A project with a positive schedule variance (SV) and negative cost variance (CV) indicates it is ahead of schedule but over budget, suggesting that costs exceed expectations. At the same time, work is being completed faster than planned. This scenario could arise from internal factors like resource allocation, scope changes, inefficiencies, and external influences such as market conditions or supplier issues. To improve performance, the project manager should implement stricter cost control measures, reassess the budget, clarify and manage scope changes, optimize resource utilization, conduct thorough risk assessments, enhance performance monitoring, and maintain open communication with stakeholders to manage expectations and mitigate further cost overruns.