You have been appointed as the project manager for a hypothetical project to organize a community charity event, "A Day of Giving," aimed at raising funds for local schools. Your task is to create a cost baseline for this project. Develop a comprehensive cost baseline using PMBOK principles, ensuring that your baseline covers the following aspects:Identification of all potential costs associated with organizing the charity event, including but not limited to venue rental, promotional materials, catering, entertainment, and administrative expenses.Utilization of appropriate cost estimation techniques to determine the budget for each cost item. Justify your choice of estimation methods based on the project's characteristics and available data.Allocation of costs to specific project activities or tasks involved in organizing the event. Ensure that costs are assigned in a logical and organized manner, reflecting the project's work breakdown structure.Incorporation of contingency reserves to account for uncertainties and risks inherent in organizing such an event. Determine the appropriate level of contingency reserves based on your risk assessment.Presentation of the cost baseline in a clear and understandable format suitable for communication with stakeholders, including the project sponsor, donors, and volunteers.In your response, demonstrate an understanding of the fundamental principles of cost management as outlined in the PMBOK guide. Provide rationale for your decisions and assumptions made during the cost baseline development process, considering the unique characteristics and requirements of the charity event project.consider following Key Deliverables for "A Day of Giving" Charity Event Project:Event Plan: A comprehensive document outlining the objectives, scope, schedule, and budget for the charity event. This plan should include details about the event's theme, target audience, activities, and logistics$.$Budget Report: A detailed breakdown of the estimated costs associated with organizing the charity event. This report should include itemized expenses such as venue rental, promotional materials, catering, entertainment, and administrative expenses.Sponsorship Packages: Documentation outlining various sponsorship opportunities for businesses and organizations interested in supporting the event. This may include tiered sponsorship levels with corresponding benefits and recognition.Marketing and Promotion Materials: Design and production of promotional materials such as flyers, posters, social media graphics, and press releases to advertise the event and attract attendees and sponsors.Volunteer Recruitment and Training Plan: A plan for recruiting and training volunteers to assist with various tasks during the event, such as registration, setup, cleanup, and attendee assistance.Event Agenda: A detailed schedule of activities and presentations planned for the charity event, including timing for keynote speeches, entertainment performances, auctions, and other fundraising activities.Venue Setup and Decor: Coordination and execution of venue setup, including stage and booth arrangements, signage, decorations, and audiovisual equipment setup for presentations and performances.Fundraising Results Report: A summary of the funds raised during the charity event, including donations, sponsorships, ticket sales, auctions, and other revenue streams. This report should also include an analysis of the event's success in meeting its fundraising goals.Post$-$Event Evaluation: Assessment of the event's effectiveness and lessons learned for future improvement. This evaluation may include feedback from attendees, sponsors, volunteers, and organizers, as well as an analysis of any challenges or issues encountered during the planning and execution process.