John is the Project Manager for a an Application development project. The time duration for the project as agreed upon with all the Stakeholders is 12 months. The allocated budget for the project is $600,000. I his budget is expected to be evenly distributed during the life of the project The project has just completed 3 months and entered 4th month of execution. At the end of 3 months, the actual cost incurred on the project is $160,000 and the project is 20% complete