For the first the following question (a), (b) and (c), assume you are managing the following project: You are the project manager of a project that is budgeted to cost $1 million at completion. The project will last ten months and its budget is spread evenly across each month. It is currently 50% complete and has so far cost $750K but only produced value of $500K.

(a) Compute the schedule variance (SV) of the project? [8 Marks] (b) Based on your answer in (a), determine the status of the project?[2 Marks]

(c) Compute the cost performance index (CPI) of the project? is the project on budget? [5 Marks]

(d) If the variance is not expected to continue, compute the expected estimate at completion (EAC) of the project? [5 Marks]

(e) Explain the importance of EVM?[5 Marks]