One of the characters can be seen watching Bill & Ted's Excellent Adventure (1989) on a laptop. The film concerns two teenagers who utilize a time machine to complete a history project.
The title 'Project Almanac' alludes to the plot of Back to The Future II in which Biff Tannen changes his life for the better by stealing the Gray's Sports Almanac from 2015 and betting on sports outcomes he knew would happen from the 1950s onwards. Similarly, this film focuses on changing the protagonists' lives for the better by changing the past using time travel and putting things back the way they were like Marty and Doc have to in BTTF2.
Allen draws circles on the board to explain the ripple effect on the plane crash. Later, David goes back in time to fix it. When he comes back, we see the board still has circles drawn on it though they shouldn't be there considering the plane crash never happened.
The film is made up of a lot of "self filmed" footage by the characters, and main chunk of the film starts by finding an old video camera and the watching of footage.
The end of the film sets up the start of the film by this self filming mechanism, and the film closes with the recording camera flashing a tape icon (possibly end of tape). The camera is left on and the film fades to black. Given that this takes place years in the past, the camera was left running and the video camera has been in a loft for years, the camcorders battery would be fully flat. It would not have been possible for the character to pick it up and hit play, as they did, without replacing the battery or using some external power supply.