Which of the following statements best describes the earned value $($EV$)$ metric of variance at completion $($VAC$)?$

VAC is computed by subtracting the estimate at completion $($EAC$)$ from the budget at completion $($BAC$).$ A contract with an unfavorable VAC at completion is forecasting a contract overrun. VAC is computed by subtracting the estimate at completion $($EAC$)$ from the actual cost of work performed $($ACWP$).$ Negative VACs are unfavorable.

VAC is computed by subtracting the actual cost of work performed $($ACWP$)$ from the estimate at compietion $($EAC$).$ Positive VACs are favorable.

VAC is determined by subtracting the budget at completion $($BAC$)$ from the estimate at completion $($EAC$).$ A contract with a favorable VAC is forecasting a contract underrun.