1. **Determine the Earned Value (EV):** The Earned Value is the value of work actually performed expressed in terms of the budget assigned to that work. Given: - Total Budget (BAC) = 10000 - Work completed = 60% = 0.6 Calculate EV: $$EV = BAC \times \text{Work completed} = 10000 \times 0.6 = 6000$$ 2. **Determine the Planned Value (PV):** Planned Value is the budgeted cost for the work scheduled to be done by a certain time. Given: - Total Budget (BAC) = 10000 - Time passed = 50 days - Total time = 100 days Calculate PV: $$PV = BAC \times \frac{\text{Time passed}}{\text{Total time}} = 10000 \times \frac{50}{100} = 5000$$ 3. **Determine the Cost Variance (CV):** Cost Variance is the difference between Earned Value and Actual Cost. Given: - Actual Cost (AC) = 7000 - Earned Value (EV) = 6000 (from step 1) Calculate CV: $$CV = EV - AC = 6000 - 7000 = -1000$$ **Final answers:** - Earned Value = 6000 - Planned Value = 5000 - Cost Variance = -1000