1 / 11

ECE362 Principles of Design

Understand the importance of project budgeting in writing a proposal, ensure costs are reasonable, allocable, and treated consistently per accounting principles. Include a budget with necessary resources, and budget narrative justification. Learn about eligible and ineligible expenses.

ardenl
Download Presentation

ECE362 Principles of Design

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. ECE362Principles of Design Project Budgeting Page 1

  2. Product Development Product Idea Product Specifications Technical Model Stage 1 – Product Idea, Product Specifications, & Technical Model Stage 2 – Intellectual Property, Mkt Analysis & Business Models Intellectual Property Market Analysis Business Model Planning & Scheduling Test Plan Project Management Stage 3 – Scheduling & Planning, Test Plan, & Project Management Stage 4 – Budget, Social Impact, Person. & Proposal Completion Budget & Resources Social Impact Personnel Qualifications Development Grant = $$$ Page 2

  3. Project Budgeting The purpose of a budget is to explain… “the personnel who will be expending effort on this project and what they will need to spend in order to accomplish the goals and objectives” Page 3

  4. Project Budgeting • Preparing a project budget is a very important task in writing a proposal. • Costs must be reasonable; • Costs must be allocable to the project; • Costs must be given consistent treatment through application of generally accepted accounting principles; Page 4

  5. Lemelson Budget • List the equipment and other resources necessary for the project. • Indicate whether your institution will provide access to these resources and, if not, other means you will use to access them. Page 5

  6. Lemelson Budget • Include a budget in tabular format (maximum grant award is $20,000). • Eligible line items include: • • Equipment • Supplies • • Travel • • Technical services • • Expenses related to performing patent searches, disclosures and applications, or creating marketing or business plans Page 6

  7. Lemelson Budget • Ineligible expenses include • Overhead • Faculty salaries • Stipends totaling over $3,000 per person or $7,500 per project • Publicity expenses • Legal and other expenses of business formation and operation Page 7

  8. Lemelson Budget The E-Team faculty advisor is responsible for tracking, directing, and reporting the disbursement of grant funds, and is the principal investigator of record. Page 8

  9. Lemelson Budget Budget Narrative: Appears in appendix (due to 5 page limitation of proposal). Justifies the need for the costs of each item. Explains the method and the rationale used for estimating and calculating costs. Page 9

  10. Page 10

  11. Assignments INDIVIDUAL ASSIGNMENT – Chapters 4 & 7 of “Teamwork and Project Management,” Smith Tuesday, January 20 TEAM ASSIGNMENT – Obtain Faculty Technical Advisor, Thursday, January 22 TEAM ASSIGNMENT – 1st Draft Project Budget, Friday, January 23 TEAM ASSIGNMENT – Team Personnel Statement Page 11

More Related