Final answer:
The question deals with construction management and involves evaluating the financial status of an airport project about its budget and actual costs. Earned Value Management could be the methodology employed for this task. Additionally, context is provided on the economic impacts of airport delays, emphasizing the significance of opportunity costs.
Step-by-step explanation:
The question you've posed relates to the construction management of a new airport, and it specifically deals with evaluating project performance using financial metrics. To calculate these metrics, we can look at the budget versus the actual cost and the work completed so far. Since the project was set to be completed in 2 years with a budget of 30,000,000 QR, and at the end of the first year, the value of the completed work is 18,000,000 QR against actual costs of 14,400,000 QR, we can determine the project's financial status. Comparing planned costs with actual costs and the value of work done, we often use Earned Value Management (EVM) methods to understand project performance and forecast future performance.
The additional provided information offers context on the economic impact of airport delays and the costs related to airport security--highlighting the fact that non-direct costs such as opportunity costs can be significant. The example given illustrates that if air passengers, many of whom are business travellers, spend an extra 30 minutes per airport trip, and their time is valued at $20 per hour, the opportunity cost of delays could sum up to $8 billion per year. This information underlines the importance of efficient airport operations and project completion on time to avoid incurring such opportunity costs.