Assume you are on a project management team along with four other team members. Your project manager has given the team a report showing negative cost variance and asked the team to meet to discuss the causes and some possible ways to address it$.$ Prior to the meeting, it's important to make sure that you have a good understanding of earned value and cost variance and how they can impact a project plan.

Create one initial post and follow up with at least two response posts.

For your initial post, address the following:

Explain the relationship between cost variance and project performance.

What does it mean if a project has a negative cost variance?

Explain how you would address a negative cost variance to bring a project back on budget.