Given the following information for a one-year project, answer the following questions. Recall that PV is the planned value, EV is the earned value, AC is the actual cost, and BAC is the budget at completion. PV = $23,000 EV = $20,000 AC = $25,000 BAC = $120,000 What is the cost variance, schedule variance, cost performance index (CPI), and scheduleperformance index (SPI) for the project? How is the project doing? Is it ahead of schedule or behind schedule? Is it under budget or over budget? Use the CPI to calculate the estimate at completion (EAC) for this project. Is the project performing better or worse than planned? Use the schedule performance index (SPI) to estimate how long it will take to finish this project. Sketch the earned value chart based for this project, using Figure 7-5 as a guide.

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