  After review of the materials needed resource the total expense is projected at $1000.

Traveling Resource Expense:

After review from the Human Resource department it has been notated that there will be twenty-five supervisors that will be at the two day training.  With the travel expenses resource the budget will include the airfare which will be a round trip ticket, the hotel accommodations for the two days of training, and transportation cost to get the supervisors from the airport to the hotel.  After research and price reviewing the set rate of $250 per person for a round trip economy ticket is a great rate that Global Enterprise will use to gather air fare for the trainees.  The total air fare cost projected for the supervisors is $6,300 dollars.  The price for the hotel rooms are projected at $125 per night on a single occupancy stay.  The hotel accommodation is projected at $6,500 for the two night stay.  After review the transportation cost for the supervisors is projected at $500 dollars per day which is a total of $1000.  When all the projected costs are compiled into one lump sum the total for the travel expense is projected at $14,000.