A new product development project for a Biomedical Engineering company had a baseline budget of $65 million dollars. The proejct is planned to complete within a year. The management team is supposed to provide quarterly reports on the progress of the project. By the day of the first report (first quarter), $20M is spent. According to the plan, about 1/4 of the total work was supposed to be completed by the day of the report, which was expected to cost the company $16M. The completed work by the day of the report is equivalent to $12M of the baseline plan. Find the following metrics for the project and briefly explain what each of them mean. Are you concerned about the pace of the project? How about the spendings