Q1 An IT project has been on-going for three months. The project which is estimated to last nine months has a BAC (budget at completion) of $250,000. If PV = $150,000, EV = $140,000 and AC = $120,000 a). What is the cost variance, schedule variance, cost performance index (CPI), and schedule performance index (SPI) for the project? (6 MARKS) b). How is the project doing? Is it ahead of schedule or behind schedule? Is it under budget or over budget? (3 MARKS) c). Use the CPI to calculate the estimate at completion (EAC) for this project. Is the project performing better or worse than planned? (3 MARKS) d). Use the SPI to estimate how long it will take to finish this project