b In reference to schedule and cost variance determinations, what are the variations that are considered and why are they important

Consider a simple project in which four activities describe the basic tasks. This project is presented here as a bar chart drawn as a time-scaled schedule. The sum of the amounts for the activities in the schedule of values approximates the originally-anticipated cost of the project. Project duration is five weeks. Activity Cost Week 1 Week 2 Week 3 Week 4 Week 5 Brush Cleaning $100 0 $300 0 Tree Cutting/Removal Fencing $150 0 Site Grading $250 0 After 2-1/2 months, the following has been accomplished: Activity "A" 100% complete, total cost $900 Activity B 40010 complete, cost to date. = $1,400 Activity D 50% complete, cost to date = $1,500 For this project, using earned value concepts, determine the schedule variance and the cost variance. State if the project is over or under budget and if it is ahead of or behind schedule