Given the following information for a one-year project, answer the following questions.PV = $23,000EV = $20,000AC = $25,000BAC = $120,000Recall that PV is panned valued, EV is the earned value, AC is the actual cost, and BAC s the budget at completion.a. What are the cost variances, schedule variance, cost performance index (CPI), and scheduled performance index (SPI) for the project?b. How is the project doing? Is it ahead of schedule or behind schedule? Is it under budget or over budget?c. Use the CPI to calculate the estate at completion (EAC) for this project. Is the project performing better or worse than planned?d. Use the schedule performance index (SPI) to estimate how long it will take to finish this project.Project Management Framework DocumentUpdate the Project Management Framework document with the appropriate Project Cost Management Processes. There are only three of them in this knowledge area.Microsoft ProjectMS Project has the ability to track project costs. Read Appendix A in your text, read the section titled Project Cost Management.
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