Project Cost Estimate and Assumptions

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Centennial College *

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Industrial Engineering

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Apr 3, 2024

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docx

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Project Cost Estimate and Sources of Funding The total amount of funds provided by the owner of this project is $100,000 CAD for the whole renovation and interior design with 2 bedrooms, 1 bathroom, 1 kitchen, 1 dining room, 1 living room, and 1 laundry area. Cost Estimate Contractor Permits $1,000 Demolition $1,000 Framing (walls and partition) $7,000 Cabinets $5,000 Kitchen $25,000 Bathroom $4,000 Eletricity and lighting $4,000 Plumbing $2,000 Air conditioning, heating, and ventilation $12,000 Insulation $2,000 Flooring $5,000 Paint and Finishing $3,000 Miscellaneous $5,000 Interior Furnishings $16,000 Appliances $8,000 Total overall $100,000 Project Assumptions As project assumptions are considered true to successfully complete the project, this will allow us to establish the base plan and allocate necessary resources. The facts of these assumptions and their possible impact on the outcome will be acknowledged throughout the project thus, following are identified to guide the planning and execution of the basement renovation.  It is assumed that the contractor has carefully reviewed and understood the RFP that has provided a proposal that aligns with expectations.   It is assumed that the contractor who submitted the proposal is qualified with sufficient skills, equipment required, and materials; in accordance with the RFP, they are willing to undertake the project within the allotted time of four months and will stick by the allotted budget.   It is assumed that the bare basement sized 2000 square feet, has sufficient area to accommodate the planned two bedrooms, one bathroom, one kitchen, one dining room, one living room, and one laundry area.

 It is assumed that the budget of $100,000 CAD is sufficient to cover the renovation including materials, labor, and contingencies which is provided by the owner of the house.  Since the project will start during the summer season, it is assumed that the project will be done in a favorable weather condition within the duration without much weather interruptions; this will finish within the allotted time frame just in time for the autumn season.  It is assumed that fixtures, materials, furnishings, and appliances will be delivered on schedule without unnecessary delays.  It is assumed that all necessary approvals and permit is obtained in compliance with the regulations and safety standard as required by local authorities.  It is assumed that the project manager (the owner of the house) is always available for approval of deliverables, feedback, and timely review of the progress of the project. References Plourde-Archer, L. (2023b). Checklist of the Steps to Follow: Basement Renovation Project. Basement Renovation Project: The Checklist . https://renoquotes.com/en/blog/basement- renovation-project-checklist Plourde-Archer, L. (2023). 2023 Home Renovation Price Guide. Renovation Prices: 2023 Guide . https://renoquotes.com/en/blog/home-renovation-price-guide#_Toc485727945

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