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Project Management in Aviation Operations_Assignment (1)

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Q 1. List and describe items that should be included when estimating activity costs. Solution: 2. Define the following: TBC, CBC, CAC, CEV, CPI, CV, and FCAC. How is each calculated?3. (a) Refer to the table below. What is the cumulative budgeted cost at the end of week 6?3. (b) Below is a table of actual costs. What is the cumulative actual cost at the end of week 6? Determine whether there is a cost overrun or underrun. What is causing it?3. (c) Below is a table of the cumulative percentages of work completed by the end of week 6. What is the cumulative earned value of the project at the end of week 6? Is it good?3. (d) What is the CPI at the end of week 6? What is the CV?3. (e) Calculate the FCAC using the first two methods described.4. Describe what needs to be done to manage risk on a project. When should this be done? How can a risk assessment matrix help in this process?

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The items that are required to be involved when costs of the activity are estimated are mentioned below: • Costs of labor: These are the costs estimated for various classifications or types of people expected for the project work. The costs of labor are centered on the time of work estimated that might not be similar to the estimated activity duration and the dollar rate of labor for each classification or person.