Earned value management, commonly referred to as EVM, is a project management tool that combines the cost, schedule, and scope information for a project into an integrated baseline. As the project progresses, the team assesses how much work has been performed or earned against this baseline. The resulting data is used to assess the past performance of the project and to predict the final cost and delivery of the project based on the past performance. Examine the following EVM data for the Acme project, a hypothetical construction project, to view information on the past and future performance: Cumulative planned value (PV) = 550 Cumulative earned value (EV) = 475 Cumulative actual cost (AC) = 525 Budget at completion (BAC) = 1000 After evaluating the Acme project, do the following: 1. Calculate the cost variance (CV), schedule variance (SV), cost performance index (CPI), and schedule performance index (SPI). Using these four metrics, briefly explain whether the project is ahead or behind for cost and schedule performance. 2. Using the results from the first question, calculate the Estimate at Completion (EAC) and Variance at Completion (VAC). Analyze the results and explain whether the project is likely to overrun or underrun the baseline plan and by how much. Submission Requirements: Submit your responses along with the detailed calculation in a Microsoft Excel spreadsheet. Make sure that you include formulas in the spreadsheet so that calculations can be checked. Your analysis of the data can be included at the bottom of your calculations or submitted in a separate Microsoft Word file.