1. What is the earned value?
2. Draw an earned value chart showing:
   1. Planned Value (PV)
   2. Actual Cost (AC)
   3. Earned Value (EV)
3. Compute cost variance of the project
4. Compute schedule variance of the project
5. Why do we need actual cost (AC) on this chart?
6. Why do we need earned value (EV) on this chart?

\begin{tabular}{|l|l|} \hline \multicolumn{2}{|l|}{ Planned Tasks } \\ \hline Task Name & RequiredEffort(Labortime) \\ \hline T1 & 10 \\ \hline T2 & 10 \\ \hline T3 & 30 \\ \hline T4 & 30 \\ \hline \end{tabular}