PMP Formula of the Week: Current Project Status

The correct answer is C.

• Cost variance (CV) = earned value (EV) – actual cost (AC), which is $9,000 – $9,000, so CV = 0. This means that the project is on budget.
• Schedule variance (SV) = EV – planned value (PV), which is $9,000 – $10,000, so SV = –$1,000. This indicates that the project is behind schedule.

Answer A, on schedule, is not correct because the project is behind schedule. Answer B, on budget, is an incomplete project status update. Answer D, insufficient information, is incorrect because there is sufficient information to determine the status.