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A project in its 26th week has an actual cost of $300,000. It was scheduled to have completed $325,000 worth of work at that point in the project. For the work performed to date, the budgeted value is $350,000. The project has a total budget of $500,000. What are the cost and schedule variances for the project

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Answer:

Cost Variance=$50,000

Schedule Variance =$25,000

Explanation:

Calculation for the cost and schedule variances for the project

a. Calculation for Cost Variance

Using this formula

Cost Variance=Earned Value-Actual Cost

Let plug in the formula

Cost Variance = $350,000 - $300,000

Cost Variance=$50,000

b. Calculation for Schedule Variance

Using this formula

Schedule Variance =Earned Value- Planned Value

Let plug in the formula

Schedule Variance = $350,000 - $325,000 Schedule Variance =$25,000

Therefore the cost will be $50,000 and schedule variances for the project will be $25,000

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