This exercise is designed to help you better understand EVM and the EVA formulas. Open theCost-Scenario Exercise Fillable Form, perform the calculations, then answer the questions.

Acronym Term Formula Interpretation PV Planned Value What is the estimated value of work planned to be done? EV Earned Value What is the estimated value of the work actually accomplished? AC Actual Cost What is the actual cost incurred? Budget at BAC Completion How much did you BUDGET for the TOTAL JOB? CV Cost Variance EV - AC NEGATIVE is over budget, POSITIVE is under budget Cost Performance CPI Index EV/ AC I am getting $ out of every $1. Schedule SV Variance EV- PV NEGATIVE is behind schedule, POSITIVE is ahead of schedule Schedule Performance SPI Index EV / PV I am [only] progressing at_ _% of the rate originally planned. Est at EAC* Completion BAC / CPI As of now, how much do we expect the total project to cost? Est. to ETC Completion EAC - AC How much more will the project cost? ETC** Estimate to Completion ETC = (BAC - EV) How much more will the project cost? - earned value explicitly factored in. Variance At VAC Completion BAC - EAC How much over budget will we be at the end of the project?You are constructing 6 additional rooms on an office building. Each of the 6 rooms is identical, and the projected cost for the project is $100,000 and is expected to take 5 weeks. At the end of the 2nd week, you have spent $17,500 per room and have finished 2 rooms; you are ready to begin on the 3rd. Base on the information provided above; fill in the values for the following table, showing all work (including formulas. Is the project ahead of or behind schedule? Is the project going to be completed over or under budget