Controlling Direct Labor Costs Peers Review 1

Provide a classmate review on their discussion topic :

provide your response to the following:

Managing Aviation Projects from Concept to Completion on This topic pertains to management of project direct labor cost. Develop a discussion post assessing how the use of a project cost burn-down summary/chart can be a valuable management tool to control direct labor costs.

 

Classmate post that you need to post comment/ review on:

A burndown chart is a very useful tool in project management, it can show progress in a visual way allowing you to see how much time is left until the projected completion date and how much you have accomplish and how much there’s left to do. In project management, time will always be one of the major constraints. A burn down chart is a graphical representation of the task that are remaining versus time left for completion. The work remaining is often on the vertical axis, while the time is on the horizontal axis. The chart also encourages everyone in the project team to get his or her assigned task completed faster since everyone’s work progress is visible. The most important benefit of the burndown chart is that it allows project managers to compare the actual work progress with the project plan and then predict any possible delays and eliminate the risks.

Being able to predict a possible upcoming delay can assist by preventing it, and overall helping reach the project to success. If the chart shows a possible delay, that can indicate possible increase in cost because more resources and people will probably be needed to get the project complete on time. In the case that the project goes over the time estimated that also means the cost will increase, due to extension of time, work and resources. The chart can also help us see what areas have the most direct and indirect labor cost. Having a clear understanding of your employees’ labor costs is fundamental to achieve improved project budgeting and high quality of products. The burndown chart can aid in tracking the labor cost directly related to the project and as a result allows the project manager to track if and how a project affects.