You are managing a small project that is expected to take 11 weeks to complete. At week 6, a major stakeholder asks you to report on the project progress. The stakeholder asked you the following questions:

1. Is the project behind or ahead of schedule?
2. Is there a budget surplus or deficit?
3. How efficient is the project team in using the projects budgeted resources?
4. How well do we need to manage our financial resources to make sure we finish the project within the budget?

To answer the stakeholders questions, you gathered the following data from your project:

• The planned value at 6 weeks is $10,000
• The earned value at 6 weeks is $8,800
• The actual cost at 6 weeks is $13,000
• The projects entire planned budget is $19,000