Question $1(3$ Marks$)$:

A contractor is building a small office building. The contract has a fixed price of $\backslash (\backslash$$ $500,000\backslash )$ with materials costing $\backslash (\backslash$$ $300,000\backslash )$ and labour costing $\backslash (\backslash$$ $200,000\backslash ).$ The planned duration for the project is $20$ weeks, and the work rate is to complete $\backslash (5\backslash \%\backslash )$ of the project each week.

Project Budget and Duration:

$-$ BAC $($Budget at Completion$)$: $\backslash (\backslash$$ $500,000\backslash )$

$-$ Planned Duration: $20$ weeks

Status at Week $10$:

$-$ Actual Cost $($AC$)$: $\backslash$$$260,000$

$-$ Earned Value $($EV$)$: $\backslash$$$225,000$

$-$ Planned Value $($PV$)$: $\backslash (\backslash$$ $250,000\backslash )$

$($a$)$ Calculate the estimated cost of the project at completion along with the estimated duration of the project. $(2$ Marks$)$

$($b$)$ Is the project over or under budget? $(1$ Mark$)$