Given the following information for a one-year project, answer the following questions. Recall that PV is the planned value, EV is the earned value, AC is the actual cost, and BAC is the budget at completion. PV = $23,000 EV = $20,000 AC = $25,000 BAC = $120,000 1. What is the cost variance, schedule variance, cost performance index (CPI), and schedule performance index (SPI) for the project? Week 7 Term Earned value (EV) Cost variance (CV) Schedule variance (SV) Cost performance index (CPI) Schedule performance index (SPI) Estimate at completion (EAC) Estimated time to complete Formula EV=PV to date RP CV = EV - AC SV- EV - PV CPI = EV/AC SPI - EV/PV EAC = BAC/CPI Original time estimate/SPI