Planned Value $($PV$)=$ $$23,000$

Earned Value $($EV$)=$ $$20,000$

Actual Cost $($AC$)=$ $$25,000$

Budget at Completion $($BAC$)=$ $$120,000$

Cost Variance: CV$=$ EV$-$AC

$$20,000-$$$25,000=-$$$5,000$

Schedule Variance: SV$=$ EV$-$PV

$$20,000-$$$23,000=-$$$3,000$

Cost Performance Index: CPI$=$ EV$/$AC

$$20,000/$$$25,000=0\mathrm{.}8$

Schedule Performance Index: SPI$=$ EV$/$PV

$$20,000/$$$23,000=$ approximately $0\mathrm{.}87$

$2.$ Project Progress

The cost variance of this project is negative which means that the cost overruns.

The schedule variance of this project is also negative, which indicates there are delays.

This project's cost performance index is less than $1,$ which indicates that it is below what was planned.

The schedule performance index is less than $1,$ which indicates that it is below planned.

$3.$ Estimate at Completion using CPI: EAC$=$ BAC$/$CPI

EAC$=$ $$120,000/0\mathrm{.}8=$ $$150,000$

$4.$ Estimate the time to finish the project using SPI: Time to finish$=($BAV$-$EV$)/($SPI$*$AC$)$

Time to finish$=($$$120,000-$$$20,000)/(0\mathrm{.}87*$$$25,000)$

Approximately $3\mathrm{.}86$ months to completion.

Sketch the earned value chart for this project. Assume the data for month $1$ is half of the values given for PV$,$ EV$,$ and AC at the end of month $2.$