A $1-$year project has a total contract value of $$50,000,$ and the Planned Value $($PV$)$ is equally distributed over the $12$ months. At the $6-$month mark, it is noted the Earned Value $($EV$)$ is $$20,000,$ and the Actual Cost $($AC$)$ is $$15,000.$

Based on the scenario above, the project is:

behind schedule and under cost.

on time and under cost.

on time and over cost.

ahead of schedule and under cost.

behind schedule and over cost.