Answer the 3 questions stated from the following situation below:

General instructions: 1. Your submission should be between 150 and 250 words (2 points). 2. Your submitted document must be free of grammar and spelling errors. (3 points) 3. You must add all references to your work at the end of the document. (3 points) 10.5. Indexes to Monitor Progress . Performance Indexes . Cost Performance Index (CPI) = EV/AC . Measures the cost efficiency of work accomplished to date. . Scheduling Performance Index (SPI) = EV/PV . Measures scheduling efficiency to date. . Percent Complete Indexes . Indicate how much of the work accomplished represents of the total budgeted (BAC) and actual (AC) dollars to date. . Percent Complete Index Budgeted Costs (PCIB) = EV/BAC . Percent Complete Index Actual Costs (PCIC) = AC/EAC . Management Reserve Index (MRI) = CV/MR . Reflects the amount of Management Reserve (MR) that has been absorbed by cost over- runs. . Is popular in the construction industry.10.5. Earned Value Analysis (EVA) EV - Earned value for a task is simply the percent complete times its original budget. Stated differently, EV is the percent of the original budget that has been earned by actual work completed. [BCWP budgeted cost of the work performed]. PV - The planned Cost-phased baseline of the value of the work scheduled. An approved cost estimate of the resources scheduled in a time-phased cumulative baseline [BCWSbudgeted cost of the work scheduled]. AC - Actual cost of the work completed. The sum of the costs incurred in accomplishing work. [ACWPactual cost of the work performed]. CV - Cost variance is the difference between the earned value and the actual costs for the work completed to date where CV = EV AC. SV - Schedule variance is the difference between the earned value and the baseline line to date where SV = EV PV. BAC - Budgeted cost at completion. Total budgeted cost of the baseline or project cost accounts. EAC - Estimated cost at completion. ETC - Estimated cost to complete remaining work. VAC - Cost variance at completion. VAC indicates expected actual over or under-run cost at completion. Situation: You are the Project Manager at an industrial complex. You are expecting to spend a total of $58000 on your existing project. When you checked the plan, you find out that it says "Six people working on the project eight hours a day. five days a week for ve weeks\". When you checked the schedule, you find out that your team has just nished the third week ofthe project. Upon careful review: you see that the team has completed 51% of the work: at a cost of $27,000. Questions: 1. Calculate the Earned Value. (9 points) PV 2 EV 2 CV = BAG 2 AC 2 SV 2 SPI = CPI : 2. Check all ofthe following that apply: - The project is ahead of schedule The project is behind schedule - You should consider crashing the schedule - The project is over budget - The project is under budget - You should find a way to cut costs (6 points). 3. You must show the formulas you used from the text book. [3 Points)