1. The CEO of your company calls you and asks for a status report for a different project at the end of the 5th month. At this time, you have spent $90,000 on the project and have completed Activities A, B, C, D, E, I, and F. You have yet to begin any other activities. Answer the following questions for the CEO: Month 1 2 3 4 5 6 8 9 Activity A B C D E F G Cost ($) 5,000 12,000 11,000 6,000 7,000 55,000 40,000 3,000 4,000 11,000 H I J a. What is the status of the project schedule? (describe using the percent schedule variance). Provide one sentence explanation of what each formula used in the problem means (i.e., describe what PV, EV etc. represent) b. What is the budget status for the project? (describe using the percent cost variance). Provide one sentence explanation of what each formula used in the problem means (i.e., describe what PV, EV etc. represent) c. How far along is the project (percent complete)? Provide one sentence explanation of what each formula used in the problem means (i.e., describe what EAC etc. represent). 1. The CEO of your company calls you and asks for a status report for a different project at the end of the 5th month. At this time, you have spent $90,000 on the project and have completed Activities A, B, C, D, E, I, and F. You have yet to begin any other activities. Answer the following questions for the CEO: Month 1 2 3 4 5 6 8 9 Activity A B C D E F G Cost ($) 5,000 12,000 11,000 6,000 7,000 55,000 40,000 3,000 4,000 11,000 H I J a. What is the status of the project schedule? (describe using the percent schedule variance). Provide one sentence explanation of what each formula used in the problem means (i.e., describe what PV, EV etc. represent) b. What is the budget status for the project? (describe using the percent cost variance). Provide one sentence explanation of what each formula used in the problem means (i.e., describe what PV, EV etc. represent) c. How far along is the project (percent complete)? Provide one sentence explanation of what each formula used in the problem means (i.e., describe what EAC etc. represent)