Question 1: Based on the initial renovation plan, the project was scheduled to have 60% progress within a year from the start. Company ABC has billed the Government for 1.12 million dollars for delivering 55% of the work at the end of the first year. If the total cost of the project is estimated at 1.9 million dollars. Which one of the followings could better describe the status of the project after one year?

a. Cost Variance<0, Schedule Variance <0

b. Cost Variance>0, Schedule Variance<0

c. Cost Variance>0, Schedule Variance>0

d. Cost Variance<0, Schedule Variance >0

part 2: If, after two years, the project reaches equal cost and schedule variances (Cost Variance=Schedule Variance). Which one of the followings could be the status of the project after 2 years?

a. Over Budget and Behind in Schedule

b. Under Budget but Behind in Schedule

c. Over Budget but Ahead of Schedule