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hi,
please let me know details on the question answer below
thanks
You are a project manager on a project that requires 100 items to be tested, spaced evenly over 5 weeks. You have just begun week 3 , with an overall budget of US$10,000. To date you have spent US$2000 with 40 items tested successfully. What does the Cost Variance (CV) tell you during this time?
Project is on budget
Project is getting $2 of the work for every dollar spent
Project is $2000 under budget
The project is proceeding at 100% of the expected rateThe correct answer is C.
EV is determined from a total budget of $10,000 and a five week duration. Each week would be $2,000. Therefore, for two weeks of completed work, we have an EV of $4,000. CV = EV – AC, CV = $4000 – $2000 = $2,000. Positive means you are under budget.
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