A construction project at day 70 exhibits an actual cost of $78,000, and a scheduled cost of $84,000. The foreman estimates a value completed of $81,000.
Required:
Question: What are the spending (cost) and schedule variances?
Question: What are the CPI and SPI? Is the project ahead of schedule or behind? Is it over budget or under budget?
Note: Please show how you came up with the solution.