Question 1: Project Performance Measure: (Earned Value) (2 points) Using a Home Building project information, calculate the Cost Variance (CV) for the project As of 50% done PV EV AC $15,000 $45000 $15,000 $40000 Foundation Interior Patio Exterior Walls Stairway Project Total $8500 $9500 $8500 $9000 $18,000 $50,000 $9,500 $10,000 $6,000 $6,200 $6,200 i) What is (total) project Cost Variance (CV)? What does CV of this project refer? ii) What is (total) project Schedule Variance (CV)? What does SV of this project refer? iii) Calculate the Cost Performance Index (CPI) for the project. What does the CPI indicate? iv) Calculate the Schedule Performance Index (SPI) for the project. What does the SPI indicate? Note: Variance Analyses Cost Variance (CV) = Earned Value (EV) - Actual Cost (AC) Schedule Variance (SV)= Earned Value (EV) - Planned Value (PV) Performance Indices Cost Performance Index = Earned Value (EV)/Actual Cost (AC) Schedule Performance Index = Earned Value (EV)/Planned Value (PV) The Cost Performance Index (CPI) is a measure of Cost Efficiency. The Schedule Performance Index (SPI) is a measure of Schedule Efficiency