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hruship101 replied to the topic Cost Analysis of Project in the forum Project Management Process and Medical Device Development 8 years ago
In my senior design project (capstone), we were supposed to come up with an estimated project cost and track as we progress with buying parts for the project. Just like in any project, our budget varied throughout as completion of the project. Our main component called, “E-health board” was the costliest component of about $ 200. The other smaller components like the wifi board and biometrics sensor attaches to the E-health board. We were granted a $500 award from the NJIT Undergraduate Research Committee to use towards the project. The budget was under throughout until the last phase when one of the wifi boards didn’t work, so we ended up buying few different kinds of boards. In the end, we ended up being at $750, which is over by $150. All in all, the project was successful.