Assume that your project team started an IT project on 01/01/2020. The total budget for the project is $4,800,000, it was originally planned to be completed on 12/31/2021, and you plan to spend the money evenly across 24 months. The project WBS contains 120 activities, you plan to complete 5 activities per month. On 12/31/2020, you find out that your team spent $2,500,000 to get 48 activities completed. Please conduct an Earned Value Analysis and answer the following questions (30 points). Please provide all the details (including formulas) on how you calculated these values.What is the Planned Value(PV), Actual Cost(AC), EV(Earned Value) of the project?

a) What is the cost variance(CV) and cost performance index (CPI)for the project?

b) What is the schedule variance(SV) and schedule performance index (SPI) for the project?

c) How is the project doing? Is it ahead of schedule or behind schedule? Is it under budget or over budget?