Each team has a budget of $7000 to purchase materials, supplies, and resources for the project. These resources have been generously donated by the course sponsors.
Working to finish the projects on-time and on-budget are key lessons in the course. The project budget is not compliant. Your teams must plan and work to keep their projects on budget. There will be budget extensions only under extenuating circumstances and with approval of the course instructor. If there is an unplanned budget overrun, each team member will pay an equal portion of the deficit.
Lab instructors should help their team plan on how they should allocate financial resources over the term. However, a rule-of-thumb is that teams should reserve roughly $4,500 for the alpha prototype phase of the project (following the mockup presentation).