There are many resources available online for estimating costs and time of various projects. Two articles I found extremely helpful for working on the budget portion of my course project are:
"How Long Does It Take?" by Karl Kapp describes four methods for estimating costs of developing elearning. Included are analogous estimating, parametric modeling, bottom-up estimating, and using industry standards. In this article, the author describes the advantages and disadvantages of each method of cost estimation and provides excellent examples of each. I particularly found the table of standardizations for developing elearning very helpful for my course project.
On the Big Dog & Little Dog's web site, Don Clark's article on Estimating Costs and Time in Instructional Design gives several valuable guidelines for estimating training costs and development time. In addition, he addresses instructor time and seat time (the time spent by the learner in the learning environment). Baseline estimates from which you can begin the process of determining the total number of hours it will take to design, develop, and evaluate one hour of ICW are provided in tables. To help with estimating training costs, an excel spreadsheet cost estimator template is available for downloading. Having estimates that have already been calculated and proven can be a big time saver when working on budgets.