Which parameters are needed to compare actual labor costs with budgeted labor costs at the project level?

To effectively compare actual labor costs with budgeted labor costs at the project level, the key parameters required are budgeted labor cost and actual labor cost. Budgeted labor cost represents the anticipated expenses that were forecasted for labor for the project, based on estimates and planning. This figure serves as a benchmark against which actual performance can be measured. Actual labor cost, on the other hand, reflects the real expenses incurred for labor throughout the project's execution. By comparing these two parameters, project managers can assess whether the labor expenses are on track with the budget, helping in financial analysis and decision-making for future projects. This comparison aids in identifying any variances between planned expectations and the reality of labor costs, allowing for better resource management and financial oversight.

The other options introduce variables that do not directly align with the requirement of comparing what was actually spent versus what was originally planned. For instance, planned labor costs may not encompass all the contingencies or specific allocations that have been established within the budgeted labor costs. Similarly, projected labor costs may refer to forward-looking estimates rather than historical data thus not providing a direct comparison with what was actually spent.