You are managing a construction project that was scheduled to be completed in $12$ months with a budget at completion $($BAC$)$ of $$600,000.$ At the end of month $6,$ your team has finished $40\%$ of the project work, spending $$270,000.$ However, according to the schedule, you should have completed $50\%$ of the project by this time.

Using Earned Value Management $($EVM$),$ determine the project's cost and schedule performance and identify the best course of action.

The project is over budget and behind schedule; perform a root cause analysis and consider corrective actions.

The project is under budget and behind schedule; request additional funds and accelerate activities.

The project is under budget and ahead of schedule, so continue as planned.

The project is over budget and ahead of schedule; reduce costs and continue with the planned schedule.