James has contracted out GR$-$ General contractors for a project to finish renovating a $2$nd level office floor on top of his existing business. As he has been inspecting the construction site he noticed that several internal components of the interior have not been finished.

Having a budget of $$25,000$ James is worried that the work might not be completed in $6$ months as agreed with GR$-$General contractors; moreover, as the work is now in the $4$th month there is still work that needs to be completed and would this project be on track and will the budget be enough?

As you are the project manager for GR$-$ Contractors you keep updating James that $80\%$ of the work is already done and that $$19,000$ has been spent and James should not worry at all. You decide to explain to him using the following calculations.

Please answer the following to explain, what it is:

#$1$ BAC

#$2$PV $-$Planned Value

#$3$ EV $-$Earned Value

#$4$ AC $-$Actual Cost

#$5$ CV $-$Cost Variance

#$6$ CPI $-($Index$)$

#$7$ SV$-$Schedule Variance

#$8$ SPI $($Index$)$