Discussion: Project Management
I. What is a resource and what are the classical kinds of resources? How are resources measured? Why is it not possible to summarize resources based upon their specific unit of measure? Why is it possible to summarize cost at any level of the WBS/OBS matrix? Why are resources time-phased? (Chapter 8 and Lecture) Make sure you have an example.
II. What are the basic budgeting data elements associated to resources and cost with a definition? Why is a resource said to be a cost driver? Provide a definition for their meaning when budgeting resource and cost? Use the example from I and continue it here creating your own data for a budgeting only exercise.
III. What is a burden rate? What is a direct rate? What are the most common burden rates? What does it mean when a burden rate is empirical? Provide the fully burden rate for a labor resource at an hourly rate of 43.25 given a Direct labor overhead rate of 80%, general and Administrative Rate of 15%, Profit Rate of 25% and a Fee rate of 3%? What is the multiplying Factor? Make sure you define all terms and provide all calculations.
The response must include a reference list. Using Times New Roman 12 pnt font, double-space, one-inch margins, and APA style of writing and citations.