EVM Watch the What Is Earned Value Management Video? Answer the following questions: 1.What is EVM? 2. What are the 3 elements of a project? 3. What is the formula used to calculate EV? 4. Calculate the EV given the following: Planned Costs = $20,000 Completed Hours = 25 Estimates Hours to Complete Project = 100 EAC 1. Why is an estimate at completion calculated for a project? 2. A project's budget at completion (BAC) is $200,000 with a CPI of 0.5. If the past performance of the project reflects the future performance, what is the project's EAC? 3. A project's design tasks went way over budget since an external contractor needed to be employed. However, the rest of the project is expected to proceed as per the original budget of $150,000. The actual costs are $50,000, whereas the earned value is $25,000. What is the EAC?