WBS Element	Planned Value (PV)	Earned Value (EV)	Actual Cost (AC)
2.01 Airframe	48000	48000	50000
2.02 Engines	22000	21000	23000
2.03 Avionics	80000	60000	45000
2.04 Communications	30000	30000	30000
2.05 Tech. Manuals	42000	42000	48000
2.06 Spares	40000	35000	42000
2.07 Training	80000	80000	86000
Project Total	342000	316000	324000

Figure 14.1 Drug Surveillance Aircraft Project - Monthly Performance Report (October 31, 20XX)

Consider the project performance report presented in figure 14.1. What valid conclusion can you draw regarding the project cost performance as of October 31, 20XX?

	a.	The project is $26,000 under budget.
	b.	The project is $18,000 over budget.
	c.	The project is $8,000 over budget.
	d.	The project is on budget.